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Credit score!

donkort
Valued Contributor

Re: Credit score!

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?

 

 

FICO 8: EQ 800; EX 797; TU 793
Message 11 of 21
BallBounces
Established Contributor

Re: Credit score!


@Cooleybrandon92 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".

050719:     
020321:     



Current scores are in see - saw mode. Going to be choppy for a couple years, but hoping to break above 700 across all three and stay there in 2021.
Message 12 of 21
AllZero
Super Contributor

Re: Credit score!

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.

Message 13 of 21
KLEXH25
Valued Contributor

Re: Credit score!


@Cooleybrandon92 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!





Message 14 of 21
Wavester64
Valued Contributor

Re: Credit score!

>>$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?







Potential Future Cards
Message 15 of 21
AllZero
Super Contributor

Re: Credit score!


@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.

Message 16 of 21
righthererightnow
Regular Contributor

Re: Credit score!

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




Message 17 of 21
Jannelo
Frequent Contributor

Re: Credit score!


@BallBounces wrote:

@Cooleybrandon92 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.

Open Credit Cards:
Green Dot Primor Secured (5/18) - $450 CL (CLOSED 2/2020)
Capital One Platinum (8/18) PC'd to Quicksilver (9/19) - $800 CL
Capital One QuicksilverOne (3/19) - $1800 CL
Merrick Bank DYL VISA - No AF (6/19) - $1400 CL
Discover it Cash Back (9/19) - $1300 CL
Amazon Prime Store Card (4/20) - $5000 CL
NFCU cashRewards (4/20) - $1500 CL
BB&T Spectrum Cash Rewards (5/20) - $3500 CL

Experian FICO Score - 8/2018: 528

Experian FICO 8 Score - 9/2020 - 672
Equifax FICO 8 score 9/2020 - 674
TransUnion FICO 8 score 10/2020 - 658
Message 18 of 21
mrEus
Established Contributor

Re: Credit score!


@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

- | - Mee'sa not'ta Jar'Jar Bink'sa. Mee'sa just like'sa the word'sa BOMBAD! - | -


BK7 Discharged 12/16 - | - EQ8/9: 696/730 | TU8: 738 | EX8: 733
Message 19 of 21
ficofun2020
Established Member

Re: Credit score!


@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.

 



So close!




Message 20 of 21
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