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My results with CC consolidation

Contributor

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?

4 REPLIES
Established Contributor

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

Re: My results with CC consolidation

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

Blogger

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

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)XP 735 (FAKO)
Updated scores 05/01/17 EQ 824, TU 812 EXP 810 (all Fico scores) Remember the Three P's: Pay early in Full, Pay on Time, Patience