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Next steps to raise score?

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Anonymous
Not applicable

Next steps to raise score?

Finally joined after lurking for a long time, hello!

Long story short, I've spent the last few years rebuilding my credit. Ended a long-term relationship with a child back in 2015, fell into a bit of a depression and stupidly dug a hole for myself. I defaulted on a Capital One card and a car loan which resulted in a repo.  Dropped at this point to around 500, but I've since taken responsibility. My FICO score 8 is currently 684. 

I've since paid back Capital One completely, this is no longer on my report.  The repo charge off is scheduled to drop from my reports around 11/22. I owe 3k still but plan on paying my obligation after it drops off.  I have a combination of cards ranging from when my score was lower and I was rebuilding to my current score. I'm going to hold off on any new cards for now as I recently completed a spree but I was curious about closing some of my lower CL cards.

Current salary $80k.
Here's the breakdown from oldest to most current.
11 total cards, 1% utilization currently. Any cards with a 0 balance I've placed one subscription on each and have auto-pay enabled. I currently use my two charge cards as my daily drivers and pay in full each month. 

Owe 13k on my current car loan(co-signed with parent) with 100% on time payments, car is worth 27k due to demand so might sell this and pay off early as I work remotely. All cards besides my oldest have 100% on time payments.  

Capital One Quicksilver One, $700 limit, $0 balance, opened 10/11. 5 consecutive late payments due to drop off around 11/22. 

Credit One Platinum, $1300 limit, $0 balance, opened 05/17. 

Credit One Platinum, $1100 limit, $0 balance, opened 10/18. 
Capital One Quicksilver, $1400 limit, $0 balance, opened 4/19. 
Mission Lane Card, $1900 limit, $0 balance, opened 11/19. 
Amex Delta Skymiles Platinum, $1000 limit, opened 12/20. 
Apple Card, $1500 limit, $43 balance, opened 7/21.
Amex Gold, no preset limit, opened 2/22.
Amex Platinum, no preset limit, opened 2/22.
BofA Customised Cash Rewards, $1000 limit, $44 balance, opened 2/22.
SoFi Card, $2000 limit, opened 2/22 $0 balance.

11900 total available credit. 

I'm thinking I should get rid of the terrible Credit One cards and would likely be fine utilization wise as I pretty much only run higher charges on my Amex cards. I work from home but I do eat and travel often. I got the BofA card as they're my primary bank, and I have 50k+ invested in an IRA with them. I ended up getting the SoFi card to offset the potential cards I plan on closing due to the low limit BofA granted me. 

Capital One hasn't raised my limits in over a year and I guess they likely won't as they're 5178 cards and "bucketed." Until I get(hopefully) higher limits on my newer cards, I feel like I should keep Mission Lane and the Capital One cards. 

Any suggestions or feedback as to what I should do going forward? My Equifax currently went to 702 as of today so it's likely the other bureaus may update to higher scores as well if I'm lucky. Thanks!


Message 1 of 5
4 REPLIES 4
FinStar
Moderator Emeritus

Re: Next steps to raise score?


@Anonymous wrote:

Finally joined after lurking for a long time, hello!

Long story short, I've spent the last few years rebuilding my credit. Ended a long-term relationship with a child back in 2015, fell into a bit of a depression and stupidly dug a hole for myself. I defaulted on a Capital One card and a car loan which resulted in a repo.  Dropped at this point to around 500, but I've since taken responsibility. My FICO score 8 is currently 684. 

I've since paid back Capital One completely, this is no longer on my report.  The repo charge off is scheduled to drop from my reports around 11/22. I owe 3k still but plan on paying my obligation after it drops off.  I have a combination of cards ranging from when my score was lower and I was rebuilding to my current score. I'm going to hold off on any new cards for now as I recently completed a spree but I was curious about closing some of my lower CL cards.

Current salary $80k.
Here's the breakdown from oldest to most current.
11 total cards, 1% utilization currently. Any cards with a 0 balance I've placed one subscription on each and have auto-pay enabled. I currently use my two charge cards as my daily drivers and pay in full each month. 

Owe 13k on my current car loan(co-signed with parent) with 100% on time payments, car is worth 27k due to demand so might sell this and pay off early as I work remotely. All cards besides my oldest have 100% on time payments.  

Capital One Quicksilver One, $700 limit, $0 balance, opened 10/11. 5 consecutive late payments due to drop off around 11/22. 

Credit One Platinum, $1300 limit, $0 balance, opened 05/17. 

Credit One Platinum, $1100 limit, $0 balance, opened 10/18. 
Capital One Quicksilver, $1400 limit, $0 balance, opened 4/19. 
Mission Lane Card, $1900 limit, $0 balance, opened 11/19. 
Amex Delta Skymiles Platinum, $1000 limit, opened 12/20. 
Apple Card, $1500 limit, $43 balance, opened 7/21.
Amex Gold, no preset limit, opened 2/22.
Amex Platinum, no preset limit, opened 2/22.
BofA Customised Cash Rewards, $1000 limit, $44 balance, opened 2/22.
SoFi Card, $2000 limit, opened 2/22 $0 balance.

11900 total available credit. 

I'm thinking I should get rid of the terrible Credit One cards and would likely be fine utilization wise as I pretty much only run higher charges on my Amex cards. I work from home but I do eat and travel often. I got the BofA card as they're my primary bank, and I have 50k+ invested in an IRA with them. I ended up getting the SoFi card to offset the potential cards I plan on closing due to the low limit BofA granted me. 

