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Finally turning my credit around. Any suggestions to further improve my scores?

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Anonymous
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Finally turning my credit around. Any suggestions to further improve my scores?

Hello myFico!

 

First I'd like to say thank you to this community as I've really learned some valueable things that have helped improve my credit scores over the last six months. To give you a breif overview I went through a period in my life around 2012-14 when I was in a really bad spot and was living on credit. This equated to roughly 20k in debt that I more or less just decided to forget about around 2016. If you're in this spot, please do NOT make the same decision I made!

Fast foward to November 21' when I decided to finally pull my credit report after not looking at it for almost 5.5 years. During this time I had not done ANYTHING credit related outside of always paying my mortgage on time & paying off my car.

My scores were the following (Fico 8 score) : Equifax - 577, Experian - 565, Transunion - 559

Derogatory Items include(d):

Citi - 4.5k - Last Payment (9/16) - Charged Off
JPMC - 5.5k - Last Payment (9/16) - Charged Off

WF - 2.1k - Last Payment (10/16) - Charged Off

Lending Club - 10k - Last Payment (9/16) - Charged Off

Medical Bill - $170 - Sent to collections (1/20) - Paid in full 10/21, deleted from 2/3 credit reports. Waiting on TU to do the same.

Auto Loan - (1) 90 day late payment in 8/20. It was actually the LAST payment! I had sent in what I thought was the payoff amount and did not realize it was short (under $100) until it was too late. Hoping NFCU will work with me on this.

Since finding this site I have been able to rebuild my creidt scores to the following as of today (Fico 8 score)! 
EQ - 630

EF - 628
TU - 608 (still waiting on the collection to be deleted)

 

To accomplish this I've paid off the collection, opened two new starter credit cards (Dec 21), and have been added as an AU to (2) very healthy credit card accounts. 

 

My current credit profile is as such:

Credit One CC - $500 limit / 0 bal - Paid in full monthly, never use more than 10% credit

Ollo CC - $300 limit / 0 bal - Paid in full monthly, never use more than 10% credit.

Authorized User - Discover - 10k limit / 0 bal. Never used. 11 year history.

Authorized User - Cap One - 6.5k limit / 0 bal. Never used. 10 year history.

 

I am still waiting on the AU to reflect across all the agencies, but in the mean time is there anything else I can do to expedite my scores? I am looking to purchsae a car sometime in August and would like to aim for a 680+ score if possible. Is this realistic? I attempted the pre-qual with Cap One Auto Nav and was shockingly approved for a 55k loan! Hoping to improve on what I currently have in the next 3-4 months before I really buy the car!

 

My charge offs are all slated to fall off of my report in the next year. What type of result will this have on my current scores? 

 

Thanks for your help!

 

 

 

 

 


Message 1 of 3
2 REPLIES 2
moto4man
Regular Contributor

Re: Finally turning my credit around. Any suggestions to further improve my scores?


@Anonymous wrote:

Hello myFico!

 

First I'd like to say thank you to this community as I've really learned some valueable things that have helped improve my credit scores over the last six months. To give you a breif overview I went through a period in my life around 2012-14 when I was in a really bad spot and was living on credit. This equated to roughly 20k in debt that I more or less just decided to forget about around 2016. If you're in this spot, please do NOT make the same decision I made!

Fast foward to November 21' when I decided to finally pull my credit report after not looking at it for almost 5.5 years. During this time I had not done ANYTHING credit related outside of always paying my mortgage on time & paying off my car.

My scores were the following (Fico 8 score) : Equifax - 577, Experian - 565, Transunion - 559

Derogatory Items include(d):

Citi - 4.5k - Last Payment (9/16) - Charged Off
JPMC - 5.5k - Last Payment (9/16) - Charged Off

WF - 2.1k - Last Payment (10/16) - Charged Off

Lending Club - 10k - Last Payment (9/16) - Charged Off

Medical Bill - $170 - Sent to collections (1/20) - Paid in full 10/21, deleted from 2/3 credit reports. Waiting on TU to do the same.

Auto Loan - (1) 90 day late payment in 8/20. It was actually the LAST payment! I had sent in what I thought was the payoff amount and did not realize it was short (under $100) until it was too late. Hoping NFCU will work with me on this.

Since finding this site I have been able to rebuild my creidt scores to the following as of today (Fico 8 score)! 
EQ - 630

EF - 628
TU - 608 (still waiting on the collection to be deleted)

 

To accomplish this I've paid off the collection, opened two new starter credit cards (Dec 21), and have been added as an AU to (2) very healthy credit card accounts. 

 

My current credit profile is as such:

Credit One CC - $500 limit / 0 bal - Paid in full monthly, never use more than 10% credit

Ollo CC - $300 limit / 0 bal - Paid in full monthly, never use more than 10% credit.

