topic Re: credit score, pls help!! in Credit Cards

credit score, pls help!!

Anonymous — Mon, 29 Feb 2016 02:00:11 GMT

hello everyone,

so i have a couple of question for you ladies and gent,

about 8 months ago my credit score was 760, 740 and mid 600’s. i acted a bit crazy and began applying for cc i got about 36 in total, i got all those card in less then 4 months, my credit score drop to the 500’s BIIIGGG HIIITT!!! on top of all those inquires i put my cards usage to about 80-90 %. so now i manage to pay 32 of those cards to bellow 30% each, now its being about a month or two that i lower my overall usage on my cards ,and i still haven’t seen my credit score going up. it did by 1 point.

now what should i do? i also have 4 negative item on my report that im planning on taking care of them.

by far i have not miss one payment to none of the cards, and i haven’t being using them because i want to bring them to 18-10%.

what can i do for me to see my credit score to go up since my husband and i are planning on purchasing a home, last time i check fopr a morgadge the peron the i spoke to misslead me, because he said that my middle score was 574 and that he was going to be able to work something out. i try contacting him a couple of times and he will always tell me that he was going to call me back and its being about a months and i havent hear anything back, so ill just take it as if he had nothing better to say.

can any one please advice me on what can be the best for me to do. ( honestly i dont want to close none of my cards since they are like my babies, i always wanted to have them and now that i do i dont want to let them go.)

thank you in advance for your feedbacks.

Re: credit score, pls help!!

Anonymous — Mon, 29 Feb 2016 02:06:11 GMT

36 cards in eight month is just out of this world. Why? As we don't have your credit profile in front of us, please list all your credit cards, limits and how many inquiries you have on each bureau.

In addition also, when do you plan on getting a mortgage? Lastly, please don't get attached to your cards by calling them your babies. They are not and you can also get them anytime you want. So don't be scared of closing accounts.

Re: credit score, pls help!!

Anonymous — Mon, 29 Feb 2016 02:15:09 GMT

You did major damage by applying for 36 cards, getting 4 negative items, and putting 80-90% utilization. Even if I assume each card only has a $500 credit line, you were at least $14,000 in debt. Maybe now $5000 in debt. Basically you need to undo all that damage. The inquiries should fall off within 2 years but I don't know about the negative items. Pay down all your debt. I don't know what mortgage lenders require nowadays, but I would think at least 650 score, if not more. Why do you want 36 cards? That seems like a lot of work to manage.

Re: credit score, pls help!!

SouthJamaica — Mon, 29 Feb 2016 02:26:25 GMT

@Anonymous wrote:
hello everyone,
so i have a couple of question for you ladies and gent,
about 8 months ago my credit score was 760, 740 and mid 600’s. i acted a bit crazy and began applying for cc i got about 36 in total, i got all those card in less then 4 months, my credit score drop to the 500’s BIIIGGG HIIITT!!! on top of all those inquires i put my cards usage to about 80-90 %. so now i manage to pay 32 of those cards to bellow 30% each, now its being about a month or two that i lower my overall usage on my cards ,and i still haven’t seen my credit score going up. it did by 1 point.
now what should i do? i also have 4 negative item on my report that im planning on taking care of them.
by far i have not miss one payment to none of the cards, and i haven’t being using them because i want to bring them to 18-10%.
what can i do for me to see my credit score to go up since my husband and i are planning on purchasing a home, last time i check fopr a morgadge the peron the i spoke to misslead me, because he said that my middle score was 574 and that he was going to be able to work something out. i try contacting him a couple of times and he will always tell me that he was going to call me back and its being about a months and i havent hear anything back, so ill just take it as if he had nothing better to say.
can any one please advice me on what can be the best for me to do. ( honestly i dont want to close none of my cards since they are like my babies, i always wanted to have them and now that i do i dont want to let them go.)

thank you in advance for your feedbacks.

Best thing you can do is get almost all cards down to zero except one, or a few, reporting small balances.

And of course don't apply for any more cards.

I don't think you'll pick up any points from closing cards, so I wouldn't bother.

Re: credit score, pls help!!

