DEPRESSED and I give up with building good credit.

[Tinkerbell319]

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@Remedios wrote:

So, you got rid of that Fingerhut charge off?

Good for you, I've never heard of them removing charged off accounts before. 

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Yes! I kept disputing it with 609 Dispute method letters. GONE! 

[Tinkerbell319]

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@K-in-Boston wrote:

I have to agree that something else is going on here.  Either lates or charge offs or judgements in addition to high utilization or these can't be FICO scores.  I was at 80-90% overall utilization for years and scores were still right at 700 since everything else was good.

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Vantage SCORES. Yes. 

[Anonymous]

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@Tinkerbell319 wrote:

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@Brian_Earl_Spilner wrote:

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@Tinkerbell319 wrote:

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@Brian_Earl_Spilner wrote:

Car not reporting isn't gonna drop your score.

The closed account isn't going to drop your scores unless it drives your utilization above new thresholds. As for the closure, people have been charging to add people as AU to boost their credit scores. They probably assumed this was what's happening. You should have just bought gift certificates for everyone from the spa. Live and learn. You can try calling them up to recon the decision.

Also, there's no way you dropped around 200 points just from high utilization. Something else is going on. Collection, late payment, something.

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No lates on my report anywhere first of all. I haven't missed any payments, I would have stated that here. And my score dropped 200 points in the course of 3 months, no joke! In September 2019 I was in 720, and from there it went down hill when I started maxing my cards and carrying high balances. I got 3 cards down, and I drop 15 points. Now tell me something I don't know, cause I have no late payments. 

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A clean report that takes a derogatory will drop 70-90 points. Completely maxing your cards will hit you for 70-90 points.  Are you posting VantageScores and not FICO? Because again, without some severe derogatories, your score doesn't just drop 200 points because your cards are maxed.

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Yes this is Vantage Scores from Credit Karma. Now educate me here... I know Vantage scores is usually points behind, I know because I had MYFICO scores for the first 6 months of 2019 and I would compare MYFICO to CREDIT KARMA and it would differ... however, the score drop is still accurate correct? It still would have dropped for MYFICO, I haven't renewed my subscription to know. I love Credit Karma because of the easy free access and the updates every seven days. 

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Vantage is a completely different algorithm. Things that matter to FICO don't necessarily matter to Vantage and vice versa in addition to different weights being given to them.

What you can do is sign up for a trial of Credit Check Total for $1 which will pull all of your FICO 8 scores and then cancel the trial. https://www.creditchecktotal.com/

You can do it through Experian too but their website has been made pretty confusing lately so you can grab the Experian app on your phone, sign up for their free service (free Experian monitoring and FICO updated every 30 days) then tap credit reports and either TransUnion or Equifax and it will offer you a free trial of CreditWorks Premium. Once you cancel that, you can log in to Experian every month or so and it will offer you another trial for $1.

[Anonymous]

@Tinkerbell319 This is called MyFICO forums for a reason. Because we specialize in the only algorithms lenders pretty much care to use, other than synchrony for CLI’s.

Fico scores and vantagescores are absolutely and totally different and they react absolutely and totally differently.

No one really cares about vantagescore, especially 3.0 because no one uses it. Therefore we have not spent time reverse engineering it because it’s pointless, no one uses it. Pretty much no one cares about vantage 3.0. It’s meaningless, it means nothing and they do not typically track with the fico scores.

With that said when you come asking questions about a score, if it’s not a fico score, please identify what score it is, so that people know what you’re talking about. You should always tell us what algorithm and variant you’re talking about, otherwise it makes it very difficult for anyone to help you.

[GApeachy]

Didn't you just pay off a cu loan in Dec.?  Was that your only open loan on reports or was the car loan already reported? 

What's the credit limit on the Care Credit card?  Was it one of the 3 maxed cards or one of the 3 cards at 30%?

[KLEXH25]

A 200 point drop in Vantage Scores does not equal the same drop in Fico Scores. You can't compare apples to oranges. Second, in the absence of any derogatories, the drops are temporary. Pay down your cards, and your scores will come back up. If you're looking at getting an auto loan this summer, start following your FICOs again. 

[Anonymous]

OP, 

You mentioned being depressed and giving up on building good credit. You may find yourself struggling because you don't have a complete grasp on what actually drives your scores. I can only imagine what it would be like to try to rebuild credit if I was shooting in the dark. I think you need to spend some more time really learning about FICO scoring. This will empower you because you'll realize there is a pretty straight path between your score now and where you want it to go. 

Creditors not report, accounts getting closed, removing derogs those are the frustrating parts but with a little additional reading you'll know vantage scores are nonsense and useless, utilization is literally almost as important as paying on time, and authorized users are reserved for 1 or 2 trusted family members or MAYBE friends and not to take advantage of discounts or whatever. 

Dig into the weeds of the fico scoring model and I imagine you'll feel a lot better and be more encouraged to not only build up your credit but act responsibly so your scores stay high. 

[gingerflower]

@Tinkerbelle319 I'm sorry to hear of the closing of Carecredit. To be honest with you that's alot of Authorized  user added to your account.  I understand  wanting to help family out  and believe  me been there.  Where are you getting your scores from? 

[Anonymous]

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@gingerflower wrote:

@Tinkerbelle319 I'm sorry to hear of the closing of Carecredit. To be honest with you that's alot of Authorized  user added to your account.  I understand  wanting to help family out  and believe  me been there.  Where are you getting your scores from? 

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Stated above - scores are VS3.0 from CK, and therefore meaningless.

[Anonymous]

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@Brian_Earl_Spilner wrote:

You should have just bought gift certificates for everyone from the spa.

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This. In a million years I never would have even thought about handing out AU card(s) to friends for a one time "Gift".

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@Tinkerbell319 wrote:
Care Credit being closed down is not really a big deal to me... I never used the card to began with so it was going to get closed for no activity anyway.
I just liked to have the account on my credit as a positive entry. But losing care credit, is not really a big deal, and I don't care if I ever get it again. 

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If it's no big deal why are you all upset? I can understand the frustration when trying to build and having setbacks, but they don't happen all on theri own. People who receive AA are doing things that the banks don't feel comfortable with. So if you want to build a solid profile, stop doing weird stuff. 

FYI, if you pay this balance in full, it will still report positively on your CR for several years. So that's what I'd be doing post haste. You also mention Holiday spending, that UT coupled with other factors will cause a score drop. Now it may or may not as bad as you're thinking once you get a true Fico score. But I've never had 100 point difference between Fico8 and Vantage.