Best course of action pay on time for 24 months

[nissanaltimacrazyhorse]

Thats what i got as a suggestion from fico simulator. Equifax 658 trans 662 last late payment 3 years 9 months alot of charge offs all paid set to hit the seven year mark in 1 in 2012  3 in 2013 1 in 2014 1 2015 i know i ruined my credit so bad. I have 4 credit cards 2 i dont use, 2 capital one both have 750 limit amex zync no preset limit amex blue cash everyday 1000 limit. I also have a car loan for 13k with chase opened 5/11 and a recreation loan opened 2/09

All pay in full, almost 4 years since i had bad payment history and its still hurting me. So i guess paying in full for the next 2 years is the best option? Utlization is 0% since i pay in full

[nissanaltimacrazyhorse]

experian score according to amex is 650

[haulingthescoreup]

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@nissanaltimacrazyhorse wrote:

Thats what i got as a suggestion from fico simulator. Equifax 658 trans 662 last late payment 3 years 9 months alot of charge offs all paid set to hit the seven year mark in 1 in 2012  3 in 2013 1 in 2014 1 2015 i know i ruined my credit so bad. I have 4 credit cards 2 i dont use, 2 capital one both have 750 limit amex zync no preset limit amex blue cash everyday 1000 limit. I also have a car loan for 13k with chase opened 5/11 and a recreation loan opened 2/09

All pay in full, almost 4 years since i had bad payment history and its still hurting me. So i guess paying in full for the next 2 years is the best option? Utlization is 0% since i pay in full

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Welcome to the forums!

I'm afraid so, at least per the sim (which isn't Gospel by any means.) That is what we call the "keep on keepin' on" message.

I'm a bit surprised that your scores are so low, given that it has been nearly 4 years, even with charge-offs. How severe were your lates? (30 day, 60 day, 90 day, etc.) How many charge-offs, and when was the most recent? Any other negatives?

So 0% util, meaning that all your cards report $0 on your credit reports? (Not just $0 by their due dates, which is not what is reported.) You might not have read this yet, but most of us do better to not have 0% util. Try letting one card report a $10 balance (by paying off all but $10 first) and all the others report $0.

I would really expect your scores to be closer to the 700-710 mark, given what you've posted. Take a look at the list of negatives on screen two of your score report as well. Those are the factors, listed in order, which are hurting your score the most. Would you be willing to post them here?

[nissanaltimacrazyhorse]

most recent charge off was jan 2008 all of these were lates of 90 days then charged off put into collection, my credit history is only 7 years if thats hurting my score considering half of it is bad.The number of charge offs are listed with the fall off dates i believe 6. O% is what my score said. Im fine with the 24 month thing but when it said that it also said my score would only go up 10-30 points.

[nissanaltimacrazyhorse]

so what helping my credit score is low credit usage, bills paid on time recently. Whats hurting  bad payment history short account history says aaoa is 4 years, high account balance did go over the limit on 2 of my past credit cards. Deliequency plus collection like i said pretty bad credit history when i was alot younger. 

[nissanaltimacrazyhorse]

Also my amex cards are so new they haven't showed up yet also one of the capital one cards isn't reporting yet so i don;t know if my score is going to tank when they start reporting.

[RobertEG]

How many monthly delinquencies were reported prior to the reporting of the charge-off?

In many instances, the actual reporting of a charge-off or collection might not be the item(s) causing the most score damage.  The prior reported history of payment delinquencies that preceded the CO or collection might have more impact.

Take consumer one, who has a CO reported to their CR, and the creditor chose not to report earlier monthly delinquencies.  Perhaps the OC was a party, such as a utility, cable co., or apartment, that does not report all prior derogs, and might not report anything until the debt is charged-off or placed for collection.  The score impact, in such a case, would be isolated to the reporting of the CO or collection itself.

Take consumer two, who has the exact same prior history, but the credtior reported every monthly delinquency along the path.  In such a case, a charge-off or collection could commonly be preceded by a minor delinquency, and one or more additional major delinquencies of progressing severity.  The total impact of the reported monthly delinquencies may, in fact, be greater than the impact of the CO or collection itself.

Thus, it is difficult to predict score increases resulting from the aging or removal of a CO or collection if the related monthly delinquencies are not addfitionally considered.

[nissanaltimacrazyhorse]

3 months then charged off is that what you wanted to know.

[haulingthescoreup]

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@nissanaltimacrazyhorse wrote:

so what helping my credit score is low credit usage, bills paid on time recently. Whats hurting  bad payment history short account history says aaoa is 4 years, high account balance did go over the limit on 2 of my past credit cards. Deliequency plus collection like i said pretty bad credit history when i was alot younger. 

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High account balance is talking about what's reporting now, not whether you went OTL in the past.

What percentage is given for your util? (This should be listed on screen 2, since they're listing your util as a negative.) What's the total dollar figure reporting on your balances? (You can find this on screen 3 under Credit-at-a-Glance, or on screen 4 where they list all your individual account balances. The only ones you need to look at are your reported credit card balances.)

I know you said that you have 0% util, but do you realize that that means that your statements have to report a $0 balance due? And that's just the figure where they say "pay this by so-and-so date." It's not whether you pay off your balances before the due date, as any sensible person would think. It's what's due when each statement posts - the total of charges that you've made in the past 30 days and haven't paid off early - that gets reported to the credit bureaus in almost all cases that determines your util. If you let balances report and then pay them off (even before the due date), you can get hit for high util.

[nissanaltimacrazyhorse]

it says ratio is 0% it says i have a 1490 balance from bank of america but its paid and closed a couple years ago, i dont understand am i in this funk till the accounts fall off