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My Credit Profile - Advice Needed

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mimi_k
Established Member

My Credit Profile - Advice Needed

Hi all! I finally signed up for myFico 3 credit monitoring. So I now have "official" FICO scores. Here is my credit profile as of 8/24. I am looking to raise my scores. I would like to own my own home someday. I am in desperate need of a new laptop. I have been pre-approved for $600 Fingerhut but haven't went for it yet.  Any advice to help me raise my scores is appreciated. TIA!!!

FICO SCORES – 08/24/14

Equifax – 590

TransUnion – 610

Experian – 590

INQUIRIES

Equifax – 5

TransUnion – 7

Experian –6

REVOLVING CREDIT – never late!

1) Capital One Secured – Limit $385 – Balance $343– Util 89%

2) Walmart – Limit $300 – Balance $230 – Util 77%

3) Continental Finance/Matrix – Limit $300 – Balance $208 – Util 70%

4) Target – Limit $200 – Balance $98 – Util 49%

5) Merrick Bank – Limit $500 – Balance $236 – Util 89%

6) Capital One QuickSilver – Limit $750 – Balance $210 – Util 28%

INSTALLMENT ACCOUNTS

1) Various Student Loans – Owe $101k! – 14 of the student loan accounts, from AES, have 60-90 days late from July – August 2013; rest are paid on time

2) Wells Fargo Auto Loan - $8,704 – 30 day late twice from 2013

3) Trouvaille FCU - $227

4) Trouvaille FCU - $990

CHARGE OFFS

1) First National Bank - $483 will fall off in next 2-3 months

2) First Premier - $420 will fall off late 2015

COLLECTIONS

1) CRA/Revenue Collect (Medical ) - $342 – will fall off by Feb. 2015

2) Verizon - $126 – Paid off this week – Will fall off in 2020

3) Eastern Acct System/Comcast - $355 – Will fall off in 2020

PUBLIC RECORDS

1) State Tax Lien – Paid $358 – will fall off by Jan. 2015

2) State Tax Lien – Paid $477 – will fall off by Apr. 2015


Starting Score (Walmart FICO): 526
Current Scores (myFICO): Equifax 611 Experian 601 Transunion 618
Goal Score: 640

Message 1 of 7
6 REPLIES 6
ERoosky99
Regular Contributor

Re: My Credit Profile - Advice Needed


@mimi_k wrote:

Hi all! I finally signed up for myFico 3 credit monitoring. So I now have "official" FICO scores. Here is my credit profile as of 8/24. I am looking to raise my scores. I would like to own my own home someday. I am in desperate need of a new laptop. I have been pre-approved for $600 Fingerhut but haven't went for it yet.  Any advice to help me raise my scores is appreciated. TIA!!!

FICO SCORES – 08/24/14

Equifax – 590

TransUnion – 610

Experian – 590

INQUIRIES

Equifax – 5

TransUnion – 7

Experian –6

REVOLVING CREDIT – never late!

1) Capital One Secured – Limit $385 – Balance $343– Util 89%

2) Walmart – Limit $300 – Balance $230 – Util 77%

3) Continental Finance/Matrix – Limit $300 – Balance $208 – Util 70%

4) Target – Limit $200 – Balance $98 – Util 49%

5) Merrick Bank – Limit $500 – Balance $236 – Util 89%

6) Capital One QuickSilver – Limit $750 – Balance $210 – Util 28%

INSTALLMENT ACCOUNTS

1) Various Student Loans – Owe $101k! – 14 of the student loan accounts, from AES, have 60-90 days late from July – August 2013; rest are paid on time

