Trying to rebuild but scores are NOT moving...Help!!!

[Tabou82]

I’ve been trying for the last year to boost my credit score and it seems like the needle isn’t moving so if anyone could provide some advisement, I’d greatly appreciate it.  I make about $64k annually and am currently being considered for a job offer that would place me close to $100k annually. My goal is to purchase a moderate car (now) and house (beginning of next year). Currently using CCT and my scores are as follows: EX(592)/TU(587/EQ(589) – not sure how to start moving these scores up. I read so many success stories on here but my story is stagnant. 

The Good…  

2 Capital One Credit cards – 1 QS1 recently pc’d to a QS - $3,500 limit/$700 balance - never late or over the limit

                                                    1 Secured Plat - $500 limit/$0 balance  - never late or over the limit

The Bad…

Midland Collection – scheduled to fall off in Aug. ‘16

Sallie Mae (private loan) CO – plan to settle in July for ½ but scheduled to fall off in April ‘18

Capital One CO – non-collection and still reported by Capital One. Tried to PIF but Capital One declined however scheduled to fall off in April ‘18

The Ugly….

Santander Repo – bunch of lates and eventually a repo from Sept. 2014 that is scheduled to fall off in 2021 – I ended up settling with them to pay $6k over 17 months and I’m currently paying on time. However, two CRAs are reporting this account as closed with payments on time while the other is reporting open as payments on time. Is that appropriate?  Once I make the final settlement payment, I will GW them to death and ask for early removal. They had some blunders with this account which is what led to them agreeing to a settlement so low.

Need:

Due to the repossession, I’ve been renting a car and the rental rates are starting to become outrageous due to the summer vacationers. Even with my Costco discount, my last monthly rental was $1k when I previously could rent for $500/monthly.

I would like to purchase a moderate car (think 2015 Nissan Altima) pretty soon but not sure if I can get financing with the repo.

Also, I’m currently banking with Chase but will be opening a NFCU account this month as my sister is already a member and will sponsor my membership.

Want:

As I mentioned earlier, I would like to also purchase a house at the beginning of next year so I’m looking to move my scores as high as possible to support that initiative. Can anyone tell me what I'm (currently) doing wrong? 

Thanks everyone!

[RonM21]

On the collections, I'd try to see if you can't get a PFD. Those are part of what is killing your scores. On the credit card side, only let one card report a balance of 1-9% of your total overall credit each month, with the others reporting zero.

Unfortunately, there is no help for Santander. They do not GW at all. At least since 2011 from what I've read on here. They are my only baddie of a couple 30 day lates on a paid loan from 2010. They ignore the GW requests. You can still try though.

[Anonymous]

Call TU and EX and ask for an EE on the Midland CO. You fan try EQ also but the probably won't do it until next month. Get another CC (secured if necessary). You get dinged if 50% or more of your cards report a balance which is what's happening here. Another card will remove that and will help your scores go up.

[Anonymous]

Let me say sorry I don't mean to hijack your thread mods if you feel so please delete or move. Just a quick question for Rmduhon27, what do you mean get dinged if 50 percent or more of your cards report a balance? Does this still come into play if you're under the 30 percent utilization?

[Anonymous]

My $.02 for what it's worth.....When you are trying to dig yourself out of a financial hole, a 2015 car--of really any model--is not a moderate choice. I would be looking at 2005-2009 cars. And that doesn't mean you have to get a junker.  Last year I purchased a 2008 Audi A4 convertible  for under $8k, and I feel like I am in total luxury--and I am.   I agree you need to get away from the costly rentals, but if you absolutely cannot get any bank financing (which may be a real possiblity with the repo so soon) you can go to a buy-here/pay-here place and pay far less than you are for the rental.  Yes, the terms will stink, but they are better than renting.  Then you can be putting that additional money towards paying off your old debt and soon be able to get the car you really want.  

[Anonymous]

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@Anonymous wrote:
Let me say sorry I don't mean to hijack your thread mods if you feel so please delete or move. Just a quick question for Rmduhon27, what do you mean get dinged if 50 percent or more of your cards report a balance? Does this still come into play if you're under the 30 percent utilization?

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Yes. This is why its recommended to have more than three revolving accounts. That way you can have fewer than half of your accounts showing a balance, but still show credit usage on at least one account.

[Tabou82]

Not a problem at all! I'm confused as well - i thought as long as the UTI was under a certain % (in my case it's 20% which I know isn't 1%-9%) but the other card was at a zero balance then I was fine. Is it because I only have the two cards? Good grief, I was trying to keep from getting any more inquiries lol

[Anonymous]

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@Anonymous wrote:

My $.02 for what it's worth.....When you are trying to dig yourself out of a financial hole, a 2015 car--of really any model--is not a moderate choice. I would be looking at 2005-2009 cars. And that doesn't mean you have to get a junker.  Last year I purchased a 2008 Audi A4 convertible  for under $8k, and I feel like I am in total luxury--and I am.   I agree you need to get away from the costly rentals, but if you absolutely cannot get any bank financing (which may be a real possiblity with the repo so soon) you can go to a buy-here/pay-here place and pay far less than you are for the rental.  Yes, the terms will stink, but they are better than renting.  Then you can be putting that additional money towards paying off your old debt and soon be able to get the car you really want.  

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I tend to agree here. I would also suggest looking at getting an inexpensive used car, for around $10K or so. Pay it off in a couple years, then you'll have something to trade in when your in a better position credit wise.

[Tabou82]

Ugh not what I wanted to hear - but thanks for the reply! I really dread going to a buy here/pay here because I feel like I'm going to have multiple issues with car I have no history with which was the issue with the repo. The note was extremely high AND the car needed tons of repairs. I'll think about it though - thanks for the suggestion. 

[Tabou82]

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@Anonymous wrote:

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@Anonymous wrote:
Let me say sorry I don't mean to hijack your thread mods if you feel so please delete or move. Just a quick question for Rmduhon27, what do you mean get dinged if 50 percent or more of your cards report a balance? Does this still come into play if you're under the 30 percent utilization?

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Yes. This is why its recommended to have more than three revolving accounts. That way you can have fewer than half of your accounts showing a balance, but still show credit usage on at least one account.

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  Do you think it wise to apply for another Cap1? ...I have two with them already. One just pc'd to a QS from a QS1 - is the QS now considered a prime card?