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Advice on raising Vantage 3.0 please

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BeachLover2023
New Visitor

Advice on raising Vantage 3.0 please

To start with, I’ve read through these forums, have learned so much, and truly appreciate the guidance provided by so many.  I could use some guidance on how to move forward at this point.

 

I’ve been working to pay things down and clean things up and have had some success but am now under somewhat of a deadline.  My husband suffered a stroke a while back and, although his recovery has been great, we must move to a single-level home where he won't have to navigate the stairs in our current home.  Unfortunately, our credit is currently preventing us from being approved. The community uses a scoring service that uses Vantage 3.0 scores, something I’m not that familiar with. These are the scores they reported:

  • Me: 586
  • Husband: 611

Fico (Me)

  • EQX 601
  • TU 599
  • EXP 609

The low scores are due to a few baddies, some of which I’ve managed to have removed and high utilization as follows:

 

JPM Chase Auto (only me) - I believe this one is hurting the most

  • Opened 6/2019
  • 30-day lates in Oct 22, Nov 22, Feb 22, Mar 22 ($72 late pay fee I wasn’t aware of)
  • Account now current and on auto pay
  • 4/14 called to see if anything can be done, but was told the account first had to reflect good payments for 6 months, but she seemed to be focused on a deferment.  I’ve brought the account up to date, so a deferment isn’t needed.
  • I have a GW email ready to send on Monday morning. I know it’s a long shot, but can’t hurt.

WF Auto (Only me)

  • Closed, PIF 8/2018
  • One 30-day late May 2018
  • On record until 06/2025
  • GW letter sent on 4/10.  Email was forwarded to their Social Care team, who responded that same day, directing me to call an auto loan specialist.  Spoke to a woman who asked some questions and submitted request.  I was told they’d make a decision within 72 hours and I’d receive a letter.  Haven’t received it yet.

Midland (Husband only)

  • $418
  • On record until 9/2027

Portfolio Recovery Associates (Husband only)

  • $461
  • On record until 8/23
  • EE’d from TU, but still reporting on EXP and EQF

CO – 2 open accounts

  • One 30-day late Aug 2018
  • One 30-day late Oct 21
  • Both now current
  • GW submitted on 4/10, response received on 4/12 agreeing to remove both lates. Currently waiting for that to be reflected on my CRs

Current account utilization, payments are up to date:

  • CO  435/800
  • CO Plat  345/650
  • Discover  666/1000
  • Cap One  0/350
  • Cap One Plat    198/700
  • Cap One QS   0/500
  • Merrick 405/500

I’m also an authorized user on a company card with $72K CL.  Unfortunately, they usually carry a balance of ~$30K.

Although I can’t pay everything off right now, I can do about $1,500 now and another $2K on May 1st.  Ideally, I want to tackle those that will report right away and have the most impact the soonest.

 

Lots of details I know, but I figured that can only help. I appreciate any advice you may have!

2 REPLIES 2
JparrishAU
Member

Re: Advice on raising Vantage 3.0 please

I'll be honest I'm fairly new to rebuilding and thats a lot to sift through. But looks like you're getting docked alot of points for the late's. If you want to try to make a quick bump you can do what I did. Which personally I kinda regret paying for after finding out it only raised my Vantage Score's and not FICO. But it raised my vantagescores a wopping 40-70 points instanly.

 

Talking about Self's rent+bill reporting. Cost like $7 a month and you can pay a one time $50 fee to have past bills be added as well (which is what gave me that instant raise). I only had 10 months of power bills I could add too. But you might have more like cell, sperate utility fee's and rent etc... Basically they report your bills as accounts which are paid on time. So it might give you a big boost in the payment history area. As I also understand it can lower your credit history's age as well though. Since these act as new accounts with little to no credit age. So you might want to research that a bit more if you do decide want to try it. It didn't seem to hurt my credit age much if at all though and like I said boosted my vantagescore's up into low 600's from low 500's personally. Oh also Experian boost which is just like Self's service and is free. Raised my actual EX FICO score by 70 points AND my Vantagescore just fyi. So if you know they pull from EX that would defintely be something to try.

 

All that said I'd probably wait until a more experience person comes on here and take's a look though before you let my experience influence your decision. Wouldn't want it to make things worse for you as I said Im new to this myself. Oh also you may want to give some of the simulator's on vantagescoring sites like credit karma and try to see for yourself how certain moves might affect your scores. Anyways good luck!

Discover It ($500) | Capital One Platinum Secured ($300) | Self $1000 Credit Builder Account

Starting Score: 527s as of April 5, 2023
Current Score: EX 600, TU 578, EQ 531
Goal Score: 700+
Message 2 of 3
FireMedic1
Community Leader
Mega Contributor

Re: Advice on raising Vantage 3.0 please


@BeachLover2023 wrote:
  •  

Midland (Husband only)

  • $418
  • On record until 9/2027

Portfolio Recovery Associates (Husband only)

  • $461
  • On record until 8/23
  • EE’d from TU, but still reporting on EXP and EQF
  •  

Current account utilization, payments are up to date:

  • CO  435/800
  • CO Plat  345/650
  • Discover  666/1000
  • Cap One  0/350
  • Cap One Plat    198/700
  • Cap One QS   0/500
  • Merrick 405/500

I’m also an authorized user on a company card with $72K CL.  Unfortunately, they usually carry a balance of ~$30K.

Although I can’t pay everything off right now, I can do about $1,500 now and another $2K on May 1st.  Ideally, I want to tackle those that will report right away and have the most impact the soonest.

 

Lots of details I know, but I figured that can only help. I appreciate any advice you may have!


Call Midland and Portfolio. They will delete once settled or paid. They'll be gone. If thats the only collections that will help with FICO scores. Next get the util %'s down on the cards in red above. We go by FICO in these parts. Vantage is useless basically. You can get a free monthly EQ FICO score from this site and free EX FICO score from EX.


Message 3 of 3
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