topic Re: Charged off Credit Card, Utilization and number of cards with balances in General Credit Topics

Charged off Credit Card, Utilization and number of cards with balances

Anonymous — Sat, 14 Jul 2018 18:16:44 GMT

I am trying to up my Experian FICO 2 score 55 points to qualify for a business loan. This site has the best information and people that you can find resource wise as far as rebuilding credit and credit scores. New poster and I have 2 questions. My first question is on 6-1 I had my only open credit card Cap 1 report a 0 balance and got dinged 32 points on Fico 2. I cant charge to this card as it is restricted as it was over 120 days late and brought current. On 6-10 I had a settled Charged off Cap 1 card report to experian post a 0 balance and gained 9 points. This card was still with capital one after it was charged off so it was counted in the utility calculation until it was settled. My question is when a credit card is charged off and closed with the OC, does it still count in number of cards with balances? My second question is since I am looking at mortgage scores I am waiting for a deliquent installment account to show as current whenever it hits the CRA. will this provide a bump in the mortgage scores. My profile is below. Also, I have followed my Fico 2 Auto and Fico 2 bankcard score over the past 3 months and they have improved between 60-80 months over that time. I think the delinquent installment loan is hampering the FICO 2. I also got the HSN card and reported 6/24 and the Cap one secured card to try to implement AZEO that I have seen. When the HSN card reported score went from 533-545. Thanks.

Current Fico 2 Score 545

Credit Cards:

Cap 1 Platinum Mastercard 0/750 limit (restricted)

HSN Card $17.86/$250

Secured Capital one Card 0/250 (hasnt reported to CRAs Yet)

Cap 1 Platnum MasterCard Charged off (settled)

Sam's Club Charged off

Chase Platinum Charged off (settled)

Installent Loans

Bank of America 98k/108k(Current was 90 days past due)

Enterprise fund 14k/25k( Current was 60 days late)

Enterprise Fund 14k/39k (30 days late, was 120 days) (Paid current hasnt show up on CRA)

Mortgage Loan 21k/35k (Current, was 60 days late)

Collections:

12/2017 Portfolio Recovery 2500 balance ( working on PFD, OC not in my credit report)

5/2017 Midland 12k ( will pay in September when they are scheduled for deletion)

9/2017 Midland 1,200( Sams Club Will pay in October when they are scheduled for deletion)

9 Student Loan accounts are current and in deferment.

Re: Charged off Credit Card, Utilization and number of cards with balances

Anonymous — Sun, 15 Jul 2018 00:31:23 GMT

Additional credit profile items.

Oldest Credit account = 19.75 years

Average age of accounts = 9.5 years

Student loans are over 100% utilization and

Re: Charged off Credit Card, Utilization and number of cards with balances

Anonymous — Thu, 19 Jul 2018 23:38:50 GMT

bump...

Re: Charged off Credit Card, Utilization and number of cards with balances

Anonymous — Wed, 08 Aug 2018 02:28:40 GMT

We’ll figure I’ll give an update to scores since no replies...

july 24th cap1 card still at 0% utilization, HSN card from 6% to 0% FICO 2 from 545 to 533, FICO 8 607 no change

July 28 dropped 1point for unknown reason, FICO 2 from 533 to 532, FICO 8 no change

august 1st hit 3 month mark of current payment history without late payments; FICO 2 from 532 - 559, FICO 8 607 - 617

August 7th installment account went from negative status to current(extremely slow reporting account 2 months behind); FICO 2 from 559 - 577, FICO 8 no change

still waiting for 3rd credit card with 4% utility and AU to post with 4% usage from capital one which should have posted 3-4 days ago

i will post another update for my encouragement only since no one has replied when Cap1 updates hopefully tomorrow

