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

[Anonymous]

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.

[Anonymous]

Additional credit profile items.

Oldest Credit account = 19.75 years

Average age of accounts = 9.5 years

Student loans are over 100% utilization and

[Anonymous]

bump...

[Anonymous]

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

[SouthJamaica]

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@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.

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[Anonymous]

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.

[Anonymous]

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.

[dynamicvb]

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.

[Anonymous]

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.

[Anonymous]

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.