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please help with credit card

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Anonymous
Not applicable

please help with credit card

i am trying so hard to bring up my credit scores but they just keep dropping. Last February I applied for a secured Capitoal One which i recieved. I received a huge increase with out requesting.  I applied for two more secured cards in Septmeber Discover It and US Bank.  I am keepng a very low balance only on one card. And zero balance on the other two cards.  I am never late.  I just dropped over 30 points for showing a zero balance., after paying the 6.00 balanceI dropped points last month too for a low balance. I cannot figure this out. Im doing everything I was told.  Three cardszero balance on two and less than 8 % balnce on third.  I dropped so many points also for paying off my mortgage and change of address.  I am trying to get my numbers upto purchase a new home. I feel like I cant win. I believe Im doing everything right HELP any advice would be appreciated!

Message 1 of 9
8 REPLIES 8
SouthJamaica
Mega Contributor

Re: please help with credit card


@Anonymous wrote:

i am trying so hard to bring up my credit scores but they just keep dropping. Last February I applied for a secured Capitoal One which i recieved. I received a huge increase with out requesting.  I applied for two more secured cards in Septmeber Discover It and US Bank.  I am keepng a very low balance only on one card. And zero balance on the other two cards.  I am never late.  I just dropped over 30 points for showing a zero balance., after paying the 6.00 balanceI dropped points last month too for a low balance. I cannot figure this out. Im doing everything I was told.  Three cardszero balance on two and less than 8 % balnce on third.  I dropped so many points also for paying off my mortgage and change of address.  I am trying to get my numbers upto purchase a new home. I feel like I cant win. I believe Im doing everything right HELP any advice would be appreciated!


1. You didn't lose any points for credit card utilization, if you had 3 cards, with 2 cards reporting zero balance and the 3rd card reporting less than 8%.

 

2. You did lose points in FICO 8 for paying off your mortgage, if you have no other installment loans out there. But what can you do, it's a wonderful thing to pay off one's mortgage. 

 

3. If you want, you can get those points back by getting a $500+ savings account with Alliant Credit Union, taking out a share secured loan for $500 with a 48 or 60 month term, shutting off autopay, and paying the balance down to $45 or so (transferring the money from the savings account).

 

4. It might be time for you to get an unsecured card but we would need to know your present FICO 8 scores before advising you on that.

 

5. Also bear in mind that the passage of time + all payments on time + no new account applications =  big score increase over time.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 2 of 9
CreditMagic7
Mega Contributor

Re: please help with credit card

This sub-forum can prove to be of great help for you in understanding the why and when regarding what is happening or not happening and decisions you can take to correct them.

 

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/bd-p/ficoscoring

 

Please spend some time participating there too. It will really help.

 

There are some sharp minds in there who can help you up your chances and better explain what is most important with your concerns.

 

You just read from one of those members. Smiley Happy

 

 

Message 3 of 9
Anonymous
Not applicable

Re: please help with credit card

This is what showed up on my Fico Alert..

 

Equifax  614 - 576

DETAILS

Discover bank

account balance $6 - $0

Thank you for your advice

Message 4 of 9
SouthJamaica
Mega Contributor

Re: please help with credit card


@Anonymous wrote:

This is what showed up on my Fico Alert..

 

Equifax  614 - 576

DETAILS

Discover bank

account balance $6 - $0

Thank you for your advice


The score part of the alert and the alert part of the alert are unrelated.

 

Since your FICO 8 is below 600, I would hold off on any new credit card applications.

 

There are undoubtedly some negatives in your report, so what I would do if I were you is start sending verification letters to the bureaus, or hiring a company that does that.

 

 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 5 of 9
Anonymous
Not applicable

Re: please help with credit card

Please excuse my ignorance ..What is a verification letter? Is there a place on this site where I can learn about it?

Thank you

Message 6 of 9
SouthJamaica
Mega Contributor

Re: please help with credit card


@Anonymous wrote:

Please excuse my ignorance ..What is a verification letter? Is there a place on this site where I can learn about it?

Thank you


1. You write to a credit bureau asking them to "verify" one or more items in your report.

2. They are required to write to the creditor to verify it.

3. If they don't get verification back within 30 days they're required to delete the item from your report.

 

You can do this yourself or you can hire a company like Lexington Law to do it for you.

 

 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 7 of 9
Anonymous
Not applicable

Re: please help with credit card

Thank you

Message 8 of 9
Anonymous
Not applicable

Re: please help with credit card


@SouthJamaica wrote:

@Anonymous wrote:

Please excuse my ignorance ..What is a verification letter? Is there a place on this site where I can learn about it?

Thank you


1. You write to a credit bureau asking them to "verify" one or more items in your report.

2. They are required to write to the creditor to verify it.

3. If they don't get verification back within 30 days they're required to delete the item from your report.

 

You can do this yourself or you can hire a company like Lexington Law to do it for you.

 

 


There are sample letters online.  You can just google them, copy, paste, edit, and not pay Lexington Law for just sending a letter (save the attorneys for difficult and important stuff)

Message 9 of 9
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