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Im trying to finally take control of my credit and I need some help rebuilding . My fako score are 583 and 590 my fico 8 from discover 632 and citi fico 599.
My credit usage is at 54%
I have 17 open accounts
5 store cards, 3 secured and the rest unsecured.
1 account showing in collections from cach llc (settled this account for less but still showing full balance)
1 account showing in collections from portfolio recovery (paid in full zero balance)
Student loan 3700 ( in good standing)
2 closed auto loans wells fargo 9k and a gmc financial that I co-signed on 14k
closed personal loan 3300.
I have 22 inquiries (10 are auto)
98% payment history
54% credit card utilization
2 years average age of accounts
4 account show zero balance and 3 others paid to zero balance but havent reported yet.
I settled the credit account showing a balance for less but they didnt report it. I disputed it and Im writing goodwill letters to comenity for the 2 late payments I show.
As I am paying off my cards my score is dropping. When I simulate my score the max I can pay off and show an increase in points(13pts) is 500 dollars. Why is this?
My auto loan and personal will become past the statue of limitation next month so I am thinking of settling for less. Maybe I should let it fall off? and just try and hope the gmc loan (huge mistake) will settle for less around 3k as that one was just defaulted on a year ago and they are pretty aggressive with seeking payment. They sold the car for 4k and it was only worth 10k and I still owe 14k. sigh!
Ive opened 4 new accounts in the past 3 months in hopes of helping my utilzation.
Income after insurance and taxes 54k
Annually expenses 38k
6k annually in cc payments
honestly cant figure out were the 10k of free money is going. previous year I would say frivolous spending and eating out. But so far this year I have been cooking and cutting back. I have been seeing some progress but its been slow.
Any and All help/suggestions is appreciated and welcomed.
yes, I meant the time frame for them to sue. Thank you for your response. I will stop applying and pay down the balances. It was just discouraging to see on all of the simulators that even with paying off all of my cards my score will continue to drastically decline.
Ok Im going to keep chopping away at the balances and set a goal for improvement for this time next year. Wow those new accounts/inquiries really hurt. Well... the more you know...
Thanks again everyone for your replies. I have some work to do but your responses are helpful and encouraging.