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Inquiry - Can I get to a 700+ with my current situation?

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tamius
Member

Inquiry - Can I get to a 700+ with my current situation?

Hiya,

 

I've been dealing with credit issues due to COVID and - I'm fortunate to be able to start tackling them now. Prior to this month, my scores were all in the low 500s - but I've paid down my credit utilization to 0-2%. 

 

Here are some details:

 

Cards:

1. Capital One Quicksilver - $400 Limit - 3.9% util.
2. Capital One Platinum - $300 Limit - 0% util.

3. Creditone - $300 Limit - 0% util.

4. Milestone Mastercard - $300 Limit - 0% util.

5. Destiny Mastercard - $700 Limit - 0% util.

6. Merrick Bank - $550 Limit - 0.65% util.

7. First Premier - $500 Limit - 1.65% util.

 

Overall, I don't intend on getting in a cycle of debt again and I plan on keeping them at low utilization going forward with statements paid off in full. 


Issues
I had a few >90 day missed payments that have been charged off. 
1. Discover $700~ - paid off in full.

2. Bank of America $3000~ - negotiating & planned to pay 35% of it to settle.

 

As of right now, my score is 618 on Experian, 608 Equifax, and 610 Transunion on FICO8. It hasn't reported all of my utilization drops so I expect these scores to raise marginally. 

I'm wondering a few questions:

1. Is it at all feasible to be able to achieve a 700+ but not meaningfully higher within 12 months?
2. If so, what would the steps look like?
3. If not, what would I realistically be able to achieve assuming continued good behavior?


Note: I also have a student loan for $15k but I am a student still - while employed. Income is $100K (HCOL area). 

 

Message 1 of 20
19 REPLIES 19
Jnbmom
Credit Mentor

Re: Inquiry - Can I get to a 700+ with my current situation?


@tamius wrote:

Hiya,

 

I've been dealing with credit issues due to COVID and - I'm fortunate to be able to start tackling them now. Prior to this month, my scores were all in the low 500s - but I've paid down my credit utilization to 0-2%. 

 

Here are some details:

 

Cards:

1. Capital One Quicksilver - $400 Limit - 3.9% util.
2. Capital One Platinum - $300 Limit - 0% util.

3. Creditone - $300 Limit - 0% util.

4. Milestone Mastercard - $300 Limit - 0% util.

5. Destiny Mastercard - $700 Limit - 0% util.

6. Merrick Bank - $550 Limit - 0.65% util.

7. First Premier - $500 Limit - 1.65% util.

 

Overall, I don't intend on getting in a cycle of debt again and I plan on keeping them at low utilization going forward with statements paid off in full. 


Issues
I had a few >90 day missed payments that have been charged off. 
1. Discover $700~ - paid off in full.

2. Bank of America $3000~ - negotiating & planned to pay 35% of it to settle.

 

As of right now, my score is 618 on Experian, 608 Equifax, and 610 Transunion on FICO8. It hasn't reported all of my utilization drops so I expect these scores to raise marginally. 

I'm wondering a few questions:

1. Is it at all feasible to be able to achieve a 700+ but not meaningfully higher within 12 months?
2. If so, what would the steps look like?
3. If not, what would I realistically be able to achieve assuming continued good behavior?


Note: I also have a student loan for $15k but I am a student still - while employed. Income is $100K (HCOL area). 

 


You stated you had a few 90 day lates and now they are charged off? How many COs ? Is discover and  BOA among them or is there more?

 

With those negatives I don't see you getting above 700 for some time .

EXP 780 EQ 791TU 795
Message 2 of 20
Creditwiser
Valued Contributor

Re: Inquiry - Can I get to a 700+ with my current situation?

As @Jnbmom mentions, it will be a real challenge currently to go to 700 or above with your current CO's.  How long till they fall off?  Keep UTL low, do not apply for more credit. Continue to garden until you can get some SP CLI's.  And of course, no more lates or collections. If not for the CO's its doable as long as everything else remains good.

NFCU Visa 30k | NFCU Platinum 30k | Cap1 QS 12K | Cap1 QS 11.5K | Barclay MC 9k | Delta Gold Amex 30K | Discover IT 14K | CFNA FS 3200 | CareCredit 20k| Paypal Credit 5k |
Message 3 of 20
tamius
Member

Re: Inquiry - Can I get to a 700+ with my current situation?

Hi!

 

Both are charge-offs. Interestingly, I see them as delinquincies but they dont appear under collections. If I can't get above 700, what would be the best I could achieve reasonably?

 

Message 4 of 20
tamius
Member

Re: Inquiry - Can I get to a 700+ with my current situation?

Realistically, 5 years or so. :/

 

Message 5 of 20
FireMedic1
Community Leader
Mega Contributor

Re: Inquiry - Can I get to a 700+ with my current situation?

Lets dig a little deeper.

Issues
I had a few >90 day missed payments that have been charged off. 
1. Discover $700~ - paid off in full.

2. Bank of America $3000~ - negotiating & planned to pay 35% of it to settle.

Are the 2 accounts above that hold the 90 day lates? Or from your newer cards. Lates dont go anywhere until the 7 yrs is up. Was Disco CO'ed and when was the DoFD. Same goes for BoA.

 


Message 6 of 20
tamius
Member

Re: Inquiry - Can I get to a 700+ with my current situation?

Hi FireMedic,

 

Correct - the two accounts are >90 days missed payments. Both cards are CO'd. What does DoFD mean? 

Message 7 of 20
Jnbmom
Credit Mentor

Re: Inquiry - Can I get to a 700+ with my current situation?


@tamius wrote:

Hi FireMedic,

 

Correct - the two accounts are >90 days missed payments. Both cards are CO'd. What does DoFD mean? 


DOFD=Date of first delinquency 

EXP 780 EQ 791TU 795
Message 8 of 20
tamius
Member

Re: Inquiry - Can I get to a 700+ with my current situation?

Thanks - 

 

DOFD is March 2020 for BOFA.

DOFD is Jan 2021 for Discover.

 

In addition, I apparently messed up and I had an Ikea Card I found on my Annual Credit Report that was paid off & closed without being charged off but it had delinquencies as well. Though, as far as I am aware, that isn't on my Experian report at all?

 

As mentioned, Discover is paid off completely but it's still on the record. BOFA isn't paid off yet but I'm in the works to pay it off hopefully in the next few months.

 

Message 9 of 20
FireMedic1
Community Leader
Mega Contributor

Re: Inquiry - Can I get to a 700+ with my current situation?


@tamius wrote:

Thanks - 

 

DOFD is March 2020 for BOFA.

DOFD is Jan 2021 for Discover.

 

In addition, I apparently messed up and I had an Ikea Card I found on my Annual Credit Report that was paid off & closed without being charged off but it had delinquencies as well. Though, as far as I am aware, that isn't on my Experian report at all?

 

As mentioned, Discover is paid off completely but it's still on the record. BOFA isn't paid off yet but I'm in the works to pay it off hopefully in the next few months.

 


Thanks for the info. These are recently fresh to FICO. Its great you got the one paid off. Once the other one is $0 balance. Util %'s will no longer affect your aggregate %'s. Time will have to age these CO's until they fall off. CO's rank under a BK in the baddie dept. We say finances over FICO. Get the debts paid and the scores will follow. It will take a while to hit 700. You can hit it before they fall off if you handle what you have now perfectly.


Message 10 of 20
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