Credit Keeps Plummeting For No Reason?!

[Anonymous]

I wouldn’t overly worry about the HP’s they are a small hit and done with. That utilization is killing ya!

[Anonymous]

I know it is. My goal is to get most of them paid off in the upcoming year.

[calyx]

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@Anonymous wrote:
18 combined, not per bureau thank god. No Credit Karma, I’m looking at Nerd Wallet, Capital One Credit Wise and Experian. The other poster mentioned that earlier

When I made an with Discover it showed the score was up to about 635 FICO but I don’t know which is more accurate now.

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NerdWallet and CreditWise are *also* Vantage scores, just like CreditKarma, ignore them.

The Discover score is FICO, which is the one you want and is accurate (as of the date it states). 

And yes, your utilization is killing your score.  Get all of them under 28.9% (8.9% would be better).

[Anonymous]

Can you post all your cards with balance vs credit limit?

[Anonymous]

Ah thank you! I thought it was helping me to see what those said. I’ll stick with Discover now. I had never even heard about it until the FICO forum.

[Anonymous]

I know it is. My goal is to get most of them paid off in the upcoming year.

Someone more knowledgeable can give you the specifics on this. But you are over maybe 5 utilization thresholds which could cost you anywhere 10-15 points a piece on your F8. Get those cards paid down and you should have some upper 600 scores if that Discover score is accurate.

Best wishes.

[coldfusion]

It appears you missed the point that was previously mentioned; CreditWise and NerdWallet use the same scoring method (Vantage 3.0) as Credit Karma.  Vantage 3.0 scoring is largely meaningless in this context as no major credit card issuers use it to determine eligibility for credit and its tracking of FICO scores is quite unreliable. 

You should start off by sending written requests for your credit reports to each of the 3 major credit bureaus (Experian, TransUnion, and Equifax) so you can confirm their accuracy and see what is/are being reported as negative tradelines.   If you go to each of their respective websites they list what they need and where to mail the requests.     Normally you will get the reports in about 10 days.   Do NOT use one of the free sites like annualcreditreport or freecredit report as you want the complete individual reports directly from the reporting agencies, not consolidated reports via a 3rd party. 

Once you have your credit reports you can determine your next best steps. 

[Anonymous]

Sure, currently I have the following loans and credit cards. The are just close estimations.

LendUp card $240/$300
Wayfair $815/1,300
Capital One $1,513/$1,500
Capital One $460/$500
Car $7,623
Car $28,764
Williams Sonoma $303/$400
West Elm $653/$750
Pottery Barn $348/$350 (lowed from $750)
J.Crew $369/$400 (lowered from $450)
Neimans $703/$750

[Anonymous]

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@Anonymous wrote:
Sure, currently I have the following loans and credit cards. The are just close estimations.

LendUp card $240/$300 80% UTL
Wayfair $815/1,300. 63% UTL
Capital One $1,513/$1,500. 101% UTL!!!!
Capital One $460/$500 92% UTL!!!!
Car $7,623
Car $28,764
Williams Sonoma $303/$400. 76% UTL
West Elm $653/$750  87% UTL
Pottery Barn $348/$350 (lowed from $750)  99% UTL!!!!
J.Crew $369/$400 (lowered from $450) 92%UTL!!!!
Neimans $703/$750  94% UTL!!!!

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Your UTL is killing your scores. You have to understand anything above 88.9% is considered maxed out and is going to ding your credit considerably. You have to have the mindset that credit cards are not supposed to be used to buy things now with money you have not yet earned. You should only use credit cards as an alternative to carrying cash. Build a savings account and have enough in it so you could pay off ALL of your cards in one shot if you had to.

If you let me know how much you can afford each month to pay down these debts I can work out a budget plan for you to help you start paying these off and build a savings account at the same time. Send me a PM & I’ll send you my budget spreadsheet, then I can try to help you pay down the debt.

[Anonymous]

It finally makes sense why this keeps happening! I could not figure out what could be going on. As bad as it sounds, I've come a long way from before bk but I know I need to work on my money and debt management desperately. I would really appreciate if you could figure out a plan how I can get all this behind me. I also forgot to mention another loan I acquired recently from Klarna for $1,750/$2,000. I had to purchase a new computer since the other one has been broken for 9 months. 

Definitely, I''ll PM that right over to you! Thanks so much!