topic Re: Credit score! in General Credit Topics

Credit score!

Anonymous — Tue, 17 Mar 2020 01:32:32 GMT

I posted awhile back about my credit score being pretty low and trying to build my credit up. All my cards were maxed out and I knew this is where I needed to start. I recently got my credit utilization to 38% from 100%. I was hoping that this would cause a pretty good jump in my score. My score only went up 12 points. My credit score is now a 620. I have no collections on my account. I do have 28 inquiries from when I was shopping around for an auto loan. What can I do to get my score up so I can get an actual good credit card.

Re: Credit score!

dragontears — Tue, 17 Mar 2020 01:53:29 GMT

@Anonymous wrote:
I posted awhile back about my credit score being pretty low and trying to build my credit up. All my cards were maxed out and I knew this is where I needed to start. I recently got my credit utilization to 38% from 100%. I was hoping that this would cause a pretty good jump in my score. My score only went up 12 points. My credit score is now a 620. I have no collections on my account. I do have 28 inquiries from when I was shopping around for an auto loan. What can I do to get my score up so I can get an actual good credit card.

Which score are you referring to? TU/EX/EQ?

What model is the score you are referring to? FICO8? FICO 9? Vantage 3? Vantage 4?

Do you have any late payments?

Re: Credit score!

KLEXH25 — Tue, 17 Mar 2020 03:04:04 GMT

First, congrats on bringing your balances down! That's great. Second, in order to give advice, we need more information. Please list the balance and limit of each card so that we can determine individual and aggregate utilization. Also, if you have any lates or other negatives that could be holding your scores down, that would be helpful.

Example:

Card #1 - $100 / $2400

Card #2 - $825 / $1000

And so on...

Re: Credit score!

AllZero — Tue, 17 Mar 2020 03:11:18 GMT

Congratulations on your success!

Re: Credit score!

AllZero — Tue, 17 Mar 2020 03:13:47 GMT

I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?

Re: Credit score!

AllZero — Tue, 17 Mar 2020 03:14:51 GMT

Not knowing your exact details, below are benchmarks for FICO 8.

Remember these aggregate utilization thresholds: 8.9%, 28.9%, 48.9%, 68.9%, 88.9%
If you're not crossing a threshold, you won't be getting points.

Aggregate: 10-15 points for aggregate crossing a threshold.

Individual: ~5 points points for individual crossing a threshold.

Look into AZEO Technique. All Zero Except One card reporting a small balance e.g. $5-$10. Use a bank card. Do not use a store card.

Get your CC aggregate utility at or below 8.9% for full FICO points optimization.

Scores will react positively with one revolving credit card reporting a balance.

You might want to address any derogatory you have; delinquency, charge off, collection, etc. If they are updating monthly, it'll keep your scores suppressed.

Re: Credit score!

AllZero — Tue, 17 Mar 2020 03:15:32 GMT

$1 you can obtain your 3 bureau FICO 8 reports at Experian.com or creditchecktotal.com. Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.

Free credit reports (disregard the VantageScore 3.0 score) at:
creditkarma.com for weekly TU and EQ
wallethub.com for daily TU

Re: Credit score!

Anonymous — Tue, 17 Mar 2020 09:59:19 GMT

I have

2 capital one cards maxed out at $500 each

credit one maxed out at $500

my wife added me to her kohl's card because she forgot her license and wanted to buy something didn't know that would get put on my credit report that is maxed out at $700. The score I posted was Experian.

Re: Credit score!

KLEXH25 — Tue, 17 Mar 2020 12:18:52 GMT

@Anonymous wrote:
I have
2 capital one cards maxed out at $500 each
credit one maxed out at $500
my wife added me to her kohl's card because she forgot her license and wanted to buy something didn't know that would get put on my credit report that is maxed out at $700. The score I posted was Experian.

Well if you have two cards and an AU maxed out, that's why. I looked through some of your old posts and you mentioned that you have eight credit cards. Is that still the case? Do you have any other cards that don't have balances? Individual utilization matters just as much, if not more, than aggregate utilization.

Re: Credit score!

