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Low credit score stressing me out!

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Low credit score stressing me out!

Hi everyone, I’m new here and signed up because my credit score stresses me out. I’m trying to rebuild my credit after a bankruptcy in 2015 and it seems like it takes forever for my score to increase. I was approved for a new car a year ago. I thought about trying to see if I could refinance that auto loan. I have two credit cards, Discover and Capital One. My credit utilization is 32% of 5500 total credit. My FICO Score from Discover claims I have a score of 640 and the creditwise score from Capital One says 678. Unfortunately, the one from Discover doesn’t let me see details.

Message 1 of 10
9 REPLIES 9
Established Contributor

Re: Low credit score stressing me out!

Sign up for Credit Karma or Nerd Wallet. You can ignore the scores (they are vantage, not FICO), but they will give you free weekly access to what's in your file (good and bad).
Starting Score: EX 641 TU 631 EQ 669
Current Score: EX 714 TU 718 EQ 713 (EQ9 735)
Goal Scores: 750


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Message 2 of 10
Senior Contributor

Re: Low credit score stressing me out!

Just FYI:  Creditwise from Cap1 is Vantage, so you can ignore it.

You can get your Experian score from Experian.com or creditscorecard.com (by discover, but the score Discover gives you on their member site is Transunion)

 


EQ: 795 | EX: 785 | TU: 783 | Accounts: 2/6 6/12 10/24
Happy practitioner of AZE6or7or8
Message 3 of 10
Frequent Contributor

Re: Low credit score stressing me out!

NEVER GIVE UP.The only way to increase your Fico score is to use the Discover and CO cc's to continue paying on time every month and continue to let those two cc's age.If you can lower the utilization on the cc's to 10% or lower you can see some score improvement and avoid opening any credit accounts that you don't need.The most improvement will be when you are free of any derogatory information on your credit report.This will be an uphill battle.This is not worth getting stressed out about this is going to take a long time.I wish you all the LUCK...

Message 4 of 10
Super Contributor

Re: Low credit score stressing me out!

Without knowing any past derog's. Lates, CO's, ect. For best scoring you need 3 cards. You have a installement loan, so no need for another. I'd hit up Cap1 for 1 more card (Not a QS1) or talk to your bank to see what they have for you. Right now the util isn't helping at +50%. You need the have 0% on 1 card reporting and less than 8.99% on the other. Use them all you want but they have to report as I stated. There might be some past things that are holding your score down. Post them and that would help us figure a way to get your scores higher. Took me over 3 yrs to get where I'm at now. You should be in the same area as me. So list your baddies before and after BK and we'll go from there.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 5 of 10
Member

Re: Low credit score stressing me out!

I was able to see more from Transunion on the Capital One account. I have one ‘derogatory collection’ that I have been unable to have removed from the credit report after calling Transunion and the creditor. I didn’t have gap insurance on my car when a drunk driver hit and totaled it in 2016, so the auto loan company expected me to pay the rest of the car’s balance within 30 days, I paid it off over several months on the normal payment schedule. They are reporting it as a derogatory collection but there were no missed payments. Creditwise says I have 100% On-time payments for all my accounts.

 

I tried to sign up to credit karma but was having problems with their registration process.

Message 6 of 10
Super Contributor

Re: Low credit score stressing me out!

Well until you can get on CK. Remember the scores dont mean much but the info means alot for EQ/TU. Creditwise is Vantage. I'd call Disco and see why you cant get your TU FICO score. You can also get  your EX FICO for free at disover scorecard. So thats 2 FICO scores. It looks like you need 1 more card to complete the trifecta since you got an installment loan.  So right now your util is high on two cards. FICO likes 50% or less reporting balances. So there's some points. How long have you had the Disco? If its over a year or close to. Try the pre-qual and see if you qualify for a 2nd card. If so. I took my first Disco iT and converted it to the Chrome for 2% gas/groceries. That will complete the 3 for best FICO scoring. Plus its usually a single HP. If you can get the 3. Follow the AZEO method. You should pass the 700 mark then.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 7 of 10
Member

Re: Low credit score stressing me out!

I can see my credit score of 640 on the discover website, I just can’t see the credit report stuff. I can see more details on the Capital One account and that says 678. Too bad my real score isn’t that high lol.

 

I opened the discover card exactly 2 years ago this month.  

Message 8 of 10
Member

Re: Low credit score stressing me out!

My bankruptcy was filed in the fall of 2015 and discharged in Jan 2016.  I had a First Progress secured credit card that was included in the bankruptcy that has now showed up as a closed account in my CreditWise credit profile on Capital One.  I was wondering if this is going to influence my credit profile now years later as it was added on February 1st, 2019.  Should I do anything about this?  

 

This is what it says:

 

Date Reported: Feb 01, 2019

Payment Status: Not Reported

Account Status: Derogatory

Bureau Name: FIRST PROGRESS CARD

Account Type: Credit Card

Credit Limit: $518

Highest Balance $586

Date Account Opened: Dec 28, 2012

Date Account Closed: Oct 27, 2015

 

Message 9 of 10
Frequent Contributor

Re: Low credit score stressing me out!

You've come to the right place for help. Smiley Happy 

 

My first thought when you told your FICO score (640) is it's not that bad. (I am a little shy of that myself right now!) Compared to being in the mid-500s (like a lot of us were—or perhaps still are), 640 is awesome and can only go up! Sure, things start to get really good when you hit 700, but 640 isn't that bad, honestly.

 

You should be able to qualify for another Discover It or see if you prequalify for a Capital One product. (Probably Platinum—as has been mentioned, Quicksilver One has a fee and you can transition your Platinum over to a fee-less Quicksilver later.)

 

Don't despair, and look at it this way. You're already well on your way. There are not-too-bad cards that you already have or can qualify for. In six months or so you can probably get even better cards. Just keep on absorbing the advice and info here and you'll be amazed at your progress. Expect it to take time, but also remember that sometimes progress happens sooner than you think! 

FICO8: Nov 20, 2018:
FICO8: Nov 20, 2019:
FICO8: Jan 11, 2020:
Goal for December 2019: FICO8 640-700 (reached! Fico 681!)
Goal for December 2020: FICO8 685-710
Overstock Store Card, $2,250Walmart Store Card, $500 limitDiscover IT Cash Back, $2000Navy Fed cashRewards, $2000Shell Citi store card, $800Navy More Rewards, $17,000RIP Green Dot Platinum
Overstock $4,250, Walmart $500, Discover IT Cash Back $2400, Navy Fed cashRewards $2000, Shell (Citi) Fuel Rewards $800, Navy More Rewards $17,000, (RIP Green Dot Platinum Secured)

Starting Score: 539
Current Score: 676
Goal Score: 760


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Message 10 of 10
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