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Ok background time. Here's what I'm working with:
NFCU- started initial accts (DD,chk,sav) in 2015
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Visa Signature CashRewards- $7,900 limit, opened Dec 1, 2016
More Rewards Amex- $20k limit, opened Oct 22, 2017
Visa Platinum- $6,400 limit, opened Feb 11, 2018
USAA
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$550 secured card- opened Nov 6, 2017
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Delta Gold Amex card- $1000 limit, opened Nov 28, 2017
My last credit report (for July), I had at or near 100% util. for all cards except $0 on the Delta Amex, and $323 balance on the USAA card.
Current situation is that everything is at $0 balance--all paid in full.
When should I go for a CLI and for which cards? Other advice?
Also reported last month-
Lending Point unsecured loan, opened Jan 23, 2018, for $23,738
Balance was $21,848
*This was a 36 month loan that I paid off in full about a week ago*
State subsidized loans
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2 that I paid in full this month; previously read as *120-149 days late*
Each were between $7k-$8k when opened, and opened in 2011. Total payoff amount for both was around $1700
Fedloan student loans - broken up into 4 separate loans
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Carry a $10k balance, but paid on time every month since May 2014 (except one late payment)
Should I just payoff ASAP or keep active? Other advice?
So as you can see, I had some personal things going on and I assume everyone is going to say, just be patient. I also want to be proactive and do what I can, so really any help would be appreciated.
Thank you!
I also have a total of 4 hard inquiries reading on my report:
Dec 16
Oct 17
Feb 18
Jan 18
Not sure how that is going to affect my score, ability for CLI, etc.
My FICO scores are very low. I believe around 500. I will update this thread as soon as they are updated, which should be sometime in the next week.
I will use each card and do the AZEO strategy you suggest, and we shall see what happens
Since the only ones I've been late on are state subsidized loans, do they allow goodwill deletions?
I know credit karma isn't transunion/experian, but I used their score simulator, and current score (504) to a 0% utilization shows a jump to 628. So essentially if I did that plus the 2 (well, 3 technically) loan payoffs, it should be 628+ correct?
@Anonymous wrote:
Very hard to say since there is no way to directly translate the VS scores to FICO. Once everything updates, get a free pull from www.annualcreditreport.com and get your FICOs currently.
Your annual reports are free but I believe you have to pay for the score.
@derboesekoenig wrote:
State subsidized loans
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2 that I paid in full this month; previously read as *120-149 days late*
It sounds like you might be under the impression that having paid off the two state loans will cause the 120 Day lates to go away. If so, this is a mistake. The two loans will be marked as paid in full but the two severe lates will not go away. They will remain there for approx 7 years after the date of delinquency.
It looks like you have paid off three loans and may be considering paying off more, under the impression that the payoffs will improve your FICO 8 score. This is not true. The payoffs are much more likely to hurt your score than to help it. Far better is to pay loan balances down but not pay them off completely.
If you tell us the following things we may be able to make some informed guesses as to the effect that the payoffs may have:
For the loans that you recently paid off, what was the balance just before payoff and the original loan amount? List them as:
Loan 1. Balance before payoff = ____ Original loan amount = ____
Loan 2. Balance before payoff = ____ Original loan amount = ____
Loan 3. Balance before payoff = ____ Original loan amount = ____
For the loans that are still open, list them with current balance:
Loan 1. Balance = ____ Original loan amount = ____
Loan 2. Balance = ____ Original loan amount = ____
Loan 3. Balance = ____ Original loan amount = ____
etc.