Anonymous — Tue, 17 Mar 2020 12:33:09 GMT

Here is a list of cards and balances.

kohls $700 maxed out

first premier $600 $0 balance

indigo $300 $0 balance

fingerhut $1600 $0 balance

Gettington $600 $0 balance

capital one $500 maxed out

credit one $600 maxed out

apple card $250 $0 balance

care credit $500 $0 balance

Re: Credit score!

donkort — Tue, 17 Mar 2020 15:06:53 GMT

You have a lot of maxed-out cards. Four of them.

This could be the reason behind the 620 score.

Do you have any relatively old lates, charge-offs, or collections that might have been resolved, but are still on your report?

Re: Credit score!

BallBounces — Tue, 17 Mar 2020 14:31:38 GMT

@Anonymous wrote:
What can I do to get my score up so I can get an actual good credit card.

At this point, and as a guiding principle, reducing your debt is far more important than "getting a good credit card", whatever that term may mean.

Horse, then Cart.

In other words, make it your challenge to do something like AZEO <9, rather than "getting a good credit card".

Re: Credit score!

AllZero — Tue, 17 Mar 2020 16:42:23 GMT

As mentioned up thread, you need to reduce your reported individual and aggregate utilization. Maxed out cards are a score killer. You're being penalized heavily.

Re: Credit score!

KLEXH25 — Tue, 17 Mar 2020 23:44:10 GMT

@Anonymous wrote:
Here is a list of cards and balances.

kohls $700 maxed out
first premier $600 $0 balance
indigo $300 $0 balance
indigo $300 $0 balance
fingerhut $1600 $0 balance
Gettington $600 $0 balance
capital one $500 maxed out
capital one $500 maxed out
credit one $600 maxed out
apple card $250 $0 balance
care credit $500 $0 balance

Start by removing yourself from the Kohl's AU card. It's hurting more than helping. Then distribute your payments evenly between your maxed cards so that they cross down the utilization thresholds and aren't maxed out anymore. Once you get them all to at least 50% (but ideally 28.9%), you can pay them down individually. Your scores will start coming up (assuming you don't have any derogs). You'll get there!

Re: Credit score!

Wavester64 — Sun, 22 Mar 2020 04:10:37 GMT

>>$1 you can obtain your 3 bureau FICO 8 reports at Experian.com or creditchecktotal.com. Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.

re: creditchecktotal.com

Can you cancel online or a phone call required?

Re: Credit score!

AllZero — Sun, 22 Mar 2020 04:14:45 GMT

@Wavester64 wrote:
>>$1 you can obtain your 3 bureau FICO 8 reports at Experian.com or creditchecktotal.com. Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.

re: creditchecktotal.com
Can you cancel online or a phone call required?

Online.

Re: Credit score!

righthererightnow — Tue, 31 Mar 2020 03:07:59 GMT

Once those inquiries start to fall off it should pop back up.

Re: Credit score!

Jannelo — Tue, 31 Mar 2020 16:23:23 GMT

@BallBounces wrote:
@Anonymous wrote:
What can I do to get my score up so I can get an actual good credit card.
At this point, and as a guiding principle, reducing your debt is far more important than "getting a good credit card", whatever that term may mean.

Horse, then Cart.

In other words, make it your challenge to do something like AZEO <9, rather than "getting a good credit card".

Truer words never spoken.

Re: Credit score!

Anonymous — Tue, 31 Mar 2020 17:56:43 GMT

@AllZero wrote:
As mentioned up thread, you need to reduce your reported individual and aggregate utilization. Maxed out cards are a score killer. You're being penalized heavily.

+100

Re: Credit score!

Anonymous — Sun, 05 Apr 2020 11:03:39 GMT

@AllZero wrote:
... below are benchmarks for FICO 8.

Remember these aggregate utilization thresholds: 8.9%, 28.9%, 48.9%, 68.9%, 88.9%
If you're not crossing a threshold, you won't be getting points.

Aggregate: 10-15 points for aggregate crossing a threshold.

Individual: ~5 points points for individual crossing a threshold.

Thank you for these numbers. I was looking for the threshholds in the forums.