2) Wells Fargo Auto Loan - $8,704 – 30 day late twice from 2013

3) Trouvaille FCU - $227

4) Trouvaille FCU - $990

CHARGE OFFS

1) First National Bank - $483 will fall off in next 2-3 months

2) First Premier - $420 will fall off late 2015

COLLECTIONS

1) CRA/Revenue Collect (Medical ) - $342 – will fall off by Feb. 2015

2) Verizon - $126 – Paid off this week – Will fall off in 2020

3) Eastern Acct System/Comcast - $355 – Will fall off in 2020

PUBLIC RECORDS

1) State Tax Lien – Paid $358 – will fall off by Jan. 2015

2) State Tax Lien – Paid $477 – will fall off by Apr. 2015


Looking at your info briefly the main things that you need to work on is lowering your utilization below 30% on ALL of your revolving lines of credit.  In addition, paying your student loans/installment accounts down, even by 15-20%, can have a positive impact on your credit rating!  There's not much you can do about the inquiries... They'll stick around for two years, but should only impact your FICO scores for 12 months from the date they appeared.  If you can dispute the collections accounts to have them fall off early, great!  Since you have already paid/satisfied the public records you may just have to wait it out, and have those fall off at the dates you have listed.  As far as the future, it is an absolute NECESSITY to pay all of your future bills on time to see score improvement.  Hope this helps!

Current FICOs: (11-02-15) EQ- 623 (628) / EX- 643 / TU- 679
Starting FICOs: (May 2014) Low to mid 500s (all 3 bureaus)
GOAL: As HIGH as possible! All 3 FICOs above 680/700 will be NICE!!!
Total Credit Limits- $104,120
Message 2 of 7
ERoosky99
Regular Contributor

Re: My Credit Profile - Advice Needed


@ERoosky99 wrote:

@mimi_k wrote:

Hi all! I finally signed up for myFico 3 credit monitoring. So I now have "official" FICO scores. Here is my credit profile as of 8/24. I am looking to raise my scores. I would like to own my own home someday. I am in desperate need of a new laptop. I have been pre-approved for $600 Fingerhut but haven't went for it yet.  Any advice to help me raise my scores is appreciated. TIA!!!

FICO SCORES – 08/24/14

Equifax – 590

TransUnion – 610

Experian – 590

INQUIRIES

Equifax – 5

TransUnion – 7

Experian –6

REVOLVING CREDIT – never late!

1) Capital One Secured – Limit $385 – Balance $343– Util 89%

2) Walmart – Limit $300 – Balance $230 – Util 77%

3) Continental Finance/Matrix – Limit $300 – Balance $208 – Util 70%

4) Target – Limit $200 – Balance $98 – Util 49%

5) Merrick Bank – Limit $500 – Balance $236 – Util 89%

6) Capital One QuickSilver – Limit $750 – Balance $210 – Util 28%

INSTALLMENT ACCOUNTS

1) Various Student Loans – Owe $101k! – 14 of the student loan accounts, from AES, have 60-90 days late from July – August 2013; rest are paid on time

2) Wells Fargo Auto Loan - $8,704 – 30 day late twice from 2013

3) Trouvaille FCU - $227

4) Trouvaille FCU - $990

CHARGE OFFS

1) First National Bank - $483 will fall off in next 2-3 months

2) First Premier - $420 will fall off late 2015

COLLECTIONS

1) CRA/Revenue Collect (Medical ) - $342 – will fall off by Feb. 2015

2) Verizon - $126 – Paid off this week – Will fall off in 2020

3) Eastern Acct System/Comcast - $355 – Will fall off in 2020

PUBLIC RECORDS

1) State Tax Lien – Paid $358 – will fall off by Jan. 2015

2) State Tax Lien – Paid $477 – will fall off by Apr. 2015


Looking at your info briefly the main things that you need to work on is lowering your utilization below 30% on ALL of your revolving lines of credit.  In addition, paying your student loans/installment accounts down, even by 15-20%, can have a positive impact on your credit rating!  There's not much you can do about the inquiries... They'll stick around for two years, but should only impact your FICO scores for 12 months from the date they appeared.  If you can dispute the collections accounts to have them fall off early, great!  Since you have already paid/satisfied the public records you may just have to wait it out, and have those fall off at the dates you have listed.  As far as the future, it is an absolute NECESSITY to pay all of your future bills on time to see score improvement.  Hope this helps!


