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Words of Wisdom

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shannonharvey
Member

Words of Wisdom

Hey All,

I’m relatively new here and thought I would send a message out to introduce myself and at the same time ask for some opinions on how I can improve my score. Currently, I have about 30 subprime credit cards 3 of which are not in that category…..

I mostly practice the AZEO method and am in the 3 to 4 percent utilization bracket. My scores are 604, 631, and 649…..I’d like to move well into the 650’s and above (hopefully into the 7’s) but I’m not seeing much movement…..

I have a couple of negatives that I expect to fall off in the next year or so, I have a car loan that I’ve never missed a payment on, a 6k personal loan that will be paid off in 3 years, no real estate or major purchases planned and I’m incredibly careful as to how I use my credit.

Can any of you offer up any advice on how I can improve my score?..... I would like to buy a home and want to get the best rates that I can…and if I can do better than where I am I think that would be great.

Message 1 of 11
10 REPLIES 10
JoeRockhead
Senior Contributor

Re: Words of Wisdom

What kind of negatives are they, how old, and how many exactly?  What's your DTI? Aside from the negative items being reported, if you're carrying too much unpaid debt (loans, plus credit card debt) and/or have a higher DTI ratio this could be suppressing your scores. 

Message 2 of 11
BallBounces
Valued Contributor

Re: Words of Wisdom


@JoeRockhead wrote:

What kind of negatives are they, how old, and how many exactly?  What's your DTI? Aside from the negative items being reported, if you're carrying too much unpaid debt (loans, plus credit card debt) and/or have a higher DTI ratio this could be suppressing your scores. 


In addition to what Joe said, I would also start by asking what scores specifically you are referring to.

 

To be very helpful, we need to know specifics on tradelines, limits and balances.

 

You are in the right place, Smiley Wink

021725:     


FICO 08 scores are listed and are still undergoing a bit of rehabilitation.
Message 3 of 11
shannonharvey
Member

Re: Words of Wisdom

I may have written a little too soon as just a few moments ago I logged back in and saw that my Equifax jumped 111 points to 715 , and in logging into my Experian shows a score of 715 as well (I’m pleased). As far as my negatives go, I have a 30 day late on my Experian report from 2021, the same on my Equifax….the major holdout appears to be with my Transunion with an old collection showing there which I’m currently trying to get removed.  As far as my tradelines go, I have about 40K in limits and am using very little of it. I pay whatever I use off within 30 days of charging it.

Message 4 of 11
shannonharvey
Member

Re: Words of Wisdom

I just refreshed my 3 bureau reports and see that my transunion score jumped 19 points as well to 650. if I can get the collection removed I would hope I could see some gains there as well

Message 5 of 11
JoeRockhead
Senior Contributor

Re: Words of Wisdom

Good news on the increased scores... I wasn't talking about your utilization.  I was talking about unpaid debt which accounts for 30% of your score. While credit card debt is also factored in this category, what I was asking was what your Debt to income (DTI) ratio was being you have several loans (installment debt). 

Message 6 of 11
shannonharvey
Member

Re: Words of Wisdom

okay I understand. In reviewing my reports it appears as though I have about 10k in negative balances reporting, which I think it slotted to age off in about a year. In terms of my DTI I don't know how to determine that but I have less than 1K in credit card debt, a 6K loan, and a car payment and nothing current is in the arrears.

Message 7 of 11
KatzNDawgs
Regular Contributor

Re: Words of Wisdom

For DTI, what is the total minimum monthly payments of rent/mortgage, any loans, and CCs divided by monthly income?

Message 8 of 11
IcyCool7227
Frequent Contributor

Re: Words of Wisdom

You will want to close most of those subprime cards as your score is high enough for them to have served their purpose unless there's some exclusive rewards, like I get with my Mercury Rewards Visa for 5% gas and grocery. Why do you have so many cards?

As of: 1/10/25:
EQ: 798 (prev. 794 on 12/19/24; prev. 781 on 9/20/24; 747 on 8/7/24; 781 on 7/1/24; 785 on 3/28/24. 778 on 2/6/24; 773 on 1/26/24; 750 on 1/7/24; 626 on 6/7/23 & 652 in April 2023) - FICO 8
EX: 769 (prev. 767 on 10/26/24; 751 on 9/20/24; 729 on 8/7/24; 752 on 7/1/24; 761 on 755 on 2/6/24; 753 on 1/26/24; 732 on 1/7/24; 643 on 6/7/24; 619 in April 2023) - FICO 8
TU: 768 (prev. 771 on 12/3/24; 756 on 9/6/24). - FICO 8.

Old TU - Credit Karma: 806 (prev. 782 on 12/19/24; prev. 759 on 7/1/24; 748 on 2/6/24; 744 on 1/26/24; 689 on 1/7/24 ; 654 in April 2023) - CreditKarma

Have:
- Amazon Prime Store Card: $10,000
- Capital One SavorOne Cash Rewards: $3,300
- Chase Freedom Flex: $1,000
- Citi Double Cash: $8,000
- Citi Rewards +: $5,800
- Discover it Cashback: $2,600
- Kohl’s Charge: $3,000
- Mercury Rewards Visa: $4,390

- Super Cash: Limit varies based on debit balance - doesn't show up in accounts anymore though on CRs.
Message 9 of 11
shannonharvey
Member

Re: Words of Wisdom

My DTI appears to be around 55 percent, a little high but I don't spend more than I can afford. As far as the subprime cards and why I have so many....my goal was and still is to build my credit and improve my score and I'm concerned that if i start closing cards my score will plummet.

Message 10 of 11
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