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Need Some Insight.....

New Contributor

Need Some Insight.....

I have been working on rebuilding my credit and need some insight on what my next steps should be.


I have some various lates (30, 60, 90 day) from ’04 -’05 with 4 different closed credit cards. These 4 were closed along with 3 others that were in good standing. I closed them all out in ’05 after I got into my credit trouble. I also have a paid charge off for Verizon in ’05. I have good willed my butt off for these closed accounts with no luck. These should all fall off by the end of next year or so.


I currently only have two open accounts that are 3 years old with perfect payment history and have kept the utility low. A secured Orchard cc for $1,000 and a Jared’s account for $5,500. I am looking to add some new credit such as a secured loan and/or another secured cc to help increase my score along with my credit mix. I can easily get either of the two from my credit union.


My current Fico scores are TU 708 and EQ 707.


Would anyone have any thoughts on this or have any other solutions on the quickest way to help raise my score?

Message 1 of 5
Moderator Emeritus

Re: Need Some Insight.....

You can keep trying on those 30-90-day lates, but if these are among your oldest accounts, and they were either CCs or loans, then I'd leave it. Last thing you'd want happen is for them to delete and you lose points due to the history. Now if these are your youngest, then GW away.


I'd GW Verizon consistently and persistently. Call too. There are success stories.


IMO, you can get to 800 with just those two CCs (and time and a high AAoA and a solid length of history). Adding a CC may help, but it'll be minimal. I wouldn't do it if I were applying for anything inside of 18 months and I think you'll propel your scores higher and faster without it (in the short-term). And it doesn't matter if it is secured or not. FICO scores it the same. Per the loan, I would not do it. It really only helps if open and it may not even help anyway. You could take a net loss in the end. I paid off my last loan a couple of years ago and pulled the day before and the day after it updated on TU and EQ. TU dropped and EQ increased, both by single digits. In other words, it helped one but hurt the other.





Message 2 of 5
New Contributor

Re: Need Some Insight.....per

Thanks for the advice!


I have another question. I just pulled my Fico reports for both EQ and TU. I received a TU increase but EQ remained the same. I noticed something on 2 of the old closed cc's that had the lates. The TU report no longer lists the late payment dates under payment history but EQ does. These were all due to start falling off at the end of the this year into next.  


Is it possible that these lates could have fallen off already without EQ not updating yet ?  or  Can this possibly be just for TU?



Anyone else experience this?

Message 3 of 5
Moderator Emeritus

Re: Need Some Insight.....per

It's not uncommon for lates to fall off one CRA before the others. This is especially true with TU. I've had stuff fall off 1+ yr early.

Message 4 of 5
Super Contributor

Re: Need Some Insight.....per

llecs wrote:

It's not uncommon for lates to fall off one CRA before the others. This is especially true with TU. I've had stuff fall off 1+ yr early.

Wow, my youngest BofA late will be 6 years in Aug.  I can only hope.

01/23/2018: FICO 829 EQ 827 TU 831 EX
Message 5 of 5