I'm so frustrated!!!

[Anonymous]

I am so frustrated I am ready to forget it!!!  It seems like we may never get to our goal.  DH had a cc account that was over 120 days late a couple of years ago and his account was closed.  He has had ontime payments since.  He just made his last payment and the ccc updated his CR to paid 0 balance and removed all lates so great history.  BUT ofcourse they updated to the truly closed status (it had been showing open still)   so he lost 18 points even though he has great history now.  Now he has a 535      His alert said

The following 1 new negative factor(s) are hurting your score:

• The proportion of balances to credit limits on your revolving accounts is too high

Now he has only 3 open accounts.  1 installement and 2 revolving.   I am assuming he needs some more trade lines?? 

I also have a collection acct that I have been trying to PFD but so far they will not accept.  If I cant get it removed I don't know how else I am going to increase my score

This is not a good day!

Thanks for letting me vent

[Anonymous]

See if he can get them to re-open the account since he paid ontime every since and paid it in full.

Does he have a large balance on the other 2 revolving? His util surely increased without this CL being included.

[Anonymous]

Now his summary is

 Revolving   $532.00 balance   credit limit $1400.00

Installment  $969.00  balance       limit   $2513.00

I didn't think that was too bad...obviously I was wrong

[Anonymous]

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@Anonymous wrote:

If I cant get it removed I don't know how else I am going to increase my score

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A lot of the credit game is a waiting game. Time heals everything, especially when it comes to FICO scores!

[Anonymous]

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@Anonymous wrote:

Now his summary is

Revolving $532.00 balance credit limit $1400.00

Installment $969.00 balance limit $2513.00

I didn't think that was too bad...obviously I was wrong

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Ideally you want to only be using 1-9% of your limits. For him, that is $352 at MOST. Right now he is at 38% with that balance of $1501. He should also see moderate increases when he gets below 30% and 20%, but the ideal is 1-9% usage.

[Anonymous]

so which is more important to pay down first?  The revolving?   I will make a payment tomorrow!

thanks for the help! 

[Anonymous]

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love2golf wrote:

Now his summary is

 Revolving   $532.00 balance   credit limit $1400.00

Installment  $969.00  balance       limit   $2513.00

I didn't think that was too bad...obviously I was wrong

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Revolving util counts for more than installment util.

What was his CL when the other card was open? What was his util then?

When you drop below 90, 80, 70, 60, etc you get score bumps.