Authorized User - Discover - 10k limit / 0 bal. Never used. 11 year history.

Authorized User - Cap One - 6.5k limit / 0 bal. Never used. 10 year history.

 

I am still waiting on the AU to reflect across all the agencies, but in the mean time is there anything else I can do to expedite my scores? I am looking to purchsae a car sometime in August and would like to aim for a 680+ score if possible. Is this realistic? I attempted the pre-qual with Cap One Auto Nav and was shockingly approved for a 55k loan! Hoping to improve on what I currently have in the next 3-4 months before I really buy the car!

 

My charge offs are all slated to fall off of my report in the next year. What type of result will this have on my current scores? 

 

Thanks for your help!

 

 

 

 

 



What are the SOL in your state?  A couple of those would concern me that they may lawyer up prior to them falling off.  I won't get too deep in the weeds here because this is a little over my head regarding those lenders listing the CO's.  That Lending Club one looks like a number I'd want to chase after if I was a lender most specifically.  But there are a few members here that have really good insight on specific lenders and how they handle CO's.  Those things are killing your scores!

Starting Score: 547EX
Current Score: 694EX 689EQ 696TU
Goal Score: 750


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Message 2 of 3
SouthJamaica
Mega Contributor

Re: Finally turning my credit around. Any suggestions to further improve my scores?


@Anonymous wrote:

Hello myFico!

 

First I'd like to say thank you to this community as I've really learned some valueable things that have helped improve my credit scores over the last six months. To give you a breif overview I went through a period in my life around 2012-14 when I was in a really bad spot and was living on credit. This equated to roughly 20k in debt that I more or less just decided to forget about around 2016. If you're in this spot, please do NOT make the same decision I made!

Fast foward to November 21' when I decided to finally pull my credit report after not looking at it for almost 5.5 years. During this time I had not done ANYTHING credit related outside of always paying my mortgage on time & paying off my car.

My scores were the following (Fico 8 score) : Equifax - 577, Experian - 565, Transunion - 559

Derogatory Items include(d):

Citi - 4.5k - Last Payment (9/16) - Charged Off
JPMC - 5.5k - Last Payment (9/16) - Charged Off

WF - 2.1k - Last Payment (10/16) - Charged Off

Lending Club - 10k - Last Payment (9/16) - Charged Off

Medical Bill - $170 - Sent to collections (1/20) - Paid in full 10/21, deleted from 2/3 credit reports. Waiting on TU to do the same.

Auto Loan - (1) 90 day late payment in 8/20. It was actually the LAST payment! I had sent in what I thought was the payoff amount and did not realize it was short (under $100) until it was too late. Hoping NFCU will work with me on this.

Since finding this site I have been able to rebuild my creidt scores to the following as of today (Fico 8 score)! 
EQ - 630

EF - 628
TU - 608 (still waiting on the collection to be deleted)

 

To accomplish this I've paid off the collection, opened two new starter credit cards (Dec 21), and have been added as an AU to (2) very healthy credit card accounts. 

 

My current credit profile is as such:

Credit One CC - $500 limit / 0 bal - Paid in full monthly, never use more than 10% credit

Ollo CC - $300 limit / 0 bal - Paid in full monthly, never use more than 10% credit.

Authorized User - Discover - 10k limit / 0 bal. Never used. 11 year history.

Authorized User - Cap One - 6.5k limit / 0 bal. Never used. 10 year history.

 

I am still waiting on the AU to reflect across all the agencies, but in the mean time is there anything else I can do to expedite my scores? I am looking to purchsae a car sometime in August and would like to aim for a 680+ score if possible. Is this realistic? I attempted the pre-qual with Cap One Auto Nav and was shockingly approved for a 55k loan! Hoping to improve on what I currently have in the next 3-4 months before I really buy the car!

 

My charge offs are all slated to fall off of my report in the next year. What type of result will this have on my current scores? 

 

Thanks for your help!


1.  Believe it or not, you can pick up some points by letting one of your cards and one of the AU cards post a tiny balance (like $10 or $20) before paying it off. And let the others post zero.

 

2.  I would advise you not to get an expensive vehicle and auto loan, notwithstanding the extravagant preapproval.  Lenders love to give out auto loans and mortgages like candy, whether you can afford to repay them or not, because they can repossess autos and foreclose on mortgages, and in some cases because they securitize the loans.

 

3.  Be sure not to apply for any new credit. or anything that might result in a hard pull.

 

4. Keep plugging away at getting negatives removed.

 

Whether you'll get to 680 or not within that time frame, that I can't say.  But you're definitely going to get there if you keep going like this.

 

 


Total revolving limits 586020 (520820 reporting) FICO 8: EQ 702 TU 707 EX 692




Message 3 of 3
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