I have been rebuilding my credit for about 2 years and have brought it up from the upper 500s to where all of my scores are between 700 - 740. For better context, I make around $72k a year and have about $40,000 in total debt (that is everything including vehicle, student loans, and house). I have not made a late payment in over 4 years, I have 1 inquiry (for the Cap One Quicksilver card) that will fall off in January, 1 derogatory from a $800 card that got charged off back in 2020, which is where the late payments stem from.
Credit Cards:
Credit One Platinum opened April 2021 currently w/$550 CL
Credit One Platinum opened June 2022 currently w/$850 CL
Credit One AMEX Wander opened Oct. 2024 currently w/$1200 CL (Good Rewards on Restaurants, Travel, and Gas)
Capital One Platinum opened Feb. 2022 currently w/$1300 CL (Good Cash back rewards)
Capital One Quicksilver opened Jan. currently 2023 w/$600 CL
My question is, considering all that, I have done a few suggested no ding credit card applications (Apple Card, Amazon, etc) and have been declined for every single one. What am I missing? I figured with my credit score being up, my usage being down, 1 inquiry that is about to fall off, and just the one new card in the last 23 months that I would be getting approved for some better cards, and it just hasn't happened. I am not in a huge rush, I am a very patient person, so I will give it more time. But just looking for some feedback and encouragement. Thanks in advance.
What scores are you quoting Fico, or Vantage?
What's your DTI come out to? If your DTI ratio is above 35% that may be holding you back.
Debt to Income is about 23%
My Fico Score 9 is 743
Vantage Score 3.0 is 711
@JoeRockhead wrote:What scores are you quoting Fico, or Vantage?
What's your DTI come out to? If your DTI ratio is above 35% that may be holding you back.
All cards are at zero and I keep them at zero, except 2 that are near zero. That could be the issue. Depending on what day my cards report, etc. I use 2 cards for daily purchases and pay off. 1 for gas and restaurants due to travel rewards and 1 for every day purchases due to cash back rewards.
Maybe that is what the issue is.
@Patient957 wrote:What was your utilization % on each of your cards at the time of your application(s)?
I think you would want to be AZE1 to give yourself the best chance for approvals.
@FicoMike0 wrote:First, the more info you give, the more help the wizards can give. They really know this stuff!
When giving scores, it's best to give everything, including where you got it. Example, since you're on myfico, you have access to your equifax fico8. Experian provides their fico8 for free as well.
You mention an $800 charge off, do you still owe the $800? If so, that balance is hurting your utilization and scores.
I think you're doing the right thing as far as preapprovals. Have you tried amex?
Thank you!!! I still have a lot to learn. This site along has helped me raise my credit score due to just learning how things are reported and utilization percentages, etc. I appreciate every person that responds and posts to help others!!!
It is still owed. I have considered paying it and requesting removal if paid, but I have also paid a debt collector back in the 2000's and they kept reporting and trying to collect even though I had already paid it. So I am hesitant to do it again, but I may do it and just see what happens. At this point in my life $800 is much less of a hurdle than it once was. LOL Thankfully!!!
I haven't tried AmEx. I am going to try them once my other inquiry falls off and I have had my Credit One AmEx card for at least 6 months, which is coming up real soon.
Experian Fico 8 Score is 727
is the charge off unpaid? or was it paid four years ago and the balance on it is now $0?
yeah you're going to need to pay in full/settle in full the charge off, that's why
you haven't been late since 4 years ago,
you're currently late
and that's what they see when they pull your report.
if you do it pay it and they do update your report (I imagine the $800 charge off isn't reporting monthly) it's going to ding your score, bad. regardless, it needs to be paid and it will still fall off 7 years from the DoFD
It is listed as a Charge Off/Collection. It was originally through Celtic Bank and Spring Oaks Capital is who owns it now and is reporting it. It was originally a $300 credit card debt, and the fees and what not ballooned it up to $833 which is what it currently is through Spring Oaks Capital. It looks like the last payment I made was in early 2020, I don't know the exact date and they closed the account and sold it to Spring Oaks Capital in Sept. 2021.
I did look at the options on the Spring Oaks Capital Website and they state that when the debt is paid in full they will request deletion from the file. This sounds like it may be my best option. And I'm good with that. It would pay a debt I legitimately owe, which is important to me, and it could potentially remove it from my credit profile. My fear is paying out money to a debt collector that doesn't show that its paid.
@GreatLife wrote:Please share details of the $800 so forum gurus can further assist.
Is it presently listed as a charge off or a collection? Who is the original creditor, what company currently holds the debt, what date did the account 1st go delinquent without any subsequent payments?