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Member
tdyches
Posts: 9
Registered: ‎10-10-2007

Can someone HELP me?

I have a score of 640. I have previously bad credit, but i have no credit card debt and only 1 car payment and mortgage. My DTI is around 20%.
It has been roughly 2-3 years since I had anything nefgative reported on me and I have never been late on my car payments in over 4 years or house in 9 years. I have 1 cc from BOA to reinstate me credit. It was a secured card for $300, but they changed it to unsecured about a year ago, and I do pay off any charges every month. I asked for a limit increade for my debt ratio on the card, but I was denied. This is frustrating since i have really no debt, and we make over $100k a year.
 
I guess my question is, I know this is a game, but I need a game plan to get my score up over at least 680 by summer. Is this a possibility or am I stuck at the mercy of father time. Can anyone please help me figure out a game plan! I am trying so hard, but it's very discouraging.
Thanks all!
Todd
Member
tdyches
Posts: 9
Registered: ‎10-10-2007

Re: Can someone HELP me?

Sorry!
I just read the statement that said I wasn't allowed to ask for advice!
 
WHY??????
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Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Can someone HELP me?

Hi, tdyches, welcome to the forums! Where did you see this statement? Asking for advice makes up a good 95% of the posts here. :smileyhappy:

I guess my initial question is, where did you get your score? I would have expected it to be higher by now, although certainly you could use a bit more revolving credit lines (i.e., CC's) to help out.
* 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
Established Contributor
Boscoe
Posts: 660
Registered: ‎09-11-2007

Re: Can someone HELP me?

And you do know exactly how old the last negative item is, right?   Is it being reported on all 3 CR's?  How many open TL's do you have?
Member
tdyches
Posts: 9
Registered: ‎10-10-2007

Re: Can someone HELP me?

[ Edited ]
My 640 score is from here.... MyFICO.
 
I am not sure what a TL is.... if you want me to provide more specific information... I surely can. Just give me a list of particulars if you wish and I will provide whatever information you want to help me get my FICO score up.
I have thought about applying for one of those high rate cc's just to establich more credit, and maybe carry a small balance. I just get discouraged bc I don't want to take another step and get knocked down another notch. I called my bank... BOA about another cc to help me get reest'd and I spoke to the credit lady and explained my ordeal, she told me to aplly for this one card, i did... and then got rejected. What's up with that.... lol!
I need a freaking break somewhere! Do any of you experts have any suggestions?
 
td


Message Edited by tdyches on 01-27-2008 03:21 PM
Member
tdyches
Posts: 9
Registered: ‎10-10-2007

Re: Can someone HELP me?

By the way... Thank you for the welcome!
I read forum rules about not asking for credit repair advice?
 
Glad that's not adhered to. I need help!
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Can someone HELP me?

Oh, OK, gotcha. Around here, "credit repair" is a term used for less than ethical and downright dishonest ways of manipulating your credit reports to improve your scores. It gets wonderfully confusing, because many use the same term to refer to what you're trying to do --improve your overall credit picture, thus raising your scores.

Since you're only listing one FICO score, I'm guessing that it's your EQ FICO (Equifax.) You actually have three scores, one from each bureau --Equifax (EQ), TransUnion (TU), and Experian (EX.) In almost every case, these are different from each bureau, because each uses a formula different from the others that varies different behaviors.

If you can post the info that's on your report, listing all your open accounts and closed accounts, dates opened and closed, credit limits, current reported balances, any negatives including late payments, chargeoffs, and so forth, and any other relevant info, we should be able to give you some pointers.

If you don't have any baddies within the last two years, or any major baddies overall, I'm guessing that your main problem is that you only have the one CC. Revolving credit carries a lot of weight in FICO scoring.

In the meantime, please also read Credit Scoring 101, which is stickied at the top of this forum. That will give you a useful and thorough overview of how all this stuff works.
* 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
Established Contributor
jackg
Posts: 553
Registered: ‎04-26-2007

Re: Can someone HELP me?

tdyches,
 
You state that you have a 640 score from MYFICO, is that correct? This 640 is the result of MYFICO taking the info in your "Credit Report" from a CRA (credit reporting agency) of which there are 3, Experian, Equifax & Transunion. MYFICO inputs the CR info to a formula that creates a FICO score. So, which of the CRA's is MYFICO giving you a score for?
 
TL= Trade Line, is the info being reported to the CRA's about your account history by the OC, (Original Creditor).
 
Have you ordered CR's from each of the CRA's? If not that should be your next step. That way you can do a comparison of info within each report and you can ID the TL's that you agree with and those you don't. Do not let your self become enthralled with FICO scores at this point, they will take care of themselves once you are certain that the info within your CR is accurate.
 
Once you can ID the incorrect info on your CR's you can begin the disputing process, HOWEVER, (this is a cautionary warning) don't statrt disputing until you know for certain what you are disputing, and why you are disputing.
 
My last bit of advice is to be PATIENT, I know you want overnight results but it's just not possible. Credit rebuilding/repair is equivilent to any other process, you did not get in the mess you are in overnight and your not going to get out of it overnight.
 
I wish you good luck and this forum is great for educating people about credit.
 
I would suggest that you do nothing more at this point
4/10/14
EX=727
EQ=717
TU=718

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