Reply
New Contributor
shasta
Posts: 71
Registered: ‎11-02-2011
0

My results with CC consolidation

I just thought I would provide my example for the forum. This is a follow up to my other post, because now all credit cards have reported the new balance

 

I did a CC consolidation loan through prosper last month. I paid off all of my credit cards, about $4000. My utilization went from 70% to 9%. The prosper loan doesn't show up on the credit reports (at least, not yet). All CC's have reported 0 balance, except for the one with 9%.

 

The result:  only a 15 point jump in both of my scores on myfico.

 

I don't know why, but I thought there would be a major score jump. I do know that I am totally frustrated now and my credit scores are out of my hand. I have paid off everything, including old baddies and my utilization is low. The only thing i can do is wait. What's weird is, I've read other posts where people are post BK and have scores in the 700's. My baddies are almost 5 years old and I can't seem to get out of the mid 600's.

 

What gives?

Established Contributor
NJTurnpike
Posts: 662
Registered: ‎02-20-2013
0

Re: My results with CC consolidation

This would depend on how many and how old your bad reporting items are. They may be constraining your scores significantly.

 

People post BK with 700 scores typically have no bad reporting items except the BK.


DCU ( pulled 3/29/13) EQ04 683 | Amex (pulled 3/28/13) EX 760 | US Bank (pulled 3/28/13) EX 753
CreditKarma (4/19/13) TU-TR 701 | TU Vantage 788 | USAA FAKO (3/31/13) EX 728, EQ 699, TU 737 |
Inquiries (4/18/13) EX 13 | EQ 13 | TU 14
Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: My results with CC consolidation

[ Edited ]

Negatives can hold you  back.    I never get a big increase when my utilization changes a lot either.    

Blogger
HiLine
Posts: 3,160
Registered: ‎10-19-2012
0

Re: My results with CC consolidation


shasta wrote:

I just thought I would provide my example for the forum. This is a follow up to my other post, because now all credit cards have reported the new balance

 

I did a CC consolidation loan through prosper last month. I paid off all of my credit cards, about $4000. My utilization went from 70% to 9%. The prosper loan doesn't show up on the credit reports (at least, not yet). All CC's have reported 0 balance, except for the one with 9%.

 

The result:  only a 15 point jump in both of my scores on myfico.

 

I don't know why, but I thought there would be a major score jump. I do know that I am totally frustrated now and my credit scores are out of my hand. I have paid off everything, including old baddies and my utilization is low. The only thing i can do is wait. What's weird is, I've read other posts where people are post BK and have scores in the 700's. My baddies are almost 5 years old and I can't seem to get out of the mid 600's.

 

What gives?


Your baddies put you in a risk bucket that limits the range of your credit score. The score you currently have is close to the maximum you can achieve while those baddies still stay on your report. Post-BK high achievers generally have had the BK record dropped from their report either by waiting or by writing goodwill letters. Do you know of an exception?

 

Established Contributor
bettercreditguy1
Posts: 760
Registered: ‎02-11-2012
0

Re: My results with CC consolidation

What additional trade lines or information are contained in your report? Yes, charge off's and collections will hurt for the full seven years if you have any of them. Do you have any judgements? More information is needed for us to accurately explain or assist.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}