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3. credit limit and last reported balance of any open revolving accounts
Only one - Crapital One Limit $240 Balance $0
Here's part of the problem. If you only have 1 revolving account and have a zero balance on it you are going to lose 15-25 points. Simply let a small balance of about $5 report on that revolver and you'll be showing FICO "revolving credit use" which will give you back those lost points.
@Anonymous wrote:
3. credit limit and last reported balance of any open revolving accounts
Only one - Crapital One Limit $240 Balance $0
Here's part of the problem. If you only have 1 revolving account and have a zero balance on it you are going to lose 15-25 points. Simply let a small balance of about $5 report on that revolver and you'll be showing FICO "revolving credit use" which will give you back those lost points.
And until I can get the scores up to at least 600 I am lucky to have that one.
@Anonymous wrote:
@stellar wrote:I never said it would drop his score 60 pts.
You may not have said it, but it was implied. OP writes why did my score drop 60 points and you respond with losing an account can drop your AAoA [which can drop your score]. To me, that suggest to the OP that you believe or would like him to believe that an AAoA change can result in a 60 point drop. I'm simply letting the OP know that certainly is not the case.
I neither meant to say that nor imply it at all. You read too much into it.
For a large score drop there are usually multiple reasons factoring into it. I provided one possible reason for a loss of SOME points.
Credit karma is also known for wild fluctuations, and being a FAKO it hasn't much relevance.
@Anonymous wrote:CK may not give me a full report but Crapital One, Credit Sesame and TU itself do. Except for the Discover Card Charge Off aging off and the balance owed on the installment loan decreasing, nothing changed. My other Charge Offs (Midland and Resort Recovery) keep reporting every month like they have done for years but the balance doesn't change.
In Credit Karma I can go back and check what TU and EQ report every week. Balance for each card, loan balance, any new HPs or cards open.
I can't access a free report from Credit Sesame, only score and some factors, balance, and few things more.
I hope you find why your score is low. Good luck.
@Anonymous wrote:
@Anonymous wrote:
3. credit limit and last reported balance of any open revolving accounts
Only one - Crapital One Limit $240 Balance $0
Here's part of the problem. If you only have 1 revolving account and have a zero balance on it you are going to lose 15-25 points. Simply let a small balance of about $5 report on that revolver and you'll be showing FICO "revolving credit use" which will give you back those lost points.
And until I can get the scores up to at least 600 I am lucky to have that one.
I agree. I'm just saying that if you'd like another ~20 points added to your score you can let a small balance report on that one card rather than letting it report a zero balance.
@stellar wrote:I neither meant to say that nor imply it at all. You read too much into it.
If I read too much into it, it's reasonable to think that the OP may have read to much into it as well, which is all the more reason that it's good this was clarified.
@Anonymous wrote:
@stellar wrote:I neither meant to say that nor imply it at all. You read too much into it.
If I read too much into it, it's reasonable to think that the OP may have read to much into it as well, which is all the more reason that it's good this was clarified.
That is a valid point.
@Anonymous wrote:Credit Karma, Capital One, Credit Sesame and Trans Union itself all score within 1 point of each other, so while the number itself may be questionable, it's general level and accuracy of scoring is pretty reliable.
But what these are scoring accurately is the issue. If you knew that a lender was going to pull a VS3.0 then they would be helpful. Those sites are great for monitoring what is on the report but almost useless when looking at numbers. My VS score is 50 points lower than my FICO and I have a clean fairly thin profile. Most lenders use FICO scores which you've been asked multiple times in this thread to provide and told multiple ways to get them: Free, low cost and full price options were all mentioned.
@Anonymous wrote:
@SouthJamaica wrote:
@Anonymous wrote:The facts:
I have 3 derogs TL's (Charge Offs) all within 6 months of aging off. Aggregate balance approx $100K; I have two new positive TL's - a Secured credit card with a $200 line and 0% utilization and an auto loan that is on auto-pay so delinquency on either is not a factor. No credit use in between the crash 7 years ago and teh re-start 7 months ago.
In December 2016 one Charge Off aged off my credit file. The following month I lost 60 points.
Can anyone explain to me what happened? It seems whenever something that SHOULD improve my credit score happens, I lose points. When I paid off my mortgage in April 2016 I lost 40 points. At this rate in July I will have a credit file that shows 1 unused credit card with a low limit, 3 paid satis car loans, a paid satis mortgage, no derogatives and a score in the solid 400's. No mortgage, no debt, plenty of income, a 6-figure bank balance and I can't get credit to buy a pack of gum.
If you would like an answer to the question,
please advise:
1. what scores and what reports are you looking at and where are you getting them from
Credit Karma TU - 10/31/16 - 639 11/30/16 - 639 12/31/16 - 581 1/31/2017 - 581
Capital One TU - 10/31/16 - 639 11/30/16 - 641 12/31/16 - 641 1/31/17 - 581
Credit Sesame TU - 10/31/16 - 639 11/30/16 - 639 12/31/16 - 581 1/31/17 - 641 2/1/17 - 582
TU Credit Monitoring - 1/31/17 - 581
2. original amount and present balance of any open installment loans
Only open Installment Loan opened 12/31/15 Start Balance $12,000 Approx Balance 8,700 no late payments
3. credit limit and last reported balance of any open revolving accounts
Only one - Crapital One Limit $240 Balance $0
4. all changes that occurred between last report and current report
None that I can see except a Discover Bank Charge Off aged off in December 2016. I paid off my mortgage in April 2016 and took a 40 point hit for that sin.
With that information we can probably answer your question.
1. All your scores are Vantage 3.0, which is not really meaningful. You will need to find out your FICO scores to get a handle on this. If you do you will probably not find any recent harm to your FICO scores, based on what you've told me.
2. As you pay down the installment loan that will help your FICO scores. The lower, the better, but before paying it down to zero you might want to get something to take its place before you pay it down to zero.
3. The credit card is fine. Be sure not to let it report more than a $75 balance on any statement.
4. The only change you've mentioned was a negative aging off, so that of course would only help your FICO scores.
Once we know your FICO scores, if they are ok, we might have suggestions for a credit card or two to add to the mix.
@Anonymous wrote:CK may not give me a full report but Crapital One, Credit Sesame and TU itself do. Except for the Discover Card Charge Off aging off and the balance owed on the installment loan decreasing, nothing changed. My other Charge Offs (Midland and Resort Recovery) keep reporting every month like they have done for years but the balance doesn't change.
CK does give you a full report for TU & EQ. The scores are meaningless but the report is useful and accurate.