@Anonymous
That is a lot of data (and I love it!).
Seems to me like there is one challenge here: keeping your utilization below 30% (or, even better, below 9%). Here is a bit of a breakdown (best I could translate):
Credit Cards:
HFCU Credit Card (January, 2021) $XX SL (is it possible to add the SL here?)
AMEX Delta (February, 2021) $1,700 SL
NFCU Platinum (February, 2021) $3,000 SL
Credit One AMEX (February, 2021) $500 SL
Capital One (March, 2021) $300 SL
Loans:
Secured CL (January, 2021) $2,200
LOC (January, 2021) $500
HFCU Personal Loan (March, 2021) $300
NFCU SSL (April, 2021) $3,150
So, I would do possibly three things:
1. Close out the Credit One AMEX CC
2. Close out the Capital One CC
3. Truly garden (as in, apply for no more credit of any kind)
Why Number 1? There is a lot of talk about how Credit One is predatory and how they try to trick people into thinking that they are Captial One (worked on you). They also have no grace period - and just about every other credit card company out there does. No grace period, as in the moment that a charge hits your account (the purchase is posted, to use their terms) then they start charging interest on it.
Why Number 2? That Capital One card is very likely "bucketed". You will never see any meaningful CLIs with that....I am assuming that it is the Platinum Card. You will likely never be able to PC (Product Change). That card is "bucketed" as if your credit history |credit score is forever what it was the day you applied for it.
Why Number 3? You have a poop-ton of inquiries and they do indeed drag down your credit score (temporarily...the points do eventually come back). And only by a few to several points (depending on your credit profile....so, you might be affected by four points per INQ and I might be affected nine points per INQ....for example). But nine in such a short period of time is likely costing you some 60 points (give or take....just an educated guess).
I would then work on reducing the overall utilization. FICO likes to see 30% or lower. I would suggest keeping things at 9% or lower (I almost never exceed 6%.....typically am between 1% and 4%).
Another way to lower your utilization is to get some CLIs (credit line increases). :-)
And once you are able to get that utilization under control then I might humbly suggest you entertain the idea of AZEO (All Zero Except One). Are you familiar with what that is? And some people swear by this method while others categorically deny even considering it. Totally your call.
Why am I focused on getting utilization down? Because payment history (35%) and credit utilization (30%) are the two biggest factors in your credit score.
I would also - and this is a VERY general suggestion (one that I make to everyone just about) - get your credit reports each week from annualcreditreport.com (because of COVID-19 the three CRAs are allowing us all to get our credit reports every seven days). Check everything just to make sure. And check all of the details....you might just be surprised what you actually find when you make the time to look with intent!
If I might - and I put this at the end intentionally - it appears that there *could* be another challenge for you: budgeting! I do not want to step on any toes here, but (and answer this for yourself...) is budgeting something that you do? If not, have you considered it? If yes, is there room for improvement in that process? Not judging and no tone in those questions (again, for you to answer for yourself...no need to reply to these questions in this forum).
Starting Score: Exp 627
@Anonymous wrote:
So my data points. On my rebuild.
Eq 540 Ex560 TU543
1 paid collection..Convergent. $675(paid half) INQ...1 (EX I THINK)
Nov 2020..start rebuild
Capital one AU...$3800CL
20+YRS no lates 84% usage Get off this card ASAP! 89% is maxed out and theres 20pts +/-
Score Jan 2021
Eq588 Ex592 Tu602
1st CC Hughes federal credit union
Secured CL $2200
LOC $500
FEB 2021
Scores Eq 630 Ex651 Tu 656
2nd card AMEX Delta plat $1700 CL 24.67%
3rd card NFCU Platinum $3000 CL 5.99%
4rd card Credit one AMEX( thought it said capital one) $500 CL 26.95% Bye!
Scores Eq628 Ex 646 Tu650
Mar 2021
Personal loan HFCU $300( No loans on file. Thought I could do it like a SSL LOAN) NO..paid it off in April.
