What is the amount on the CC? That will count as 100% utilization so it is hurting. Is it updating each month or has it been a while since it updated? I would think the thing that is holding you back the most is the 120 day lates, those are major and hurt the entire time they are on a report. List out your reason codes for what is hurting your scores. Those flow from what is hurting the most to the least. That will give you an idea, my guess is few accounts in good standing will be in the first or second position, which could point to the lates or the charge off.
@Anonymous wrote:I started with Experian FICO of 622 with three dings (two mistakes and one ex-wife...) I think Transunion is 665 and Equifax is over 700- broker said the average was about 669?
Credit Mix-Very Good
Amount of new Credit-Very Good
Credit History Length-Very Good
Amount of Debt-Very Good (Experian is good because amount CO on USAA card is included as part of the %)
Payment History-Good
I have a lot of good credit, car loan, revolving (below 5% utilized), paid off student loans, 18 years history
Ding 1- I had a medical bill reported in collections, called the practice and they apologized for their mistake and removed it next day (VA is slow paying..) Cool
Ding 2- I had a couple of my student loans show 12 or so 120+ in 2013-2014. They removed 9 of them (so far) because of the loans were paid off mid-2013 LMAO. Again, their error. It originally showed paid in full, in collections as status with zero balance, changed that to transferred when removing most the 120+ . Until the last one falls off. That will be a crutch. Once they're all gone. THEN you'll see a score rise! Just 1 120 day late is almost as bad as a BK. Hurts for the full 7 years. Just spoke to them and they said the rest should be removed also.
Ding 3- Charge-Off USAA Credit card in June 2013. Divorce decree assigned CC debt to the ex, she declared bankruptcy 2 days before the divorce (told bankruptcy court she was divorced and didn't tell divorce court about bankruptcy) Its USAA and my attorney contacted them in 2013 and told him they would look into it. No results yet. Call the attorney again. Make sure they are following up on the case.
Anyways, my FICO is still 622 after the only ding since 2014 removed and student loan ding mostly removed.
What do I do? I want to buy a house in August. Does her CC CO hurt that much? USAA says divorce decree is invalidated by prior bankruptcy, and it's not their fault that she mislead the court. That it was my responsibility to file with the bankruptcy court (I was not even notified). Yea I know she broke multiple laws but didn't know until after it was too late.
Like I said in a previous post, I'd happily pay it off but USAA says no PFD.
Sorry, rambling.
q1- why didn't fixing most the errors move the score? Is it all USAA, a three-month-old collection and 6-year-old student loan don't change anything?
q2- Any other recourse anyone can think of to work with USAA? I mean, paying a debt that legally isn't mine to pay ought to mean something but its USAA... It's 10-20 times cheaper to pay than sue if I could even sue after 6 years?
If I want to close in August, I really have about one month to resolve this and raise the 622.
Thank you!
Work on the attorney and getting the incorrect entry on your reports fixed with USAA. Disputing wont do any good for now. They should work on it. You paid them to do your BK. They should follow thru. I get a call from my attorney each year that is everythng ok. Good Luck!
@Anonymous wrote:it updates every month. only 10% utilized per worse (experian)
Where can I find the reason code for what is hurting my report?
Thank you!
It varies by where you are getting your scores. For MyFico, if you click on the score in the dashboard and scroll down you will see them. I think its the same on Experian credit works, but not positive since I don't have a subscription there.
If the card is updating every month then it is staying fresh and not aging. I would take Firemedic's advise and follow up with the lawyer to get it off your report.
Well as you said above. Looks like it would be an expensive hassle to go after the ex. I'd say just pay it so it a stops reporting a balance for one. I'd gather up all the proof of the ex's violations and mail it in to USAA. Maybe worth a shot having someone read the documents than a voice on the phone or email. Doesnt hurt to try. Otherwise it will fall off in time. Wish I had a better answer. But not much left to work with really. You got the shaft in the whole deal. Sorry.
First, check your FICO 5, 4, and 2 scores - those are usually what are used for mortgages, rather than FICO 8 or 9. MyFICO can provide all those scrores for you. That's probably why your broker told you your median was slightly different than what you thought, because you were looking at FICO 8 (or something else) and he was looking at FICO 4, the score mortgage brokers usually pull from TU.
Anyways, 622 seems like a very low score if the only baddie on your report is a 6 year old CO credit card.
For a data point, my report has 8 CO's on it currently that are all only 1-2 years old, my only open credit card that is on my report currently is maxed out (I have 3 new cards but they haven't reported yet), and still my scores are all higher than 622. So something seems wrong to me. I would double check that there aren't any open collections or public records on that report.
Total Loan Balance: $43k / $65k
Total SL: $78k