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CREDIT IS GOING DOWNHILL

timothehoward
New Member

CREDIT IS GOING DOWNHILL

Hey guys I’m just looking for some advice/guidance on improving my credit , I’m 18 years old started my credit in February and started with my car loan I pay current on that to this date and I went and got a few other things that I have since stopped paying due to me getting super behind by biting off more than I can chew , I have since came to the realization that I need to work on my credit I currently am 90 days past due on 4 of my accounts and will be starting on bringing those to current my credit score was 657 and has since dropped to the low 500’s and definitely need to bring that up any tips ? I don’t have any credit cards just I am behind on multiple payments and its killing my credit by the day
17 REPLIES 17
Girlzilla88
Valued Contributor

Re: CREDIT IS GOING DOWNHILL

If you don't have any CC what is reporting Account that is hurting your score?!     Kudos to you for starting at a young age I wish I did but past due payments hurt your score a LOT and over time will hurt your score less but that will be a few years from now.     If you can try opening a small Secured card you can graduate to Unsecured later and work on the accounts that are reporting and hurting you.    You can't do anything about the late but you want to get your Age to at least a year average before it starts to help you and if you have a local CU you use think about doing maybe a small personal secured loan too pay that off as that will show you making good payments to later (not until you work on what's hurting you first though) so you have some recent all reporting good payments which will hurt you a little at first but when it is off and shows all paid on time etc it will up your score a good chunk.







Message 2 of 18
FireMedic1
Super Contributor

Re: CREDIT IS GOING DOWNHILL

Need to know more. What are the few other things? Besides the car.





Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 3 of 18
ImTheDevil
Super Contributor

Re: CREDIT IS GOING DOWNHILL

^^^ that. I would hold off on any type of new credit applications. They’re unlikely to be approved, with such a young file and having these issues. Definitely work on the negatives and forget about scoring or anything like that for now. What is it that’s hurting your scores?
Platinum NPSL | Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | FNBO Prime Visa | FNBO Evergreen | PenFed PCR | PenFed Gold | Navy cashRewards | Navy Platinum | Apple | Wells Fargo Active Cash | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | Key Bank auto loan (2017 Audi A6 Premium Plus S-Line)


Message 4 of 18
timothehoward
New Member

Re: CREDIT IS GOING DOWNHILL

I have a few accounts open like one of them is a loan that I haven’t paid , my furniture , and I make monthly payments on my dog all of the ones mentioned are now at least 60 days past due . My car loan is current and a line of credit I have open is current also just my utilization is high !! my credit score took a hit from all those past due balances now I’m scared that it won’t recover
Message 5 of 18
timothehoward
New Member

Re: CREDIT IS GOING DOWNHILL

None of the past due accounts have super high balances none of them exceed $2000 dollars
Message 6 of 18
BallBounces
Valued Contributor

Re: CREDIT IS GOING DOWNHILL

Is there a reason you can not / will not list the actual accounts and amounts? Details matter in the credit world.    Your description is vague and unclear.  Without more detail, help will be limited to this advice, which is all you really need:  "Never be late on any payment, ever. " 

 

When you miss a payment, your scores take an immediate large hit, and recover gradually with the passing of time.

 

 

050719:     
032422:     



FICO 08 scores listed and are stagnated until multiple derogatory items expire in a few years.
Message 7 of 18
FireMedic1
Super Contributor

Re: CREDIT IS GOING DOWNHILL

Brass tax man:

Please list:

Creditor/Credit Line/Balance/lates 30,60,90, or 120 days

Auto Loan Opening Credit Line/ Balance

Then we can give you a plan to get back on track. Especially before more lates hit 120 days then your really screwed.





Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 8 of 18
Lunchbreak
Valued Member

Re: CREDIT IS GOING DOWNHILL

While the balances themselves aren't super high it doesn't appear that you have the income to support them at the moment. I would advise you to tackle your finances first, not your credit. Maybe sit down and write a budget. There are several free apps available to help you. If you are barely a year in and have already dug yourself into a hole deep enough for several accounts to be this late, I would reevaluate your spending as a first step.
Message 9 of 18
timothehoward
New Member

Re: CREDIT IS GOING DOWNHILL

Acceptance Now = 2,687
Lead bank = 507 but I’m current on this one
Monterey Financial =2,600
Net credit =1,300
So basically those three accounts are the ones that I’m not current on and that need to be address ASAP
Message 10 of 18
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