Are some of the HP's from apping for the same thing, such as the car? If so, they may not be hurting you as much as you think as ones in a 30 day period get lumped and counted as one for the score. I would just sit tight get those utilizations down, particularly the ones that are higher and not charge anything new if possible. Let your accounts age and some of those inquiries pass a year. Not ideal on the car interest, but you already have it so you may come out better just eating that for the short term until you can get your utilization down which should help your scores along with some account aging. This may let you qualify for a much better rate once you do refinance it. Might not get much better in the 640's than what you have now.
Hey Pursell,
I guess I have 2 questions for ya.
1.What is your minimum monthly payement for all of your collective debt?
2. Are you comfortably making at leaast your minimum monthly payments?
Last Inquiry 12/23/2022 Ally Bank Mortgage
@pursell
Not sure what type of work you do and what your schedule is like??? But, Amazon is always hiring drivers. You can supplement your income for awhile to get things paid down....just food for thought.(it’s such an easy job!) I do it myself, here and there.
ATA: there are A LOT of extra things that people pay for and can live without for awhile OR hardly use(i.e. Netflix and such) Trust me I can do without Netflix for a few months just to throw extra money at something I know will benefit me 6 mos from now...(and then reactivate later on.) There’s ALWAYS something one can cut back on to help get into a better position in a few months. Even if it is just ONE THING! It just takes discipline and how badly they want something(?) to make the sacrifice..JMHO of course.😎
Congrats on you rebuilding thus far. Great progress!!👍
(I need those scores dang it🤣)
As stated already, bring UTL down and do not app/refinance until those numbers are in great shape....for best chance of approval and rate.
Best of Luck to you!
😊
Not sure what type of work you do and what your schedule is like??? But, Amazon is always hiring drivers. You can supplement your income for awhile to get things paid down....just food for thought.(it’s such an easy job!) I do it myself, here and there.
ATA: there are A LOT of extra things that people pay for and can live without for awhile OR hardly use(i.e. Netflix and such) Trust me I can do without Netflix for a few months just to throw extra money at something I know will benefit me 6 mos from now...(and then reactivate later on.) There’s ALWAYS something one can cut back on to help get into a better position in a few months. Even if it is just ONE THING! It just takes discipline and how badly they want something(?) to make the sacrifice..JMHO of course.😎
Congrats on you rebuilding thus far. Great progress!!👍
(I need those scores dang it🤣)
As stated already, bring UTL down and do not app/refinance until those numbers are in great shape....for best chance of approval and rate.
Best of Luck to you!
😊
>I guess the first thing you should be grateful for, is that you're actually in a very good spot.
You already have home and a car. You can easily pay your bills every month. There really isn't a whole lot that you need to do in the near term that will require an excellent credit rating.
You have nothing but time on your side my friend.
The first thing you should do is open 2 more credit card accounts.. Accounts that can grow with you.
#1 Secured Discover card
#2 Either a secured Citi card, or Bank of America Card.
The point of opening two more cards that can graduate and grow with you at this point, is by the time you should start applying for credit (Two years or longer), the inquiries would have fallen off of your report.
Close accounts that you dont really need and pay them off 1 by 1. Don't be concerned about short term credit fluctuations. Having the closed accounts wont affect your AAoA and will prevent your from getting the urge to spend and get into a debt trap. The open lines that you have available can land you in trouble if you max out your accounts.
Blue Nile (Comenity) 688/2600 = 26.4% (Pay Off and Close)
Cap One QS1 362/800 = 45.2%
Military Star 280/2950 = 9.4% (Pay off and Close)
Kohls (CapOne) 171/700 = 24.4% (Pay off and Close)
Credit One 157/700 = 22% (Pay off and Close)
Wayfair (Comenity) 0/2100 = 0% (Close)
Total Utilization = $1658/9150 = 18%
Even if you close these accounts while in good standing, they can stay on your report for 10yrs or longer. I opened a JCP account in 1994 thats been closed for years, and its still on my report. The account is 24 years old and is having a very positive affect on my AAoA.
Three cards that will build your credit foundation would be your Capital one card, Discover Secured card, and Citi or Bank of america secured card.
Treat those three cards well over the next two to three years which is when other negative marks will start falling off your reports.. pay your bills on time and you'll be in an extremely good position to obtain top tier cards with high SL.
Again, your situation could be better but if you take proactive steps right now, it won't get any worse. Your situation if good as it is because you've already obtained a house and a car.. Slos and steady wins the race.