topic Re: Trying to be in the 720+Club! in General Credit Topics

Trying to be in the 720+Club!

lolows — Sun, 18 May 2014 18:00:26 GMT

Hello, although I am not new to this site. I am new to posting. I must say, you all have helped me so much and helped me obtain my dreams of owning my first home. Thank you. Since, owning my home (Closed on 12/24/2013).My credit scores have tanked. I know a lot of it is from inquiries and new accounts after my closing date. How can I get into the 720+ club. I want to ditch some crappy cards I have used to get my home, but no one will give me credit because of my low scores. Please, help?!

Credit At-A-Glance Total past due [?] Credit history [?] Accounts with negative indicators [?] $35
past due on 1 account
15 Years 3 Total balance of Your revolving and open-ended accounts [?] $2,480 Your mortgages [?] $111,802 Your installment loans [?] $66,856 Total number of Accounts [?] 23 Accounts with balances [?] 18 Accounts opened in past year [?] 13 Recent inquiries [?] 11 Collections [?] 1 Public Records [?] 1 Authorized User Accounts [?] 0

Re: Trying to be in the 720+Club!

Anonymous — Sun, 18 May 2014 18:06:15 GMT

Payment history and utilization are around 2/3 of your score.

So it would be worthwhile to address derogatories, e.g. via goodwill letters.

The other big thing would be to pay off/down your CC balances, and try to clear out as many CC balances as you can.

Re: Trying to be in the 720+Club!

lolows — Sun, 18 May 2014 18:10:38 GMT

Thank you, for your reply. I have 1 30 day late, which I am not too concerned with because I think a goodwill letter will help me in that aspect. I have a paid tax lien from 2010 and 1 medical I am disputing. All other derogs, should fall off by this same time next according to my credit reports.

Re: Trying to be in the 720+Club!

mongstradamus — Sun, 18 May 2014 18:13:09 GMT

@lolows wrote:
Thank you, for your reply. I have 1 30 day late, which I am not too concerned with because I think a goodwill letter will help me in that aspect. I have a paid tax lien from 2010 and 1 medical I am disputing. All other derogs, should fall off by this same time next according to my credit reports.

I agree on working to get util to under 30% at least. Have just one balance report if possible. It takes time to get your scores up, just have to be patient.

Re: Trying to be in the 720+Club!

lolows — Sun, 18 May 2014 18:13:35 GMT

Accounts Company Account number Date opened Balance Status Negative Indicator? [?] Gecrb/Gap 10/2013 $101 Pays account as agreed No Details Best Buy/Cbna 12/2013 $502 Pays account as agreed No Details MacY's/Dsnb 12/2013 $3 Pays account as agreed No Details Thd/Cbna 12/2013 $894 Pays account as agreed No Details Thd/Cbna 12/2013 $0 Pays account as agreed No Details Capital One Bank Usa 2/2011 $2 Pays account as agreed No Details First National Credi 5/2008 $0 Charge-off Details First Progress Card 3/2013 $388 Not more than two payments past due Details First Premier 12/2007 $0 Charge-off Details Barclays Bank Delawa 9/2013 $299 Pays account as agreed No Details Td Bank Usa/Target C 12/2013 $282 Pays account as agreed No Details Credit One Bank 8/2013 $9 Pays account as agreed No Details American Airlines Fc 5/2013 $0 Pays account as agreed No Details Wells Fargo Home Mor XXXXXXXXX4181 12/2013 $111,802 Pays account as agreed No Details Great American Finan XXXXX7090 12/2013 $2,301 Pays account as agreed No Details Aes/Barclays Bank Pl XXXXXXXXXXXXX0010 10/2002 $8,006 Pays account as agreed No Details Aes/Barclays Bank Pl XXXXXXXXXXXXX0009 12/2001 $7,637 Pays account as agreed No Details Aes/Barclays Bank Pl XXXXXXXXXXXXX0008 12/2000 $4,860 Pays account as agreed No Details Aes/Barclays Bank Pl XXXXXXXXXXXXX0007 4/2000 $4,860 Pays account as agreed No Details Aes/Barclays Bank Pl XXXXXXXXXXXXX0006 2/1999 $3,645 Pays account as agreed No Details Dept Of Ed/Nelnet XXXXXXXXXXX4672 8/2013 $20,500 Pays account as agreed No Details Notre Dame Federal C XXXXXXXXXX0500 10/2013 $15,047 Pays account as agreed No Details Capital One Auto Fin XXXXXXXXXXXXX1001 11/2012 $0 Pays account as agreed No Details

Whats the best approach?

Re: Trying to be in the 720+Club!

mongstradamus — Sun, 18 May 2014 18:16:40 GMT

there are an bunch of theories on how to handle it. You can go after the ones that have highest interest first if you are paying interest. The other way you can go about it is go after the ones that have highest utilization first, that way you can get your overall utilization lower.

Re: Trying to be in the 720+Club!

lolows — Sun, 18 May 2014 18:21:09 GMT

Is there a key utilization % I should strive besides being 30%? Do I really keep a balance on 1 card, and 0 balances on the rest?

Re: Trying to be in the 720+Club!

Anonymous — Sun, 18 May 2014 18:31:09 GMT

Utilization scoring looks at several factors:

(1) overall utilization

(2) maxed out cards

(3) utilization per card

(4) proportion of cards with balances