please help. why is my score not coming up??

[rpss4844]

Ive been hoovering around the 580-610 mark for a while now and nothing im doing seems to be bringing my score up significantly.  

i am considering closing one of my younger accts to help my AAOA and doing away with the un needed credit line (store card).

here is my profile.  (much of this info is coming from my EQ CK)

Cards

amex:  3.5yrs.  $500 limit, $5 bal

cap1: 3yrs 4mo.  $500 limit, $5 bal

Chase:  1yr 7mo.  $5,500 limit, $4800 bal   <---------i have paid this down to less than $10 bal, it just hasnt reported yet.

Credit Union CC:  1yr 4mo.  $7500 limit, $5500 bal  <--------------------I have paid this down to $1500

 bal and hasnt reported yet.

Jared:  2yrs 5mo.  $2700 limit, $0 bal.

Yard Card:  1yr.  $3200 limit, $0 bal  <----------this is the acct im considering closing.  I dont want to ever use this card again!!! it has riduculous fees and intrest.

Loans

1 open car loan GM FIn.  <--------this acct is brand new becasue we just bought the car

closed auto loan 0ct 2013 paid 13months and refied

closed auto laon Apr 2015 paid 1.6yrs and sold

closed auto loan Mar 2015 paid 1yr 3mo and sold

secured loan for $4100  paid in full in 10 mos.   <-------i just finished paying this off and it hasnt reported yet.  i paid it off quickly becasue the interest was sky high.

Collections

I have one collection reporting on my EQ from LVNV Funding.  It was for $370 and I paid it in full and was last reported jan2014

I have 2 collections on my TU both for $500.  One is a medical and one is a unpaid speeding ticket.

INQ.

I have 23 on EQ and I know this is a bummer.   6INQ on TU.

None of my accounts have any late pmts, no derogs, etc..

Please give me any opinons and advice espicially on closing that one acct.  is this just something that only time is going to heal or am i doing something wrong??  Thanks in advance.

[Anonymous]

Closing your young account will not help your AAoA since it will remain in your file. Your scores should see a bump when those two very high balance cards report the lower balances. Other than that, it's just about aging and that requires time.

[cdtotten]

Couple things...

1. Don't close any accounts (unless they are charging an annual fee that you don't benefit from with services). This will have no affect on your AAoA, as it factors all accounts (open/closed). If anything it will hurt your scores because it will lower your available credit (thus, increasing your utilization).

2. Once your payments are reflected, your scores should jump a little. Utilization is 30% of your credit score. Always shoot ot have a balance on only 1 card, and that balance should be less than 10% (preferably 1).

3. The collection accounts will continue to haunt you until they drop from your report. It does not matter if they are paid or not... that has no effect on there harm. Paying them just makes them re-report and bring them more current. The harm from the collections will diminish (slightly) over time, but you won't see full relief until they are gone. Payment history is 35% of your score, and collections are a major derog.

4. That's a lot of inquiries... but after 4-5 the pain is already felt and won't hurt any further. That many inquiries is a red flag to lenders who use computer based decisions. Try to limit that in the future.

That being said - getting your utilization to 1% and keeping all your accounts open and paid on time is going to be the best steps you can take. Remember that your reported balance is usually your statement balance (some report at month end instead), so get your bill paid off before the statement cuts.

Good luck!

[Anonymous]

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@cdtotten wrote:

Couple things...

1. Don't close any accounts (unless they are charging an annual fee that you don't benefit from with services). This will have no affect on your AAoA, as it factors all accounts (open/closed). If anything it will hurt your scores because it will lower your available credit (thus, increasing your utilization).

2. Once your payments are reflected, your scores should jump a little. Utilization is 30% of your credit score. Always shoot ot have a balance on only 1 card, and that balance should be less than 10% (preferably 1).

3. The collection accounts will continue to haunt you until they drop from your report. It does not matter if they are paid or not... that has no effect on there harm. Paying them just makes them re-report and bring them more current. The harm from the collections will diminish (slightly) over time, but you won't see full relief until they are gone. Payment history is 35% of your score, and collections are a major derog.

4. That's a lot of inquiries... but after 4-5 the pain is already felt and won't hurt any further. That many inquiries is a red flag to lenders who use computer based decisions. Try to limit that in the future.

That being said - getting your utilization to 1% and keeping all your accounts open and paid on time is going to be the best steps you can take. Remember that your reported balance is usually your statement balance (some report at month end instead), so get your bill paid off before the statement cuts.

Good luck!

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This^^^^^^.....

[Anonymous]

Get your FICO scores.  You do not know where you are really at with CK scores. 

My CK scores never change more than a point or two and are in the 690-700 range. My FICO scores are in the high 700s and sometimes low 800s.  They also change somewhat frequently but in range. 

The advice of others was on point re aging, closing and waiting.

[takeshi74]

The lowered utilization will help when it reports but your derogs are holding you down.  That's why we always recommend addressing derogs first.  If you have not already done so then hit Rebuilding to see what you can do about them.  Unfortuantely, paid doesn't help much.  You really want them removed.

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@rpss4844 wrote:

Please give me any opinons and advice espicially on closing that one acct.

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Close it if you have no need for it but it won't help your AAoA as stated above.  AAoA includes closed accounts on your report.

[rpss4844]

Thanks for the help guys. Guess ill just keep my balances low and let a lil time do the rest.

[Anonymous]

To reiterate ravo2009 question ... are those scores from CreditKarma?  Those scores are different, and not FICOs.

With the various positive TLs and history you have, 580-610 range seems low. Seen others with similar credit profiles with baddies in the mid 600s.

[rpss4844]

Yes those are CK scores. I just checked amd i havea 587 TU and 594 Ck score. should i buy my fico scores and see what they say?

[Anonymous]

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@rpss4844 wrote:
Yes those are CK scores. I just checked amd i havea 587 TU and 594 Ck score. should i buy my fico scores and see what they say?

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That's up to you, but if a more accurate credit picture is what you're seeking, MyFICO 3 bureau scores with reports is the way to go. Renews automatically, but be aware of its various limitations. Full reports are only available once per year; scores only update after certain events, and may lag reality (many report issues with MyFICO pulling report updates timely). Many do better signing up for a month or two, canceling and then later resubscribing again as needed to pull fresh reports and full scoring updates.

On an aside, you mention an unpaid speeding ticket. If it was generated by an automated speed camera (likewise with redlight cameras), it's most likely just an outstanding debt like most other. Your choice on whether to not pay, pay in full, settle, etc. However, if the ticket was written by an officer in person, there's a slight chance of there being a warrant for your arrest. Something worth looking into before settling that collection, or you could end up paying twice. I'm not an attorney, so not sure the best approach to checking, but would seem logical to search the courthouse in the jurisdiction that wrote the ticket.