Rebuilding Questions for the Pros

[Anonymous]

Hey guys and girls 

29 years old and have had my share of issues

Currently in the market for a house ( need some rebuilding to happen first however)

Quick Facts

70k Annual Income

5 Cards at High UTI 

NFCU Rewards 4850/5000

Cap one 701/600  PIF yesterday

Credit one 625/600 PIF yesterday

Merrick 500/600

Cap one 0/300

Affirm Loan 350/2400 no missed or lates  Payment amount 180.

Auto Loan 29,500 Payment at 619. No missed or lates. 

My current thought is to get the CC's Paid down and just wait. Any other suggestions ?

Current score on Karma ( I know not real but coming in around 550)

[Priory_Man]

Certainly getting the CC's paid down is going to help. You will likely see a reasonable jump in score if you could get your overall UTI to below 8.9%.
At least shoot for 30% as your minimum goal, those cards are hurting you big time right now.

[dynamicvb]

Short term it would help if you could also get the Merrick to 0. That would help with your number of revolvers reporting. You may get a bump from paying off the two. The NFCU will need to be paid down across the thresholds to see some decent jumps. That one is at 97% right now and hurting. The Merrick is also pulling you down too, but may be easier to get down to below 8.9% or Zero would be better. Your overall is still above 50% utilization even with the two cards PIF, so if you cross that below 48%, it should be a nice bump too.

I would get the Fico scores and not go on CK as that can be misleading. 

[DIYcredit]

Use your five cc's and installment loan to build monthly on time payments.Learn the azeo method before your mortgage app.Keep your oldest cc open and don't open any credit acct's that you don't need.You could pay the installment way below 10% right before your mortgage app.GOOD LUCK...

[Anonymous]

Agree with what everyone has said about paying the balances down. As previously said, Merrick would probably be easier to pay off, but your NFCU needs to be paid down a lot to see a significant bump. Stay on top of them & keep building on a solid payment history. What baddies are on your reports that are huring your scores?

Make sure you build good habits for using your CCs. Don't use them to buy things with money not yet earned. Make sure you have the money saved up, use the cards as a convenience or to get rewards points, and then PIF. Best thing I ever did was make a written budget where I could track all my spending. Helped me tremendously...

[FireMedic1]

While your at it. You can pay off the Affirm loan too. You already have 1 installment with the car loan. More installments dont do much for FICO except payment history. One is good enough. Good Luck!

[800FICOGoal]

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@Anonymous wrote:

̶C̶̶r̶̶e̶̶d̶̶i̶̶t̶̶ ̶̶O̶̶n̶̶e̶  625/600 

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Now that its paid off, I would get rid of that Credit One card. You already have more than enough revolving & installment accounts to optimize FICO. 

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@Anonymous wrote:

Any other suggestions ?

Current score on Karma ( I know not real but coming in around 550)

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A good rebuild starts with knowing your exact FICO scores.