topic Re: What trade lines should I try to add if any? in Credit Cards

What trade lines should I try to add if any?

wfreeman3 — Mon, 18 Feb 2008 18:00:53 GMT

Your Latest FICO® Scores TransUnion

565

Date: 2/18/2008
Equifax

586

Date: 2/14/2008 Experian

621

Date: 2/10/2008

Current Credit Lines

Limit Balance Date Opened Status

Capital One Auto Finance 15750 11877 05/2006 Current

American General Finance 5827 4635 03/2007 Current

Citibank/DF S (Dell) 2000 1497 01/2007 Current

GEMB/Peach Direct 2000 1341 09/2007 Current

GEMB/Lowes 500 0 11/2005 Current

Credit One Bank 350 0 10/2007 Current

HSBC Bank 300 0 05/2007 Current

Capital One Credit Card 3250 672 03/1999 Current

Any feeback will be well received

Re: What trade lines should I try to add if any?

Anonymous — Mon, 18 Feb 2008 18:19:35 GMT

I would get those scores up prior to apping for anything-

Any baddies that can be addressed?

Re: What trade lines should I try to add if any?

haulingthescoreup — Mon, 18 Feb 2008 18:27:21 GMT

Do the Dell and Peach accounts show as revolving or installment?

Re: What trade lines should I try to add if any?

wfreeman3 — Mon, 18 Feb 2008 18:35:53 GMT

Here are my negatives. Any thoughts on how to procede?

COLLECTIONS Med1 Florida Hosporlando 12/1/2007 $40.00 COLLECT PUBLIC RECORDS State Tax Lien 12/1/1999 $2,957.00 LIEN Simpson Spring Lien 11/1/2003 $0.00 LIEN DEROGATORY ITEMS Am-Studast 7/1/2002 $121.00 120+ Am-Studast 8/1/2002 $111.00 120+ Am-Studast 8/1/2002 $111.00 120+ Am-Studast 7/1/2002 $83.00 120+ Sallie Mae 9/1/1991 $0.00 120+ Verizon FL 7/1/2003 $128.00 120+

Re: What trade lines should I try to add if any?

wfreeman3 — Mon, 18 Feb 2008 18:36:12 GMT

They are revolving

Re: What trade lines should I try to add if any?

haulingthescoreup — Mon, 18 Feb 2008 18:46:44 GMT

@wfreeman3 wrote:

They are revolving

OK on that alone, it will be really helpful to get the utilization down under 50% as a start, and then keep paying them down. The installment loans are factored separately, so you can just keep paying in a timely manner on them.

Leaving how to handle the baddies for the experts!

Message Edited by haulingthescoreup on 02-18-2008 10:46 AM

Re: What trade lines should I try to add if any?

wfreeman3 — Mon, 18 Feb 2008 19:29:05 GMT

Thanks for the feedback! I can have them both down to $500 each within the next 2 weeks. What kind of a bump can I expect? Maybe 10 points?

Re: What trade lines should I try to add if any?

wfreeman3 — Mon, 18 Feb 2008 19:31:01 GMT

I just got approved for a VA mortgage for 163k as well. I know that once that hits the CR I will take a hit, but hopefully in the long run it will be good for my scores.

Re: What trade lines should I try to add if any?

haulingthescoreup — Mon, 18 Feb 2008 19:52:48 GMT

@wfreeman3 wrote:

Thanks for the feedback! I can have them both down to $500 each within the next 2 weeks. What kind of a bump can I expect? Maybe 10 points?

If those really are included in your revolving util, you're at 75% and 67%, and $500 balances would be 25%, so yes, you ought to get a good jump.

I'm terrible at guessing these--we need someone who used to have really high util who can tell you what happened with them.

You can confirm whether they're totaled in your revolving by looking at the percentage util that might show on screen 2 of your FICO score reports, and seeing if the math works (with whatever your other balances were on that report.) You can also look at the page that says Credit-at-a-Glance, and see if those balances fall in revolving or installment. (Note: sometimes these things get represented wrong on this page, even when they're scored correctly. This happens with home equity lines of credit, etc.)

And yes, that mortgage will help in the long run. Welcome to the ranks of happy homeowners!