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A look at fico score, before and after (%95 util, student loan cons.)

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IowaGuy
Contributor

A look at fico score, before and after (%95 util, student loan cons.)

This post is going to be a snapshot of credit choices and fico result.

Background: I came to this forum 4 years ago and lurked. I pulled my fico, it was like 570. I disputed a few obsolete collections, putting score a little higher, but not much. No BKs. I read and decided I needed a financial wake up call. I took a few steps...
1. Early 2008 : Opened a credit card with Household Bank. 75 annual fee. 300 CL auto increased after a few months to 750.
2. While working at my factory I took prereqs for nursing program from local college. Had to pay college from first failed attempt in 97 first.
3. Completed RN program, now working as RN. (work and school don't alter fico, but relevant to overall fin. health.)
4. Opened Chase Amazon Rewards card. 400 limit. Still at this limit. Opened card last Nov and fill and empty it few times a month.
5. Lived with same girl for 10 years. One of these days we will get around to marriage, lol. Stable relationship. She owns home and has other real estate.
Now today's situation..

Fico 671. Dont have scores from other 2 cras, but did pull reports. All reports match.
Baddies: 1 collection, medical, Nov 2005, 288 dollars (almost 6 years old)
12 installment accounts: student loans.
Length of credit hx..14 years 8m. Oldest accounts are 2 student loans from 96 and 97.
Average age 4 years
Rev. Accounts, chase 395/400 household bank 667/720

All accounts paid on time, no lates. Only 1 round of payments on student loans so far.

I had a bad habit of not paying attention when to pay down balances. Now I will manage utilization better...

Following is post score 671, changes will take a while to report....

Recent actions: Chase 0/400 household bank 460/720 These balances are not reported yet.
Consolidated 8 of the loans. Adding 2 other into it, giving me 10 loans consolidated. Left the 2 old ones out, they have rate of 3.5 and small balances.
Planned action: household bank 60/720 this month.

1 inquiry: chase last nov.

It will be interesting to see if loans lower Fico score when they consolidate. It will also be interesting to see if a reduction of cc debt will alter score.

Goal: 700 fico and someday.... Amex cash preferred! I do all the grocery shopping and gas the car/truck. No other need for credit at this time.

Any input or tips welcome. This threads intent is for real life data on how positive changes may or may not change scores.
700 Club
Amex Gold PR, Main card, Role: rewards
Chase Amazon Visa, Role: Amex backup
Pen Fed Promise, Role: low APR, balances
Amazon Store Card, Role: 0% financing
Message 1 of 8
7 REPLIES 7
Anonymous
Not applicable

Re: A look at fico score, before and after (%95 util, student loan cons.)

You need 5 good revolving tradelines and one good mortgage you should make 700 no problem..

Message 2 of 8
haulingthescoreup
Moderator Emerita

Re: A look at fico score, before and after (%95 util, student loan cons.)


@Anonymous wrote:

You need 5 good revolving tradelines and one good mortgage you should make 700 no problem..


You don't need five, unless you have multiple open installment loans.

 

Three revolving appears to do the trick.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 3 of 8
IowaGuy
Contributor

Re: A look at fico score, before and after (%95 util, student loan cons.)

Thanks for the input! mortgage is out of the question, we own 2 houses as it is and rent 1 out...well she owns...lol. The primary house is paid and clear, the other is for sale and being rented.

The utilization still at 95%
Chase card at 0/400, statement just posted. Expect it to report this month.
HB card 406/720. Paying it down to 65/720 this week. keeping small balance on purpose. I expect HB to take a snapshot of balance at end of month as it is a HSBC card. Expect it ti report middle of next month. Hoping a < 10% utilization helps at bit. Well see.

On a side note, My girlfriends ( we consider ourselves married but haven't done it yet) credit report jumped 80 true blue fico points to 786 when she checked it via score watch.. She also had a small medical collection that just disappeared. Our local clinic sucks at sending bills right, lol. A lot of people don't get a bill or it gets sent to the wrong house. Anyway, her collection was like 6 years old and not do to drop off for a year, but it just disappeared on it's own from all 3 reports. She also had her single hard inq drop.

So she's checking her score and goes," 786, that's ok right? "
She could care less about credit and is amused by my interest in it. I think she pays too much when she finances things.
700 Club
Amex Gold PR, Main card, Role: rewards
Chase Amazon Visa, Role: Amex backup
Pen Fed Promise, Role: low APR, balances
Amazon Store Card, Role: 0% financing
Message 4 of 8
IowaGuy
Contributor

Re: A look at fico score, before and after (%95 util, student loan cons.)

Update: cards reported.
HSBC household bank card appears to have reported balance on last statement (7/08/11) not end of month as some have reported. I base this on a payment made in the first week of July being credited. Of course, they could have reported balance at some odd point in early July, there is no way to tell. Either way, good news as now I am at....

Household Bank 404/720
Chase 0/400

36% utilization on 1 card as opposed to 95% spread across 2 cards.

Result: 694 Fico, increased 23 points from 671. Source: myfico report

Next month may see me hit 700 as I lower utilization to under 9%

Consolidated student loans have not shown yet. I did make sure all loans are paid off, last thing I need is a late on all those, lol! Gov holds most those now as 1 loan. Who knows what the impact of that will be when the loans all report. I expect not much, as it's just debt being shuffled about, but we will see.
700 Club
Amex Gold PR, Main card, Role: rewards
Chase Amazon Visa, Role: Amex backup
Pen Fed Promise, Role: low APR, balances
Amazon Store Card, Role: 0% financing
Message 5 of 8
IowaGuy
Contributor

Re: A look at fico score, before and after (%95 util, student loan cons.)

Got tired of waiting for HSBC to report to experian.

Apped for Amex Gold pr ... Figured Would try my luck on reconsideration. That plan isn't going to work however because
.
.
.
Online app process resulted in instant approval.
700 Club
Amex Gold PR, Main card, Role: rewards
Chase Amazon Visa, Role: Amex backup
Pen Fed Promise, Role: low APR, balances
Amazon Store Card, Role: 0% financing
Message 6 of 8
Anonymous
Not applicable

Re: A look at fico score, before and after (%95 util, student loan cons.)


@IowaGuy wrote:
Got tired of waiting for HSBC to report to experian.

Apped for Amex Gold pr ... Figured Would try my luck on reconsideration. That plan isn't going to work however because
.
.
.
Online app process resulted in instant approval.

A perfectly good recon plan, right out of the window... What a waste. Smiley Tongue

 

CONGRATS, IowaGuy! Smiley Happy

Message 7 of 8
IowaGuy
Contributor

Re: A look at fico score, before and after (%95 util, student loan cons.)

EQ Fico: 702

HSBC: 60/720
Chase: 0/400
Consolidated loan reported.
Total revolving utilization: 6%
1 new EQ inquiry, Pen Fed (share account, just setting myself up for future car loan if needed in a few years)
New Amex Gold Premier Rewards, not reported yet, inquiry for this is on EX.

So even with a new inquiry, my score has improved. the new Amex account will lower it soon, but my long term strategy is to be able to backdate a revolver from them to 2011 years down the road. I also set myself with PenFed for future credit needs.

The Amex charge card also allows me to utilize it's rewards and extended warranty service (alone worth the Annual fee to me) without worrying about utilization.

Will likely replace the HSBC with some other prime bank card in 6 months, then garden mode.
700 Club
Amex Gold PR, Main card, Role: rewards
Chase Amazon Visa, Role: Amex backup
Pen Fed Promise, Role: low APR, balances
Amazon Store Card, Role: 0% financing
Message 8 of 8
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