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Balancing Credit Goals - Please advise

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Super Contributor

Re: Balancing Credit Goals - Please advise

30-60 for both falling off. Your in a dirty card til then. The last one will be the big one....The first one might not make a big difference.
-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Nov 2020, Clean/Thick/Mature/No New Account Scorecard (EX9 not updated yet. Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.


RIP:
(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 31 of 76
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Super Contributor

Re: Balancing Credit Goals - Please advise

Usually when you pay a C/O, it updates to current and you suffer a point loss, unless it was already updating monthly.

Now that it is paid, it can begin to age. Considering it was about to fall off, many would have forgone paying it. When it drops, its irrelevant whether it was paid.

So, he may have seen a drop, unless it was already updating, cuz now it is scored as a fresh late basically.

Its that last one you gotta get off of there. And if its not updating, don't resurrect it, unless you can PFD or something.
-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Nov 2020, Clean/Thick/Mature/No New Account Scorecard (EX9 not updated yet. Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.


RIP:
(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 32 of 76
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Super Contributor

Re: Balancing Credit Goals - Please advise

Once both are gone, you will be derog-free, correct?

You'll go to a clean/thick/aged profile. +30-60 on Version 8.

Then, if you let age of youngest revolver hit 12 months, that's good for another 10-20 points on Version 8 on his new scorecard! So, you'll be in high 700s at least, if you doesn't apply for credit, after both fall, IMHO.

EDIT: Assuming you keep utilization in check.
-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Nov 2020, Clean/Thick/Mature/No New Account Scorecard (EX9 not updated yet. Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.


RIP:
(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 33 of 76
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New Contributor

Re: Balancing Credit Goals - Please advise

 
Message 34 of 76
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New Contributor

Re: Balancing Credit Goals - Please advise

It's funny. After I paid off the $587, my vantage scores on Credit Karma went up. And then when it was changed to a charge off, they tanked! They went down as low as 581. At the same time, my FICO scores were going up above 740!

If the truth be known, I didn't pay off that loan because I had to. This was a spiritual exercise. After so many years, I was finally facing my demons. It really hurt to pay that money. But it was about personal growth, and taking responsibility for my actions. I had this conversation with my banker in her office. It was a profound moment.
Message 35 of 76
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New Contributor

Re: Balancing Credit Goals - Please advise

Yes, those are my last two derogatories.
Message 36 of 76
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New Contributor

Re: Balancing Credit Goals - Please advise

But I won't be able to get rid of First Premier until 2021, sometime around April. That is when my first delinquency turns 7 years old. That's the charge off. I'm hoping that the other one will drop off in March of 2020, the 90-day late payment.
Message 37 of 76
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Super Contributor

Re: Balancing Credit Goals - Please advise

Vantagescore is great for credit monitoring. It's not useful for credit scores.

FICO scores are what is primarily used for the majority of the lenders, especially mortgage lenders.

Good on you for paying your debt.
Message 38 of 76
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Super Contributor

Re: Balancing Credit Goals - Please advise

It it fulfilled you, that's all that matters, makes it worth it.

I can't profess to know a great deal about Vantagescore 3.0, but I know its very volatile. To me, only FICO matters, and to most lenders as well.

The paid C/O helped your Version 9 though, I bet. It discounts paid C/Os. But V. 8 continues to punish you, as do all others.

Good news is you will have fabulous scores when the last one is gone.
-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Nov 2020, Clean/Thick/Mature/No New Account Scorecard (EX9 not updated yet. Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.


RIP:
(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 39 of 76
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New Contributor

Re: Balancing Credit Goals - Please advise

Know if I could only double my income! I am a struggling freelancer.
Message 40 of 76
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