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Credit rebuild, early stages, am I on the right track?

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Established Contributor

Re: Credit rebuild, early stages, am I on the right track?

My Self Lender loan finally hit Equifax, according to Credit Karma. Along with the hard pull for Discover (sigh), my Equifax fell 20 points, to 647. As usual, this is a VantageScore number, since I can't get FICO yet.

 

The main reason is probably average age of accounts, since this is the oddball bureau that shows several accounts from 2012. Credit age fell from green to yellow on the CK dashboard.

 

No big deal, just a growing pain! More annoyed about the *11th* hard pull on Equifax than about the account age, since the account age was artificially high to begin with ... still is.


FICO 8 scores are deceptively high. My profile is young with a lot of new accounts and even more inquiries from 2019. The Barclay AU card is not on TransUnion; and, Equifax has some old positive accounts from 2011 that are not on the other two. That is the reason for the variation in scores. No derogs. Over 5/24 until fall 2021.
Cards

Authorized user / Corporate / Auto loan

Closed but still on reports: ExxonMobil, $950, 10/08-02/11 (Equifax only) | Citi secured, $200, 045/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.

Goals: Late 2020 - Ducks Unlimited card; scores in high 700s with inquiries aging. Long-term goal - Prime rate mortgage; able to qualify for most standard credit products.
Message 11 of 14
Moderator

Re: Credit rebuild, early stages, am I on the right track?


@KJinNC wrote:

My Self Lender loan finally hit Equifax, according to Credit Karma. Along with the hard pull for Discover (sigh), my Equifax fell 20 points, to 647. As usual, this is a VantageScore number, since I can't get FICO yet.

 

The main reason is probably average age of accounts, since this is the oddball bureau that shows several accounts from 2012. Credit age fell from green to yellow on the CK dashboard.

 

No big deal, just a growing pain! More annoyed about the *11th* hard pull on Equifax than about the account age, since the account age was artificially high to begin with ... still is.


You cannot give any credence at all to Vantage Scores, you can have a low 600 with them while having a Fico in excess of 700 they cannot be corrolated to each other as each looks at different metrics. Few use the VS opposed to Fico. One big difference is VS doesnt take into account any closed accounts for AAoA while Fico does.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 12 of 14
Established Contributor

Re: Credit rebuild, early stages, am I on the right track?

Yeah ... but, what can I do. I've tried four or five times to sign up for the packages here, and every time, it says something like "we cannot calculate a FICO score for TransUnion. Your payment has been refunded." Per research, the issue is that I have no accounts on TU or EX that are 6 months old. In fact, none that are two months old. I am being added as an AU on a card that is several years old, though, so I'm hoping once that shows on the reports, I can sign up. Meantime, VantageScore is the best I can see to track progress.


FICO 8 scores are deceptively high. My profile is young with a lot of new accounts and even more inquiries from 2019. The Barclay AU card is not on TransUnion; and, Equifax has some old positive accounts from 2011 that are not on the other two. That is the reason for the variation in scores. No derogs. Over 5/24 until fall 2021.
Cards

Authorized user / Corporate / Auto loan

Closed but still on reports: ExxonMobil, $950, 10/08-02/11 (Equifax only) | Citi secured, $200, 045/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.

Goals: Late 2020 - Ducks Unlimited card; scores in high 700s with inquiries aging. Long-term goal - Prime rate mortgage; able to qualify for most standard credit products.
Message 13 of 14
Established Contributor

Re: Credit rebuild, early stages, am I on the right track?


@KJinNC wrote:

Yeah ... but, what can I do. I've tried four or five times to sign up for the packages here, and every time, it says something like "we cannot calculate a FICO score for TransUnion. Your payment has been refunded." Per research, the issue is that I have no accounts on TU or EX that are 6 months old. In fact, none that are two months old. I am being added as an AU on a card that is several years old, though, so I'm hoping once that shows on the reports, I can sign up. Meantime, VantageScore is the best I can see to track progress.


You can sign up for Experian creditworks for a $1 7 day trail just cancel before the 7 days or if you keep it after the 7 days it turns into about 29.99$ a month.






Starting Score: 494 503 521
Current Score: 503 507 507 2/19
Goal Score: 680


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Message 14 of 14
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