Hi All,
It's a place like this I need to always remember exists where I can share my tribulations and frustrations. And in advance, I want to thank everyone who has contributed to the forums.
Today I logged into Experian I saw that my score dropped 7 points after Experian reported installment loan too high.
Too high? Loan is my auto lease and only has $5k left (6 months to go on a 36 month lease). The realization that this will only dip further and impact me acquiring a new auto lease loan disturbs me.
So, I turn to the one and only place that has been my compass and sword through the years, and I now need to once again take up the sword. I have a few threads to peruse, but what should I expect and what should my next steps be? I intend to get a new lease or finance in 6 months.
For background, I have a mix of credit-8 credit cards total that include 2 store cards, all at 0 except for one store card reporting at 21%, and a student loan and auto loan. Total credit limit is $42k (overall UTI is 3%), student loan is $52k, auto is $5k left. In another week, reports will change to reflect all cards at 0 except for a major credit card reporting at 1% when I get my monthly snapshot. I've been playing around with my scores to see what works, and know that UTI means alot. Last month, My score jumped 44 points after I paid off 4 of my high UTI cards and left one to report at 21%.
Starting Score: EX 651/EQ 654/TU 668
Installment utilization is aggregate, so you have to factor in both the student loans and the auto lease to see where you stand.
If you want really gory details in a thread I really really need to consolidate / clean up into a more FAQ-oriented post, here:
Thanks Revelate. That's the thread I'm reading through at the moment.