Oh yeah, from what I understand, if the utilization is BELOW 10% that is OPTIMAL.  Also, regarding the judgments, you may be able to have those VACATED from your reports if you fight it and a judge allows it.  I believe you have to go to court for that and pay a filing fee, etc.  I have a paid civil judgment of $597 from Sept. 2011 that I am trying to get removed.  The issue I have is that the verdict was rendered in the state of TX when I lived there (for an eviction), but I am back in my home state of OH.  It isn't supposed to fall off until 2018 (four more years), so I may need to take a trip to TX to get it removed.  It's time consuming, but worth it!  Good luck!!!

Current FICOs: (11-02-15) EQ- 623 (628) / EX- 643 / TU- 679
Starting FICOs: (May 2014) Low to mid 500s (all 3 bureaus)
GOAL: As HIGH as possible! All 3 FICOs above 680/700 will be NICE!!!
Total Credit Limits- $104,120
Message 3 of 7
Zorasmiles
Established Contributor

Re: My Credit Profile - Advice Needed


@mimi_k wrote:

Hi all! I finally signed up for myFico 3 credit monitoring. So I now have "official" FICO scores. Here is my credit profile as of 8/24. I am looking to raise my scores. I would like to own my own home someday. I am in desperate need of a new laptop. I have been pre-approved for $600 Fingerhut but haven't went for it yet.  Any advice to help me raise my scores is appreciated. TIA!!!

FICO SCORES – 08/24/14

Equifax – 590

TransUnion – 610

Experian – 590

INQUIRIES

Equifax – 5

TransUnion – 7

Experian –6

REVOLVING CREDIT – never late!

1) Capital One Secured – Limit $385 – Balance $343– Util 89%

2) Walmart – Limit $300 – Balance $230 – Util 77%

3) Continental Finance/Matrix – Limit $300 – Balance $208 – Util 70%

4) Target – Limit $200 – Balance $98 – Util 49%

5) Merrick Bank – Limit $500 – Balance $236 – Util 89%

6) Capital One QuickSilver – Limit $750 – Balance $210 – Util 28%

INSTALLMENT ACCOUNTS

1) Various Student Loans – Owe $101k! – 14 of the student loan accounts, from AES, have 60-90 days late from July – August 2013; rest are paid on time

2) Wells Fargo Auto Loan - $8,704 – 30 day late twice from 2013

3) Trouvaille FCU - $227

4) Trouvaille FCU - $990

CHARGE OFFS

1) First National Bank - $483 will fall off in next 2-3 months

2) First Premier - $420 will fall off late 2015

COLLECTIONS

1) CRA/Revenue Collect (Medical ) - $342 – will fall off by Feb. 2015

2) Verizon - $126 – Paid off this week – Will fall off in 2020

3) Eastern Acct System/Comcast - $355 – Will fall off in 2020

PUBLIC RECORDS

1) State Tax Lien – Paid $358 – will fall off by Jan. 2015

2) State Tax Lien – Paid $477 – will fall off by Apr. 2015


Looks like everyone is seeing similar things.  

 

Continue making all payments on time with no lates.  Work on the things that only cost you phone calls, time, stamps and good will of the person/company.  Work on the items that require you money up front to take care as you are unable.  Work on clearing the small debts, than attack the debts with the higher interest and the larger debts.

 

Public records-- You might try getting the the CRA's to do an early exclusion on at least the one scheduled to fall off in Jan 2015--luck might be better 3 months out on each

 

Collections--Good will the ones paid off asking they be removed from the CRA's.  The collections for 2020 are new and will decrease in impact on your score as they age

 

Charge offs--Ask for an "early exclusion" for the one that's coming off in 2-3 months.  The First Premier should be doing minimal damage

 

Installment accounts--Good will the late payments.  Pay down the student loans down 30%

 

Revolving accounts--Get your utilization down to 9-10%

 

Good luck

FICO scores are your calling card to the business world. Build a negative reputation and those doors are hard to open, find that perfect balance of credit responsibility and those doors open when you desire them.
Message 4 of 7
mimi_k
Established Member

Re: My Credit Profile - Advice Needed

Thanks for the tips!  From here on I am focused on fixing what's holding my score down. No more apps for me!