Re: Charged off Credit Card, Utilization and number of cards with balances

SouthJamaica — Wed, 08 Aug 2018 03:15:50 GMT

@Anonymous wrote:
I am trying to up my Experian FICO 2 score 55 points to qualify for a business loan. This site has the best information and people that you can find resource wise as far as rebuilding credit and credit scores. New poster and I have 2 questions. My first question is on 6-1 I had my only open credit card Cap 1 report a 0 balance and got dinged 32 points on Fico 2. I cant charge to this card as it is restricted as it was over 120 days late and brought current. On 6-10 I had a settled Charged off Cap 1 card report to experian post a 0 balance and gained 9 points. This card was still with capital one after it was charged off so it was counted in the utility calculation until it was settled. My question is when a credit card is charged off and closed with the OC, does it still count in number of cards with balances? My second question is since I am looking at mortgage scores I am waiting for a deliquent installment account to show as current whenever it hits the CRA. will this provide a bump in the mortgage scores. My profile is below. Also, I have followed my Fico 2 Auto and Fico 2 bankcard score over the past 3 months and they have improved between 60-80 months over that time. I think the delinquent installment loan is hampering the FICO 2. I also got the HSN card and reported 6/24 and the Cap one secured card to try to implement AZEO that I have seen. When the HSN card reported score went from 533-545. Thanks.

Current Fico 2 Score 545

Credit Cards:
Cap 1 Platinum Mastercard 0/750 limit (restricted)
HSN Card $17.86/$250
Secured Capital one Card 0/250 (hasnt reported to CRAs Yet)
Cap 1 Platnum MasterCard Charged off (settled)
Sam's Club Charged off
Chase Platinum Charged off (settled)

Installent Loans
Bank of America 98k/108k(Current was 90 days past due)
Enterprise fund 14k/25k( Current was 60 days late)
Enterprise Fund 14k/39k (30 days late, was 120 days) (Paid current hasnt show up on CRA)
Mortgage Loan 21k/35k (Current, was 60 days late)

Collections:
12/2017 Portfolio Recovery 2500 balance ( working on PFD, OC not in my credit report)
5/2017 Midland 12k ( will pay in September when they are scheduled for deletion)
9/2017 Midland 1,200( Sams Club Will pay in October when they are scheduled for deletion)

9 Student Loan accounts are current and in deferment.

I don't think it's realistic at this point.

You'll need to get rid of negatives.

Also, it's not considered good etiquette to bump your own thread.

Re: Charged off Credit Card, Utilization and number of cards with balances

Anonymous — Wed, 08 Aug 2018 03:27:04 GMT

I appreciate the response and sorry for bumping. Currently I am at 577 fico 2 and at 0% utility on credit cards in which I lost 32 points when 0% posted in June. I figure I will gain those points back when my credit card balance post hopefully tomorrow. All I need is 600.

Re: Charged off Credit Card, Utilization and number of cards with balances

Anonymous — Wed, 08 Aug 2018 15:13:27 GMT

Any point penalty realized from all cards reporting $0 is exactly reversed if you have 1 card report a small balance, so you'll definitely see those points come right back.

Re: Charged off Credit Card, Utilization and number of cards with balances

dynamicvb — Wed, 08 Aug 2018 16:56:00 GMT

I'm sure the lates are hurting you more than anything else especially the 120's. You could try to do some goodwill letters to try and get those removed. It may help too to pay down the balances on those installment loans to get the utilization down if that is an option.

Re: Charged off Credit Card, Utilization and number of cards with balances

Anonymous — Wed, 08 Aug 2018 18:31:59 GMT

I am very excited for the progress that has been made for my Experian FICO 2, equifax through credit karma has reported the my new cap1 CC and AU account and usually experian is first to report so it should be anyday now. I am also very grateful for the work that has been done on these boards. Most of the questions I have had I found answers on these FICO Forums through the trial, error and sacrifice of many members time and effort for a credit system that is not made for the consumer and not at all logical.

Re: Charged off Credit Card, Utilization and number of cards with balances

Anonymous — Thu, 09 Aug 2018 11:27:46 GMT

AU account just reported this morning at 4% utilization. FICO 2 when from 577 to 589. Fico 8 went from 617 - 636. Reason codes state I’m not using any revolving accounts so patiently waiting for other cap 1 to post.

Re: Charged off Credit Card, Utilization and number of cards with balances

Anonymous — Fri, 10 Aug 2018 06:07:51 GMT

@AnonymousAU account just reported this morning at 4% utilization. FICO 2 when from 577 to 589. Fico 8 went from 617 - 636. Reason codes state I’m not using any revolving accounts so patiently waiting for other cap 1 to post.

You'd then expect to see around a 15-20 point gain (FICO 8) once you have a revolver report a small balance.