Capital One hasn't raised my limits in over a year and I guess they likely won't as they're 5178 cards and "bucketed." Until I get(hopefully) higher limits on my newer cards, I feel like I should keep Mission Lane and the Capital One cards. 

Any suggestions or feedback as to what I should do going forward? My Equifax currently went to 702 as of today so it's likely the other bureaus may update to higher scores as well if I'm lucky. Thanks!


Hi and welcome to the forums @Anonymous.

 

It appears you've made some phenomenal progress with your rebuilding efforts and it appears there is a light at the end of the tunnel.

 

As far as Credit One goes, you can close them if they have served their purpose and you are no longer using them, especially if they have any sort of monthly and/or annual fees. The closure of these 2 accounts will not impact your AAoA since their age will still be factored into your scoring metrics until they drop off your reports -- which can be anywhere up to ~10 years (give or take).

 

Do you currently use the Mission Lane CC? Does it have any sort of fees?

Message 2 of 5
SouthJamaica
Mega Contributor

Re: Next steps to raise score?


@Anonymous wrote:

Finally joined after lurking for a long time, hello!

Long story short, I've spent the last few years rebuilding my credit. Ended a long-term relationship with a child back in 2015, fell into a bit of a depression and stupidly dug a hole for myself. I defaulted on a Capital One card and a car loan which resulted in a repo.  Dropped at this point to around 500, but I've since taken responsibility. My FICO score 8 is currently 684. 

I've since paid back Capital One completely, this is no longer on my report.  The repo charge off is scheduled to drop from my reports around 11/22. I owe 3k still but plan on paying my obligation after it drops off.  I have a combination of cards ranging from when my score was lower and I was rebuilding to my current score. I'm going to hold off on any new cards for now as I recently completed a spree but I was curious about closing some of my lower CL cards.

Current salary $80k.
Here's the breakdown from oldest to most current.
11 total cards, 1% utilization currently. Any cards with a 0 balance I've placed one subscription on each and have auto-pay enabled. I currently use my two charge cards as my daily drivers and pay in full each month. 

Owe 13k on my current car loan(co-signed with parent) with 100% on time payments, car is worth 27k due to demand so might sell this and pay off early as I work remotely. All cards besides my oldest have 100% on time payments.  

Capital One Quicksilver One, $700 limit, $0 balance, opened 10/11. 5 consecutive late payments due to drop off around 11/22. 

Credit One Platinum, $1300 limit, $0 balance, opened 05/17. 

Credit One Platinum, $1100 limit, $0 balance, opened 10/18. 
Capital One Quicksilver, $1400 limit, $0 balance, opened 4/19. 
Mission Lane Card, $1900 limit, $0 balance, opened 11/19. 
Amex Delta Skymiles Platinum, $1000 limit, opened 12/20. 
Apple Card, $1500 limit, $43 balance, opened 7/21.
Amex Gold, no preset limit, opened 2/22.
Amex Platinum, no preset limit, opened 2/22.
BofA Customised Cash Rewards, $1000 limit, $44 balance, opened 2/22.
SoFi Card, $2000 limit, opened 2/22 $0 balance.

11900 total available credit. 

I'm thinking I should get rid of the terrible Credit One cards and would likely be fine utilization wise as I pretty much only run higher charges on my Amex cards. I work from home but I do eat and travel often. I got the BofA card as they're my primary bank, and I have 50k+ invested in an IRA with them. I ended up getting the SoFi card to offset the potential cards I plan on closing due to the low limit BofA granted me. 

Capital One hasn't raised my limits in over a year and I guess they likely won't as they're 5178 cards and "bucketed." Until I get(hopefully) higher limits on my newer cards, I feel like I should keep Mission Lane and the Capital One cards. 

Any suggestions or feedback as to what I should do going forward? My Equifax currently went to 702 as of today so it's likely the other bureaus may update to higher scores as well if I'm lucky. Thanks!



Seems to me you've done a great job of getting to this point. Yeah I see no problem with closing the Credit One cards, as they're probably sucking up fees with no offsetting benefit.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 703 TU 704 EX 687

Message 3 of 5
PNWRambler
Frequent Contributor

Re: Next steps to raise score?

First of all, congrats on the rebuild. It sounds like life is going much better for you overall now.

With 11 cards, closing the two Credit One cards shouldn't make much of a difference. But I would try to get CLI's on the others or open a new card before closing the Mission Lane & Capital Ones, if you can. If you did close all 5 of those, you'd go from 11 to 6. Even though they don't affect your overall CL much, having a small balance on 3 or 4 of them at that point would look bad (half or more cards reporting balance).   Does your auto-pay occur before or after the statement close date?  The subscriptions are a good way to keep the cards active, but you don't want them all reporting a balance.

Message 4 of 5
moto4man
Regular Contributor

Re: Next steps to raise score?

Great job!  I would close ALL of the Credit One cards asap.  They've servered their pupose, now it's time to be done with them.  Maybe next year, put the CAP1 QS to bed after you've acquired a substitution that is adequate to your needs.  You're not going to have any problems if you stay on the path you're on now.  The verdict is in on those Credit One accounts, thats for sure!

Starting Score: 547EX
Current Score: 682EX 687EQ 687TU
Goal Score: 750


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