cancel
Showing results for 
Search instead for 
Did you mean: 

Question- My Rebuild Journey

Shawn19AL
Regular Contributor

Re: Question

@LaHossBoss Heart Thank you!!!!

Message 31 of 42
Shawn19AL
Regular Contributor

Re: Question

Keeping an eye on things due to mortgage hunting.

 

Noticed that my utilization went up to 30% because of a small NFCU increase and as a result my FICO 2s all went down. My Mortgage score dropped from 675 to 662.  My auto score went down from a 649 to 633 and my bank score went from 647 to 633.

 

My Discover card updated today and I went back down to 29% utilization and the scores went back up(675,649,633,647).  Walmart payment still hasnt updated. So , now I know that I need to pay down these credit card balances to increase my scores.

 

Jewelers Club CL is $5000, balance is $0

Capital One CL is $3650, balance is $65 (AU)

NFCU CL is $3400, balance is $2330

Discover CL is $2000, balance is $1609

Fingerhut CL is $1200, balance is $600

Credit One CL is $500, balance is $0

Walmart/Capital One CL is $400, balance is $0 but hasnt updated so its showing $87

First Access CL is $375, balance is $0

 

Message 32 of 42
ImTheDevil
Community Leader
Super Contributor

Re: Question

The more zero balances you have, the better. Mortgage scores love fully paid tradelines. Try and pay off as many as you can to get as much boost as possible.



Platinum NPSL | Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | FNBO Prime Visa | PenFed PCR | Navy cashRewards | Navy Platinum | Apple | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | Key Bank auto loan (2017 Audi A6 Premium Plus S-Line)





Message 33 of 42
Cloudburst2000
Frequent Contributor

Re: Question

Great job tackling all of your debt!  So many people who post on these forums don't seem to realize that improving your credit involves sacrifice...so many people want to keep living the same life that got them into debt in the first place.  You seem to get the message and that is why you have been able to pay down so much debt fairly quickly.  Can you tell us what sacrifices you made to be able to pay off your debt?  I think it helps others to know ways they can change their habits to get a handle on their debts.  When I got in the hole, I got rid of cable, got rid of internet (lived off my phone's 4G), stopped eating out, etc and funneled all that extra money into paying down balances.  I also got a part-time job and that money specifically went to my debts.  I am sure you have probably made similar sacrifices.

Message 34 of 42
Shawn19AL
Regular Contributor

Re: Question

@Cloudburst2000 

I could have treated myself to things that I wanted or needed but took that extra money and paid the debts off. Im the head of the household and have a little one so I try and work OT as much as I can but not to the point that Im never home or tired. If I could work 3 months straight I could pay off a lot more but had to balance it with being home as much as possible.

 

One thing I regret is not understanding credit when I was younger. Im the child of immigrants and they didnt use credit because it wasnt considered something they did or even knew about really.

 

 I have have one collection left but I lost my mom in June and things kinda of took a back seat to that. Im now trying to close on a house and just waiting to see if underwriting will have an issue with the last collection. Id prefer not to have to pay it and use that money towards my closing costs and new items I'll need for the house. We shall see.  Im just waiting for the appraisal to come back so we can get to the next step.

 

 

Message 35 of 42
Shawn19AL
Regular Contributor

Re: Question

Mortgage Scores as of  August 5th 

661(EQ), 679(Trans), 675(EX)

 

Fico 8s

680(EQ), 666(Trans), 684(EX)

 

Fico 9s

642(EQ), 636(Trans), 636(EX)Smiley Mad

 

1 Collection on all 3 CBs

3 Negative Accts showing lates, wont fall off until 2023

Message 36 of 42
Boisvert
Frequent Contributor

Re: Question

I believe collections are balance agnostic, so their balance is not relevant to scoring. What's important is if there is any that are updating monthly.

 

Have you consider tackling the revolving debt prior to tackling the collections? 

My signature is only for inspiration.
  
  
Credit Repair Tracker: Don't get discouraged: 220pts gained to 800!


MYFICO Proud Garden Club Member: 

Message 37 of 42
LaHossBoss
Valued Contributor

Re: Question


@Boisvert wrote:

I believe collections are balance agnostic, so their balance is not relevant to scoring. What's important is if there is any that are updating monthly.

 

Have you consider tackling the revolving debt prior to tackling the collections? 


+1

 

The more you get the balances down to $0 on your NFCU, Disco, and FH accounts, the better for your scores! Especially your mortgage scores. Just remember to leave a few bucks on the NFCU or Disco for AZEO.

 

Aggregate util is important, but individual util is equally important. None of your avcounts are maxxed out (over 88.9%), so that is great, but working your way down on the util ladder will definitely help you.

 

You are getting there! Your hard work is paying off!

 

Who is the last CA with? Is that the last one you were just waiting to fall off your CRs or a new one? Maybe they PFD if it is a new one.




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 4•21 | EQ [F8 651] [F9 645] [EQ5 678] [VS3 630] | TU [F8 713] [F9 684] [TU4 721] [VS3 639] | EX [F8 640] [F9 651] [EX2 655] [VS3 625]
Goal Score: 670 [X] TU


Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 4•21 | EQ [F8 655] [F9 620] [EQ5 677] [VS3 627] | TU [F8 685] [F9 658] [TU4 639] [VS3 625] [VS4 666] | EX [F8 691] [F9 684] [EX2 658] [VS3 642]
Goal Score: 670 [X] TU [X] EX


Take the myFICO Fitness Challenge



Message 38 of 42
Shawn19AL
Regular Contributor

Re: Question

Yes  Now that the last collection is pending I'm working on the disco and navy balances because now i have extra money that isn't going to collections 
overall Util is 28%

 

@Boisvert  @LaHossBoss 

Message 39 of 42
Boisvert
Frequent Contributor

Re: Question

How many collections do you have (paid or unpaid) do you have reporting at the moment and what balances and with who?

My signature is only for inspiration.
  
  
Credit Repair Tracker: Don't get discouraged: 220pts gained to 800!


MYFICO Proud Garden Club Member: 

Message 40 of 42
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.