Pulled my numbers recently, showing a 570. According to the simulators, no matter what I do to my balances, pay it off in 2 years or next month, the most I can expect to see is a 40 point increase.
I have a few late pays on my report within the past 4 years, nothing within the last 2. My collections and charge-offs are over 6 years old. And I have a ton of good reported information otherwise. Utilization is high, 90%, but even according to the simulator, it only accounts for 40 points.
I've read all the posts, I've seen all the simulators. Unless I pay everything off RIGHT NOW and live like a hermit without a single hit on my report for the next 7 years, I will NEVER have a good score. And even after almost a decade of living in the woods, I would still be stuck paying 30% interest because "I don't have a good history", waiting another 4 to 7 to "build up credit".
Don't give me that "Oh, just game the system" or "FICO isn't the end all or be all of credit." No one will talk to me with this score, unless you know of anyone who reports to the major bureaus and doesn't use a FICO score at all. The people who will loan me money will charge 30% interest and probably not report it anyways. THEN, to add insult to injury, someone will probably put some collection on my account that I don't owe and I'll have no way to remove it so I'm dinged even more. When the system won't even let you play, how are you supposed to game it?
I can't wait another 7 years to be able to get anything. I've already waited 6 for something to happen, and I'm in worse shape than when I was in back in 2001. I pay way too much for everything right now, universal default from HSBC to the tune of 30% is killing me on a few of my credit lines, if anything happens to my house that requires repair I can't do it because I have no way to get credit to pay for it, and unless I suddenly come up with $11000 tomorrow, it's only gonna get better to the tune of 40 points? Not even enough to put it in the sub-prime category?
Am I way off on my analysis? Am I to be a financial pariah for the next 7 years, only to wait another 7 before I am "worthy" of loaning money to? Or should I just kill myself now, much like I am dead in the eyes of lenders?
psx_defector wrote: I've had collections put on my CR that I shouldn't have, and even though I put in my disputes and did all that the FCRA requires of me, they are still on there because they "verified" it. All kinds of stuff on there and no one is willing to remove it because they "verified" it. They won't get rid of it, even though it's completely and absolutely false. One of them had the audacity to say that I had to file police reports and prove that I didn't live in California, even though I live in Texas.