Rebuilding Advice?

[Liz8888]

Hello,

I am new to the forums and I am looking for advice as far as my credit goes. Starting at the beginning, I had multiple credit cards and let them charge off. I bought a home and it's been 7 years since then. I paid off the closed cards and all collections about a year ago. My FICO is 683 now. My transunion, equifax and experian are all around 700-705. 
Here is my current credit layout. 

1. Kohls (Capitol 1): SL-$300 CL-$5,000 Balance-$0

2. 53 Platinum-SL $200 Balance-$-7

3. Amex Blue Cash- SL $6,000 Balance-$0

4. Discover IT- SL $10,000 CL $14,500 Balance-$3,500

5. Discover BT- SL $5,500 Balance-$2,907

6. Capitol One QS- SL $300 CL $2,500 Balance-$105
7. Amazon Prime card: SL-$5,500 Balance-$600

Income $80-100k

I have a mortgage (never missed a payment), student loans (never missed), auto lease (never missed), and one personal loan SB $10k now $8k (never missed). 
I did miss payments on my cap 1 card irresponsibly 3 years ago but haven't missed since then. My derogatory marks are credit length (7 YRS.) and the missed payments from 3 years ago. 
I'm paying off one of the larger cards at the beginning of the year. The Amazon balance will be paid off this pay cycle. 
tips/thoughts?

[cashorcharge]

Congrats on your progress

Those high balances in relation to the CL with Discover are hurting your score a bit and once they get paid down, you'll be in a better position to see your score rise.  Don't accidentally pay off ALL your cards though or you'll get an ALL ZERO penalty.

Discover, AMEX, CAP 1 and Chase may entertain SP CLI's if it's been a while since your last.  You may have some success there increasing your overall limits and utilization.

[Liz8888]

Thank you, 

My Fico 1 year ago was a 650- so it is increasing little by little. 
The Cap 1 card recently got raised by $500 about 6 months ago, the Amazon card I've had about 8 months and no increases or decreases, the discover got raised probably a year or more ago and I've it since 2018, and Amex I haven't asked- don't use very often. 
Would another card benefit or hurt? 

appreciate the advice- the discover balance should decrease immensely by 3/2024

[FireMedic1]

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@Liz8888 wrote:

Hello,

I am new to the forums and I am looking for advice as far as my credit goes. Starting at the beginning, I had multiple credit cards and let them charge off. I bought a home and it's been 7 years since then. I paid off the closed cards and all collections about a year ago. My FICO is 683 now. My transunion, equifax and experian are all around 700-705. 
Here is my current credit layout. 

1. Kohls (Capitol 1): CL-$5,000 Balance-$0

2. 53 Platinum-CL $200 Balance-$-7

3. Amex Blue Cash- CL $6,000 Balance-$0

4. Discover IT- CL $14,500 Balance-$3,500

5. Discover BT- CL $5,500 Balance-$2,907 52%

6. Capitol One QS- CL $2,500 Balance-$105
7. Amazon Prime card: CL-$5,500 Balance-$600

Income $80-100k

I have a mortgage (never missed a payment), student loans (never missed), auto lease (never missed), and one personal loan SB $10k now $8k (never missed). 
I did miss payments on my cap 1 card irresponsibly 3 years ago but haven't missed since then. My derogatory marks are credit length (7 YRS.) and the missed payments from 3 years ago. 
I'm paying off one of the larger cards at the beginning of the year. The Amazon balance will be paid off this pay cycle. 
tips/thoughts?

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Welcome @Liz8888 

You'll want to get Disco BT below 28%. Also get all you cards paid off so its less than 50% reporting. 5 out of 7 have balance. Since you have a mortgage. Then payoff the personal loan. The mortgage will count as your credit mix. More loans dont help anything. The killer out of all of it is the high util on Disco. Then let time have the baddies fall off as you pay down the debt. Then you'll be much better.

I deleted the starting credit lines. Doesnt mean much for now.

[Liz8888]

Got it, I'll work on the discover section first  and check back in. 

would another card worn higher utl make it worse or strictly focus on the discover balances for a bit? 

thanks.

[spiritcraft1]

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@Liz8888 wrote:

Got it, I'll work on the discover section first  and check back in. 

would another card worn higher utl make it worse or strictly focus on the discover balances for a bit? 

thanks.

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Depending on what you are eligible to join, a CU may be a good move. Any way into NFCU?

[Liz8888]

Spirit- 

I'm not military or know any military members so I won't qualify for that CU-

[GZG]

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@Liz8888 wrote:

I did miss payments on my cap 1 card irresponsibly 3 years ago but haven't missed since then. My derogatory marks are 

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what are the missed payments exactly, how many and how severe? 

30, 60, 90 is different than 30, good, good, good, 30, good, good, good, 30 

regardless, work on getting those balances paid down and you're doing quite well. 

ask for those CLI's, they will improve your score slightly to have a better utilization %

[Liz8888]

All-

I have currently 21 tradelines, 18 are green, 3 are red. 2 are capitol one cards that had miss payments in 2020- 3/2020,8/2020,9/2020. (had a baby in March/was not working) The other red was my one charged off cc that was settled/closed and I thought removed from my credit report. 

thanks,

[Liz8888]

Question 

which should I ask for increases?