Starting Score (Walmart FICO): 526
Current Scores (myFICO): Equifax 611 Experian 601 Transunion 618
Goal Score: 640

Message 5 of 7
Zorasmiles
Established Contributor

Re: My Credit Profile - Advice Needed


@mimi_k wrote:

Thanks for the tips!  From here on I am focused on fixing what's holding my score down. No more apps for me!


Good luck and happy gardening Smiley Happy

FICO scores are your calling card to the business world. Build a negative reputation and those doors are hard to open, find that perfect balance of credit responsibility and those doors open when you desire them.
Message 6 of 7
kjel
Established Contributor

Re: My Credit Profile - Advice Needed


@mimi_k wrote:

Hi all! I finally signed up for myFico 3 credit monitoring. So I now have "official" FICO scores. Here is my credit profile as of 8/24. I am looking to raise my scores. I would like to own my own home someday. I am in desperate need of a new laptop. I have been pre-approved for $600 Fingerhut but haven't went for it yet.  Any advice to help me raise my scores is appreciated. TIA!!!

FICO SCORES – 08/24/14

Equifax – 590

TransUnion – 610

Experian – 590

INQUIRIES

Equifax – 5

TransUnion – 7

Experian –6

REVOLVING CREDIT – never late!

1) Capital One Secured – Limit $385 – Balance $343– Util 89%

2) Walmart – Limit $300 – Balance $230 – Util 77%

3) Continental Finance/Matrix – Limit $300 – Balance $208 – Util 70%

4) Target – Limit $200 – Balance $98 – Util 49%

5) Merrick Bank – Limit $500 – Balance $236 – Util 89%

6) Capital One QuickSilver – Limit $750 – Balance $210 – Util 28%

INSTALLMENT ACCOUNTS

1) Various Student Loans – Owe $101k! – 14 of the student loan accounts, from AES, have 60-90 days late from July – August 2013; rest are paid on time

2) Wells Fargo Auto Loan - $8,704 – 30 day late twice from 2013

3) Trouvaille FCU - $227

4) Trouvaille FCU - $990

CHARGE OFFS

1) First National Bank - $483 will fall off in next 2-3 months

2) First Premier - $420 will fall off late 2015

COLLECTIONS

1) CRA/Revenue Collect (Medical ) - $342 – will fall off by Feb. 2015

2) Verizon - $126 – Paid off this week – Will fall off in 2020

3) Eastern Acct System/Comcast - $355 – Will fall off in 2020

PUBLIC RECORDS

1) State Tax Lien – Paid $358 – will fall off by Jan. 2015

2) State Tax Lien – Paid $477 – will fall off by Apr. 2015


1. Stop applying for credit.

2. Get your utilization down on your cards, start with the lowest balance card and move up the chain.

3. I'd garden your Quicksilver card (pay down, report no more than $200 after all your other cards are zero) because it has the highest CL and they will entertain a CLI after a few months of charging and paying down.

4. Consider consolidating your student loans.

5. Pay your small personal loans off.

6. Try the HIPAA process for the medical collection.

7. Ask for a PFD on Comcast collection.

8. Send GW letter to Verizon.

9. Any chance you could get the state tax liens removed?

Current Score: TU: 674 | EQ: 722 | EX: 717 | Last Inq. 2/16/15...Locked Up in The Garden
NFCU Cash Rewards $14K | Chase Sapphire Preferred $5K | Amex Blue Cash Preferred $6K | Cap1 Quicksilver One Visa $9K

Message 7 of 7
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