5th card Capital one( pre-approval mailer) $300 (3 INQ hits)
APR 2021
I do a true SSL LOAN NFCU $3150 paid it too $248 once it showed in my NFCU Accts.
My usage 63%
INQ 9
Score drops to 560-580'S
NO MISSED PAYMENTS
HIGH USAGE
Scores drop to 530-540's
Now I start to garden..2 cards too late.
I don't do the 91/3 USAGE too high.
AMEX ALWAYS PIF.
NFCU got to 80% usage. keep a balance 0%apr 12months
HFCU got to same but made good size payments.
LOC $400/ of $500
Credit one AMEX $350
CAPITAL ONE $225
SO I keep trying to bring down balances (can't for one thing or an other)
Pay down ...add it back on...
No lates no missed payments
May 2021
I applied for a personal loan at HFCU $1000... ( I live in Arizona..and my central air conditioner. Needed repair.. longest 110+ streak in 20 yrs..and 3 weeks out for first appointment to fix had to buy some window A/C's to get by...) Could have placed this on a card and not another loan.
Back to gardening...
June July same no lates no missed high usage..
Scores Ex 595 Eq 588 Tu579
Aug 2021
I get my only derog deleted( Convergent)
Scores Ex620 Eq 625 Tu615
Usage 55%
I start to be able to pay down cards...
50% small increase in scores
43% same
Now I am at 36%
My scores are at.
Ex 699 Eq688 Tu714
But still on pre qualify sites for AMEX and NFCU only secured cards come up.
My AMEX score is 681
My NFCU score is 689
I plan to 0 out my 2 small cards now.
And get my NFCU card to under 870..right now it is at $1612
So for this months totals per card will be.
AMEX $0 always pif
NFCU...$870. currently $1612
HFCU...$1100 currently. $1629
Capital one AU $200. currently $428 Bye
Credit one $0 .. currently $117
Capital one $0... currently$107
LOC. $250... currently $400
NFCU SSL loan $244... currently$245
HFCU personal loan $908 currently $954...(payment is $46 a month)
So usage will be about 19% or so...Hope for some more score increase.. I want to wait until my scores are all over 720+ and most all but 1 inq is over 6mo old before trying for CLI OR second card from NFCU...thinking instead of late September..maybe November or should I wait longer??
No more credit apps until its all is paid down. Pay off all the loans except of course NFCU. The SSL bonus is being buried under the other loans. Get off all AU cards ASAP. You have enough on your own. More accounts does not mean higher scores. Keep whats in your name. Get off the 89% card. Your past AU cards. Once its all paid down. You will be at 700+. Then spread out apps 6 months at a time. Your almost there. Fix what needs to be tweaked and you'll be sitting good.
In my novel, I did indeed miss mentioning to remove the AU for that Credit Card that has nearly 90% utilization. Thank you for picking me up on that one!
@HowDoesThisAllWork wrote:
In my novel, I did indeed miss mentioning to remove the AU for that Credit Card that has nearly 90% utilization. Thank you for picking me up on that one!
Thats hurting more than anything else at the moment. Once thats gone. Then get the loans excpet NFCU paid off. @Anonymous has 700 in their sites.
Agree, 100%. All a matter of handling things in an educated manner (one that has eluded me for some time....that is hopefully changing).
I look forward to the update that his/her score is now 710 (or similar).
Honestly. Pay down all the debts on the cards. Get to AZEO and NFCU reporting. Dont know when the last new account was. But space them out a min of 6 months. The cards will still be there. End of the year IMO.
I still think you should get off that Cap1 AU - here is why (screenshot below)
You are using it to boost your Age only - which counts for 15%
yet you are taking a Hit on the much more important one - Amount of Debt - 30%
and even at 11% it is hurting you - plus the person ran it up to 84% which they can of course do again any time
remove yourself - give it a month or two, and i think you will see that you are still OK
you can always add yourself back if needed down the road, but i am pretty sure you wont have to