Re: Charged off Credit Card, Utilization and number of cards with balances

Anonymous — Fri, 10 Aug 2018 11:37:45 GMT

Thanks! I have 3 cap 1 accounts all with the same statement dates including the AU, 2 that have reported for the month of August and one that has not. It is a secured card I got in July. The AU card was also new in July. I put and small balance on both before the statement cut. I wonder if there is any issue with the secured card and if it takes a while for the first report to hit the CRAs.

Re: Charged off Credit Card, Utilization and number of cards with balances

Anonymous — Sat, 11 Aug 2018 21:11:24 GMT

Well, I received the mailed statement from Capital One for the AU account and my new account on the same date, but the credit reported for the AU account and not my new account. The AU account was opened on July 5th and the new account was opened July 14th. Waiting game sucks when its something you need to report...

Re: Charged off Credit Card, Utilization and number of cards with balances

Anonymous — Wed, 15 Aug 2018 02:19:28 GMT

Since my secured capital one doesnt look like it will report until around September 4th, I am going to put a small charge on the store card to see what it does. I dont know how the FICO 2 store card small charge will react with the new AU account. It was a +12 Fico 2/+17 Fico 8 in June and when the store card was paid to 0 I lost those points. I think adding the AU card even with utilization of 4% is mutually exclusive from adding the small balance on the store card. The statment closes on the 17th and will update around August 22nd so we will see.

Re: Charged off Credit Card, Utilization and number of cards with balances

Anonymous — Wed, 15 Aug 2018 18:40:19 GMT

Another wrinkle, I did apply for a Credit One Card and was approved for $500.00 with the $75 AF. The small balance on at reporting and the very quick reporting was the only reason I applied for it. It was mailed out on the 15th. So hopefully if the Capital One or Credit One Card posts, i will look at FICO scores and update. I will pay off the store card before the statement date to get rid of the small balance.

Re: Charged off Credit Card, Utilization and number of cards with balances

Anonymous — Thu, 16 Aug 2018 02:04:34 GMT

The last thing you want is an AF Credit One card. I'd start putting a plan in place immediately to close it down and vow to never pay a cent of that AF.

Re: Charged off Credit Card, Utilization and number of cards with balances

Anonymous — Thu, 16 Aug 2018 02:58:38 GMT

I know, but in this case it works that they report the AF with the balance rather quickly to Experian since the card is sent and needs to be activated. In the big scheme of this deal to pay $75 AF is definitely worth the 20-30 point boost to Fico 2 of adding another credit card with 17% utilization with both primary cards at Zero utility. The quicker I can get to 600 the easier it will be for me. I will carry the card for a year then close before monthly AF comes in.

Re: Charged off Credit Card, Utilization and number of cards with balances

Anonymous — Tue, 21 Aug 2018 03:17:01 GMT

Well just got CreditOne card in mail today. Does anyone know how quickly they report? I don’t believe I have a statement generated yet as I tried to pay the AF and was not allowed to.

Re: Charged off Credit Card, Utilization and number of cards with balances

Anonymous — Sun, 26 Aug 2018 13:14:30 GMT

Credit one posted today @ 15% and to my dismay there was no increase on the FICO 2 589 but fico 8 jumped 18 points 636 to 654. Total utilization is at 5% with AU card reporting. I still have a capital one reporting around August 4th at Zero balance. I have 4 cards with 2 reporting a small balance and two at Zero balance. With one of those cards an AU card. My thought is to dispute the AU card to remove it and have 3 cards reporting, one with a small balance and two at zero. Still strange that the 32 utilization points that I lost in June I believe I only recovered 12 of them back and missing the other 20.

Also, I am getting rid of a midland collection by paying in full September 4th ish.

Re: Charged off Credit Card, Utilization and number of cards with balances

Anonymous — Thu, 30 Aug 2018 12:10:15 GMT

I did dispute the AU card on 8-26. Nothing has happened yet, but since my capital ones are due on the 1st it might be a moot point anyway. I have payed all cards down to 0 except credit one which reported at $77/500. AU will be at zero. New capital one will be at 0. So I should have 5 CCs with one reporting a balance on the 1st or the 4th. By every other scoring model scores are over 600 EXCEPT Fico 2...still excited!