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First FICO increase!

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Contributor

First FICO increase!

I’ve been getting discouraged because I paid off so much debt and had some bad stuff deleted from my reports, including current and actively reporting collections. Despite that progress and continuing to pay credit cards ontime, I lost points. I don’t expect to have much movement because of my student loan issue but I wasn’t expecting to lose points!

But today my Experian score went up 11 points! It gave me the motivation to keep this up! I can’t wait to see more increases!
FICO Scores
5/20/2019: EQ - 568 TU - 591 EX: 589
6 REPLIES 6
Community Leader
Super Contributor

Re: First FICO increase!

There's always going to be ups and downs. For me, there was a period of 2 years where I was down and ready to give up because of how bad my credit had become. The frustration was multiplied because before my hospital stay, my credit was flawless. It will get better. Unfortunately, time is the biggest factor in re/building and I think a lot of people forget that when reading the forum. You'll get there.







Message 2 of 7
Contributor

Re: First FICO increase!

Thanks! I know it takes time, and thankfully I do have a few good things going for my score, such as my age of oldest account turns 18 this August, and my average age is 11 years. My inquiries are 1-4, and my utilization is around 12% overall. I know I’ll see a big bump once I get my loans out of default! I may even see smaller bumps as I clean up my few remaining issues. Time will be my friend for sure!
FICO Scores
5/20/2019: EQ - 568 TU - 591 EX: 589
Message 3 of 7
Community Leader
Senior Contributor

Re: First FICO increase!

You have a lot of positives there. Once your defaults are gone those age factors will definitely help to insulate your scores against a lot of issues that would hurt younger files (such as the age effects of opening new accounts). With that AoOA and AAoA you may not even see a dip for a new account other than for the HP. And you can even dodge that by getting in with AMEX since once you’re established with them, the vast majority of the time additional cards are a SP.


Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | IT Cash | IT Chrome | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Overstock | Kohl’s

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Entering the garden 5/27/2019, staying until 2020
(Lol so much for that grand plan...)
Message 4 of 7
Valued Contributor

Re: First FICO increase!

Congrats on the 11 point increase!  That indeed is a great feeling.  Keep up the faith and hard work, as it will pay off.  Believe me, I am one of the poster childs for extremely low scores, but through a lot of hard work and support and education of this forum, recovered nicely.  You can do it, too!  

 

 

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
Dec 2019: EX8: 850; EQ8: 850; TU8: 850 -- Middle Mortgage Score: 824
In My Wallet: Discover $73.7K; Cap1 Venture $39.7K; Amex ED $38K; Amex Optima $2.5K; Amex Delta Gold $18K; Citi Costco $19.5K; Cap1 Plat $8.4K; Barclay $7K; BoA Plat $21.6K; Citi TY Pref $19K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $273K
My UTIL: Less than 1% - Only allow about $10 a month to report, on one account. .
Message 5 of 7
Moderator

Re: First FICO increase!

Its good you are taking care of these things, grats on this score increase, time heals all wounds in the realm of Fico.
"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 6 of 7
Established Contributor

Re: First FICO increase!

Congrats. You are probably set up well for the long run despite bumps in a shorter timeframe.

 

I have the opposite situation. I can't even get scores from MyFICO because my TU has nothing older than a month. Same with Experian, but for some reason, MyFICO cites TU and not EX when it cancels my order. I signed up for 3-bureau reports on the TransUnion Web site, and, in a little over a month, I've seen VantageScore numbers skyrocket from EQ 625/TU 510/EX 510 to EQ 667/TU 656/EX 652. But, I can't get approved for non-secured cards still, because (I suppose) of credit age and lots of recent hard inquiries, along with my scores still not being very high.

 

I think in the next 6-12 months, you'll be skyrocketing and I'll be chipping away slowly ... good luck!


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 7 of 7
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