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Credit Issues

Credit Issues

When I turned 18 I went and signed up for 2 credit cards right away. I first opened a Chase credit card in August 2006 and kept it in good standing until May 2010 then went 30 days late, paid what I owed then went 30, 60 then collections in October 2010.


I also opened a Capital One Platinum MasterCard in November 2006 which to this day I've only been late 30 days once.


Opened a Credit One Bank CC in October 2007 and went 30 days late twice and 60 once.


I've also had a slew of store cards like Belden Jewelers(11/07), Kay Jewelers(10/07), Macy's, ect. Kay card was kept in good standing, Belden was late 30 days once. Both were closed by lenders. Macy's card I was very late with because I made a purchase on there that I had no way of affording and since I was only working PT for just over minimum wage I couldn't keep up. For some reason Macy's doesn't show on any credit history of mine, which is probably a very good thing for me.


I went to go apply in 11/2011 for an used auto loan with Capital One and got approved for $7,000 I believe but I ended up going to a dealership and trying for a new car. At first I was declined for a $21,000 loan but was offered a first time buyer or second chance auto loan (forget what it was called) with Capital One. In 10/2013 I refinanced the auto loan with my credit union and got a lot better rate. Also opened a new CC in 03/2013 which is in good standing.


My current Experian FICO score is currently 656 (641 CK score) which surprises me I guess because I'm sure my credit score was like 630 when I got the first auto loan. It doesn't seem to be going up very much. I haven't missed a payment in 3 years, 6 months. I have been using at least 75% of my available revolving credit until recently I've paid them down to around 40%. I only have 2 revolving cards open and the auto loan. I've had a total of 8 accounts open according to my credit history.


I'm really looking into getting a motorcycle loan. All my buddies have them and they keep asking when I'm getting one but I'm worried that I'll get declined and have a useless inquiry on my history. I've worked at my same job for 4 years, lived at my current address for 20 years and make $37,752/yr. I get that 656 is less than average but would it be worth it for me to try?

Starting Score: EX 656 Current Score: EX 656 4/18/14 Goal Score: 720 by 1/1/15
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Message 1 of 4
Valued Contributor

Re: Credit Issues

I honestly don't think your late from 2006 is still hurting you. What exactly is collections? Because it only seems like the Chase one is. You haven't talked to your credit union about the loan for the motorcycle? You recently just refianced, so I would think you should let them see how your payments go first before anything else. 

I'm back rebuilding my credit again, sigh.
Message 2 of 4
Moderator Emeritus

Re: Credit Issues

ANy negatives from 2006 should have been excluded by now.  Have you pulled your CRs from ?  You need to pull those and go through them with a fine tooth comb.  Any baddies will need to be dealt with. 


You need to list what you have that's good and what's bad.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 3 of 4

Re: Credit Issues

The cards were opened in 2006. My last negatives were at the end of 2010. I've been making on time and above minimum payments since. CapitalOne just upped one of my cards $1,500 the other day. Now I have a total of $6,000 of revolving credit line and currently owe $2,565. I still owe $13,607 on my auto loan.


I have used in the past but to be honest I don't really even know what I'm looking at. I should be due for another free credit report from them so I'll check it out again.


My CK report is now showing 648 now. Like I said, in November 2011 I think my score was around 630 and I haven't missed payments since 2010 so I don't get why it isnt higher than that..

Starting Score: EX 656 Current Score: EX 656 4/18/14 Goal Score: 720 by 1/1/15
Take the myFICO Fitness Challenge
Message 4 of 4