Anonymous — Mon, 29 Feb 2016 02:24:39 GMT

yes-its-me thank you so much for your reply.

here is what i have

kohls 300- 46

crate and barrel 5000-1158

meijers 750-222

pier1 1000-344

target 900-290

victoria secret 650-55

jcrew 850-87

ann taylor 500- 151

express 750-28

abercrombie and fitch 750-589

lord and taylor 500-100

edie bauer 250-20

buckle 500-42

banana republic 2000-318

gap 2000- 290

old navy 1500-452

gamestop 750-466

Best buy visa 750-225

tjmax 2000-622

amazon store card 2200- 1800

sams club master 2720-2599

sams club store credit 2500-1822

jcpenny 2000-556

american eagle 2000-800

walmart 2500-750

dsw visa 1200-370

BP visa 1000-3000

barclay apple rewards 2000-600

pnc core 500-150

pnc rewards 500-180

kirkland 700-68

5 capital one total Available Credit $3,418.06 Total Balance $5,881.94 3 of them are at 30%

lowes 3000-2954

and i did got them all in 4 months and its just the thought on closing some of them is a hard pill for me to swallow .

Re: credit score, pls help!!

Anonymous — Mon, 29 Feb 2016 02:30:49 GMT

thank you for your reply.

see thats something that i dont understand, i had payed off about 10 of my crads and i was told that i was doing wrong by doing so, i was told that i always have to keep a balance on them. so you think itll be a good idea for me to have them with a zero balance?

Re: credit score, pls help!!

Anonymous — Mon, 29 Feb 2016 02:31:41 GMT

How many inquiries on each credit bureau? How old are the four negatives on the reports?

Re: credit score, pls help!!

MyLoFICO — Mon, 29 Feb 2016 02:34:00 GMT

Ok, I no longer feel stupid for getting 8 store cards. No offense intended to the OP.

With those, your score is not going to rebound quickly. I don't even know you and I see you as high risk. You need to start paying them off and stop using them.

Re: credit score, pls help!!

Anonymous — Mon, 29 Feb 2016 02:34:52 GMT

hello BentTable,

i was in debt of about $17,000 brought down about 32 cards to 30% and i dont see any changes on my credit score nor my utilazation rate. since i try for the mortgage i have a couple of new inquires in my report and i have a total of 40+

Re: credit score, pls help!!

Anonymous — Mon, 29 Feb 2016 02:40:49 GMT

they are from 2007, 2009 and two from 2015. they just reported them and i have equifax 29 trans 18 ex 45 and as of today my score is equi 587 trans 599 and ex is 574 it drop 51 points this months because amazon reported my usadge at 80%

Re: credit score, pls help!!

Anonymous — Mon, 29 Feb 2016 03:18:05 GMT

I disagree with @SouthJamaice on not closing some of the cards. OP has over 25 store cards with limits less than $1,000. What purpose are these serving leaving them open?

OP, the harm has already been done but that does not mean it can't be corrected Sometimes, we have to make very difficult choices and that is what you are going to do. Hold off on the mortgage for now and think deep about these store cards that are a [MUST HAVE].

Close the ones you don't need as they will remain on your report for the next few years. Get your debt down and give it at least a year to see some rebound of your scores. Keep in mind, when it comes to credit the process cannot be rushed. So time and patience are your best friends in this case.

Lastly, do NOT apply for any more cards. Your report is weighed down by these cards and inquiries.

Re: credit score, pls help!!

Anonymous — Mon, 29 Feb 2016 02:44:39 GMT

mylofico

thank you for your reply and dont worry non taken. how long you think it will take for my score to recover for all the stupidity i did, and is not going to hurt me even more if i dont use them?,. and trust me i do get that a lot to the point that i dont even get no increase on my cards.

Re: credit score, pls help!!

Anonymous — Mon, 29 Feb 2016 02:47:10 GMT

@Anonymous wrote:
they are from 2007, 2009 and two from 2015. they just reported them and i have equifax 29 trans 18 ex 45 and as of today my score is equi 587 trans 599 and ex is 574 it drop 51 points this months because amazon reported my usadge at 80%

Two lates from 2015 are major damages as they are still fresh. And with these slew of inquiries on all these bureaus, there is simply no quick fix. But for the solution to work, you have to be open-minded to suggestions you are going to get....

Re: credit score, pls help!!

SouthJamaica — Mon, 29 Feb 2016 02:48:36 GMT

@Anonymous wrote:
thank you for your reply.

see thats something that i dont understand, i had payed off about 10 of my crads and i was told that i was doing wrong by doing so, i was told that i always have to keep a balance on them. so you think itll be a good idea for me to have them with a zero balance?

