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Help!

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Anonymous
Not applicable

Help!

Where to begin?! So at the beginning of this year I began monitoring my credit (I was very reckless when I was younger) and i got my ficos according to CK up to the 660ish? Well of course we tried to apply for a mortgage (one hit to my score) and they suggested we needed to get some ccs to start some credit building so we did now my score is back in the 500s and I'm stressing!!!!! HELPPPPOP
Message 1 of 22
21 REPLIES 21
19eighty5
Senior Contributor

Re: Help!

We'll need a lot more information to help but you've come to the right place. What are your FICO scores for Equifax, Experian, and TransUnion? Also, do you know what your score was at the time you went for preapproval?

FICO 8 (Feb 2018):EX- 519, TU- 530, EQ- 545
FICO 8 (Sept 2022):EX- 706, TU- 685, EQ- 684
What's in my wallet:


Message 2 of 22
Anonymous
Not applicable

Re: Help!

sorry I'm so new at this! Right now I'm at a 586EQ, 509TU, 585EX at the time my EQ was a 640 and my TU was a 638! (I know still not that great) I am super discouraged I know it has a lot to do with me opening new credit and I'm working on removing stuff from my TU that were already removed from my EQ....I've never had a auto loan, or a student loan...I even attempted to do the soft pull with capital one and I got pre approved for a vehicle but I dont want a car note my vehicle now only has $4000 owed on it
Message 3 of 22
Anonymous
Not applicable

Re: Help!

If I am reading your story correctly....

 

Your score was 660

You obtained credit cards

Your score is now in the 500s

 

From the limited info you have given, I would say your cards are maxed and your scores have dropped as a result.

Message 4 of 22
Anonymous
Not applicable

Re: Help!

Yes!!!! No not maxed out but I did open them one after another total of 5 cards! (wish I would have found this site a lot sooner)
Message 5 of 22
Anonymous
Not applicable

Re: Help!

What is your individual utilization on each card and total utilization across all cards?  Have you had any late payments?

Message 6 of 22
Anonymous
Not applicable

Re: Help!

No late payments they were just opened within the past month
49%
40% that will report 20% this month
33% that will report 20% when it updates
23%
20% should report 10% when it updates
And 19%
Message 7 of 22
Anonymous
Not applicable

Re: Help!

Well you are certainly taking some penalties for not only individual card UTI, but total UTI as well.  You are probably taking a penalty for having balances on all of your accounts as well.  This along with some recent inquiries, lack of account age, and lack of an installment loan, are certainly damaging your scores.  Having an installment loan would improve your scores.  Ideally you want your total UTI across all cards to be 8.9% or lower, but not 0%.  Having a individual UTI at 28.9% or below is ok but probably not having that on all your cards.  I would recommend working on the UTI, while continue to remove anything negative from your reports which you already doing.  You need time to age your accounts.

Message 8 of 22
Anonymous
Not applicable

Re: Help!

So total usage of all of my cc shouldn't be over 8%?
Message 9 of 22
Anonymous
Not applicable

Re: Help!


@Anonymous wrote:
So total usage of all of my cc shouldn't be over 8%?

For optimum FICO scoring, your total combined UTI should be no greater than 8.9% but not 0.

 

Example:

If your total accumulated credit lines were at 1000, ideally it should report a balance no greater than $89.

Message 10 of 22
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