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Next steps for my credit?

Established Contributor

Next steps for my credit?

Hi everyone! Looking for advice about where to go from here. I started in the 400s and now have low 700s across the board (FICO 8). I bought a home in December, which was my major goal.


At this point, I have no major purchases coming up for a long time since I'm planning to buy out my lease next year to get rid of my car payment. So I don't need credit for anything specific, although I'm currently getting a solar loan to get that going before the summer.

 

Here's my general profile:

1 charged off repo that falls off this fall

6-8 student loan lates, one falls off a month since they're also very old

6-10 bank cards, under 10% utilization and only use 1-2 cards at a time

10'ish store cards, most aren't used except Amazon which I use monthly and pay off 

1 Amex personal loan for 13k, only a few months old

1 car lease, less than half left

New mortgage

A truly staggering number/amount of student loans

1 paid collection from a crappy co that mis-billed me and won't take it off (2016)

 

I have a significant amount of money coming in over the next six months and plan to pay off the car lease, Amex loan,  and any balances on my cards. I'll keep using them and paying off after that for rewards. I would have enough to pay off the solar loan too.

 

What else can I do to get more comfortably in the mid 700s and try to get near the 800s?

 

FICO8: Low 700s. FICO9: Mid 700s. Goal: 800 club
Message 1 of 4
3 REPLIES 3
Valued Contributor

Re: Next steps for my credit?


@Readyformyhome wrote:

Hi everyone! Looking for advice about where to go from here. I started in the 400s and now have low 700s across the board (FICO 8). I bought a home in December, which was my major goal.


At this point, I have no major purchases coming up for a long time since I'm planning to buy out my lease next year to get rid of my car payment. So I don't need credit for anything specific, although I'm currently getting a solar loan to get that going before the summer.

 

Here's my general profile:

1 charged off repo that falls off this fall

6-8 student loan lates, one falls off a month since they're also very old

6-10 bank cards, under 10% utilization and only use 1-2 cards at a time

10'ish store cards, most aren't used except Amazon which I use monthly and pay off 

1 Amex personal loan for 13k, only a few months old

1 car lease, less than half left

New mortgage

A truly staggering number/amount of student loans

1 paid collection from a crappy co that mis-billed me and won't take it off (2016)

 

I have a significant amount of money coming in over the next six months and plan to pay off the car lease, Amex loan,  and any balances on my cards. I'll keep using them and paying off after that for rewards. I would have enough to pay off the solar loan too.

 

What else can I do to get more comfortably in the mid 700s and try to get near the 800s?

 


You will see the bumps up in scores as those baddies fall off. The biggest jump when the last falls off.

 

Since you aren't buying anything, just wait for them to drop.

 

You can research AZEO to see about getting a utilization score increase. You can use your cards as long as you pay them before statement close. You can control what is reflected in your statement balance (which is what is reported to the 3Bs - with a few exceptions).

 

Congrats on all your hard work!

 

I too have soooo many SLs and all the lates I acquired is shocking because each late is reported to each SL. Ugh! So over the next year I have like 234 lates dropping lol how sad is that!?

 

Good luck and congrats in buying your dream home too!

 

 




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 1•21 | EQ [F8 602] [F9 600] [EQ5 664] [VS3 628] | TU [F8 598] [F9 569] [TU4 605] [VS3 615] | EX [F8 587] [F9 553] [EX2 619] [VS3 589]
Goal Score: 680


Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 12•20 | EQ [F8 635] [F9 540] [EQ5 599] [VS3 630] | TU [F8 635] [F9 587] [TU4 608] [VS3 661] [VS4 638] | EX [F8 654] [F9 628] [EX2 634] [VS3 680]
Goal Score: 680


Take the myFICO Fitness Challenge



Message 2 of 4
Super Contributor

Re: Next steps for my credit?


@Readyformyhome wrote:

Hi everyone! Looking for advice about where to go from here. I started in the 400s and now have low 700s across the board (FICO 8). I bought a home in December, which was my major goal.


At this point, I have no major purchases coming up for a long time since I'm planning to buy out my lease next year to get rid of my car payment. So I don't need credit for anything specific, although I'm currently getting a solar loan to get that going before the summer.

 

Here's my general profile:

1 charged off repo that falls off this fall

6-8 student loan lates, one falls off a month since they're also very old

6-10 bank cards, under 10% utilization and only use 1-2 cards at a time Only have 1 card report <8%

10'ish store cards, most aren't used except Amazon which I use monthly and pay off 

1 Amex personal loan for 13k, only a few months old

1 car lease, less than half left

New mortgage

A truly staggering number/amount of student loans

1 paid collection from a crappy co that mis-billed me and won't take it off (2016)

 

I have a significant amount of money coming in over the next six months and plan to pay off the car lease, Amex loan,  and any balances on my cards. I'll keep using them and paying off after that for rewards. I would have enough to pay off the solar loan too.

 

What else can I do to get more comfortably in the mid 700s and try to get near the 800s?

 


It wont help/hurt your scores. But if you have store cards you dont need. You can close them. If your coming into money. Pay down the student loans after you wipe the rest of the debt away. You've done all you can do for now. Nice rebuild. Time will take the lates away and when the last baddie is gone. There ya go. But remember to stash away at least 6 months of savings God forbid if an emergency should arise and you wont turn to your cards to stay afloat. Nice profile and congrats on the new home!

Message 3 of 4
Established Contributor

Re: Next steps for my credit?

Thanks for the help.


My SLs are well into six figures so at my age I think it's a better bet to focus on my 401k. I've been putting in 12% this year plus 5% employer match and will be increasing to 15% when I get my raise in September.

 

I do want to start an emergency fund. I tend to rely on stock vesting for big purchases but would like to start saving separately too.

 

I'm just feeling frustrated that my scores seem to have maxed out for now. I'd really like to be firmly above 750. But you're both probably right that it's just time at this point.

FICO8: Low 700s. FICO9: Mid 700s. Goal: 800 club
Message 4 of 4
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