Absolutely. But always keep at least one or a few reporting small balances.

Re: credit score, pls help!!

Anonymous — Mon, 29 Feb 2016 02:49:30 GMT

yes-its-me

thank you agan and i will take into consideration on your advice in clossing some the cards. and i do hope to control my self on not applying for anything else. the plans was buying a house by summer of 2015, but it seems that it wont happend. hopefully by next summer. untill them i wont apply nor use more then 18% on my cards. i was thinking on having a couple of them with a 0 balance and not used them like for 5 months. do you think its a good idea?

Re: credit score, pls help!!

Kevin86475391 — Mon, 29 Feb 2016 02:54:58 GMT

Unfortunately nothing but time (a good bit of it) and paying off your balances is going to fix this situation.

You never need to pay interest or fees to build credit. Paying your balances in full before interest is assessed is always in your best interest. For optimal utilization have all of your cards report a $0 balance and have a single card report a very small balance of about 1-9% (aim for 1% or as close as you can get, just not $0 on that one final card). Note that having a card report a balance is not the same as carrying a balance from month to month in an on-going fashion (and thus paying interest). If the card in question reports a $100 balance, pay the full $100 off before your due date, then any new charge(s) can be what reports for your next statement - or you can simply rotate to allowing a different card to report a balance, a card that had previously reported a $0 balance.

Regardless, your main problem right now is the massive amount of new accounts you have, the new inquiries, the 4 negative items on your reports, and the severely reduced AAOA. Nothing but time is going to fix that I'm afraid. Focus on paying off/down your balances to save yourself money on interest, but don't expect your credit score to rebound overnight.

My honest opinion is that you should probably shelve the mortgage plans for a couple of years. I know it's unpleasant to hear, and I'm sorry, but it's going to take at least that long to undo some of this damage and if you are/were carrying a good bit of debt it makes me also worry you may not be in a financial situation conducive to taking out a mortgage. Regardless your score and profile are NOT mortgage ready. I'm sorry you're going through this, but just try to pay everything off/down, save up as much as you can, and bide your time for at least a couple of years on the mortgage.

Good luck!

Re: credit score, pls help!!

MyLoFICO — Mon, 29 Feb 2016 02:50:48 GMT

@Anonymous wrote:
mylofico

thank you for your reply and dont worry non taken. how long you think it will take for my score to recover for all the stupidity i did, and is not going to hurt me even more if i dont use them?,. and trust me i do get that a lot to the point that i dont even get no increase on my cards.

Well, my first bit of advice is not to be too hard on yourself. I did the same thing but not as grand. Damage control is your objective now. And honestly, I only started working on my own credit when I tried to refi my house and got declined. Multiple lenders turned me down and I was in much better shape than you. If it was me, I would stop the search for a house and get your cards under control. I honestly think you are looking at atleast a year and even then I would only pull the trigger based on how your score looks and and bed debt.

I am by no means an expert and a lot of others here are much more informed than I am. I still consider myself new to this game. I do want to wish you luck though.

Re: credit score, pls help!!

Anonymous — Mon, 29 Feb 2016 02:51:51 GMT

yes, i am trying to be open minded and i am trying to see a bigger picture. i heard that inqui.. usually hurt for one year after that they stay on your report for another one, but it dosent hurt any more.

Re: credit score, pls help!!

Anonymous — Mon, 29 Feb 2016 02:53:53 GMT

thank you for that southJamaica, i will bring those with a low balance back to zero and i will try on not using them for 5 months. after that ill just make a small purchase and pay it back to 0 and do ill all over again. hopefully that will help somehow.

Re: credit score, pls help!!

Anonymous — Mon, 29 Feb 2016 02:56:05 GMT

@Anonymous wrote:
yes-its-me

thank you agan and i will take into consideration on your advice in clossing some the cards. and i do hope to control my self on not applying for anything else. the plans was buying a house by summer of 2015, but it seems that it wont happend. hopefully by next summer. untill them i wont apply nor use more then 18% on my cards. i was thinking on having a couple of them with a 0 balance and not used them like for 5 months. do you think its a good idea?

If you want to not use them for five months, you should be fine. Most lenders would close a card after not using it for at least a year. So for five months, you should be fine.