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New Member
psx_defector
Posts: 2
Registered: ‎11-18-2007
0

Am I doomed?

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?

Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Am I doomed?

Wow and ouch, I can see how frustrating it is for you! But from what you have posted, it shouldn't take anywhere near 7 years.

The sims give hints as to what FICO thinks your biggest problem is, but they're certainly not gospel when it comes to predicting score changes. With a 90% util going, which is the same thing as maxed out, you're getting hurt as badly as if you had current collections.

I can't tell how many open cards you have, but for the most immediate impact, you need to get every revolving account down under 50%. That will put you in much more stable waters. Do you have any money available to do some quick paydowns? If not, even if it takes picking up some weekend shifts at McDonald's (if you're not required to use all your free time taking care of young children, that is), I would get a part-time job. It's the holidays, and people are hiring. I work two jobs, and my util is less than 1%. I'm too busy and too tired to use my cards!

If you haven't done so already, PLEASE read Credit Scoring 101. I'm on Firefox; copy/ paste the URL:

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

Although it doesn't look like it now, there are a lot of things that you can do to improve your credit and your scores. Do some homework, and if you can come back and post details of what's on your reports, you'll get some great advice and support here.
* 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
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Am I doomed?

I concur to take the simulators with little confidence-
They do not take all factors into consideration-

One Example- is it looks at Overall UTL not at the minus points for individual cards with high utl.

Get the UTL down (individual and overall)- then start looking at the sims.
Established Contributor
dizzier
Posts: 733
Registered: ‎10-23-2007
0

Re: Am I doomed?

If you opt for credit repair to get the baddies off your report and pay down your balances then you will have a good score and in much less than 7 years.

it doesn't have to be this grim... seriously it doesn't.

just take a deep breath and get to work with credit repair solutions. once you're repaired work in improving your overall credit picture.



*for those baddies that are 6 years old you might decided to leave those alone and let them drop off next year... it's completely up to you. even still next year is not 7 years.
____________________
FICOs: (as of 12-10-08): EX 759 | (as of 01-24-10): EQ 794 TU 756 EX ? | (as of 3-17-11): EQ 794 TU 790 EX ?

Until Chase lowers my ridiculously high APR they can kiss my patootie! Their card has been retired to the sockdrawer. :smileymad:
New Member
psx_defector
Posts: 2
Registered: ‎11-18-2007
0

Re: Am I doomed?

I hear what you say, but it's been almost 7 years of my life doing this.  Reading the FICO 101 just pissed me off more, as it reinforces my views on that I'm doomed.
 
I've currently have 8 unsecured lines of credit open.  All but three have under $1000 limits, most of them under $500.  Highest one is at 6K.  I'm already working 2 jobs, and I'm taking in renters for a room in my house.  I've reduced my automobile credit totals down $6000 by trading down and reducing my payment, believe me that was a feat.  I've been paying on time to everyone for over 2 years.
 
I've got 4 charged off accounts showing up still on my account.  All but one of them have been settled.
 
Since most of the lines are small, I can make them down to under 50% pretty fast.  The other three would take months after I do the others,
 
Not about to try that scam called credit repair.  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. 
 
I've wasted the entire second decade of my life in a futile attempt to clean up my credit.  No matter what I do, or what I try to do, it comes back and I'm in a worse situation than I was in before.  I can't wait another 7 years, hell I can't even wait another 2.  Would paying 50% get me somewhere other than having 50% paid off?  My goal is to increase my score and get the scarlett D off my chest.  No sense in throwing good money after something that's going to take 7 years to fix anyways.  I would just assume tell all my unsecured creditors to go to hell and take that money to pay off my car and fix my house.
New Contributor
positronicshell
Posts: 74
Registered: ‎10-24-2007
0

Re: Am I doomed?

psx,

don't despair.
seriously, keep your chin up.
i was in much the same position as you.
if i had to guess what my CS was in 2004 i would say low to mid 400's.
i had a ton of charge offs from my 18-19th year of life.
i felt it was hopeless + ignored it for 7 years.
by 2005 when we wanted to buy a home all those charge offs were gone + my score was in subprime 600's land.
if you can't afford to do anything about these items that are due to fall off in 2008, IMO don't.
i had great success with GW letters + am still working on my last CA account due to drop off in 2008 anyway.
i have felt the doom that you are feeling.
it really is not that bad.
continue to pay on time.
write GW letters for your lates.
if you have the money (which i am guessing you don't) pay down your cards.
maybe mine is not the best advice to follow, but it worked for me.
we got the house with a 2 year ARM in 2005.
refinanced to a 30 year fixed at 6% this summer.
this was the light at the end of my dark tunnel.
please hang in there.
time is on your side.

xoxox jane
hey, careful man! there's a beverage here!
My FICO: TU - 725 EX - 682 EQ - 736 09/07/07 - My FICO after 2 new CC: TU - 673 EX - 654 EQ -713 12/07/07 :smileysad: - DH's FICO: TU- 721 EX - 733 EQ - 730 12/10/07 :smileyhappy:
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Am I doomed?


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.


Bump for the forum experts on collections!

Also, bump for a mod --Should this entire thread be over on General Credit Issues? A lot more traffic there, and I think more relevant than here on the scoring thread...
* 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

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