AZEO and Going from 1 to 3 CCs - Zero impact on score.

[Anonymous]

Interesting week for me.

AAOA 7 years; AoOA 12 years; AoYA 0 Months

My Discover (CC#3) finally reported for the first time this week. I have no usage so it just says date opened and account active at the moment.

My Chase (CC#2) (Util 6%) reported last week and there was a 1 point loss. Probably from AoYA going from  6 months to 0.

My BoA (CC#1) Util 1% was PIF yesterday and now reports 0 balance.

So now I have 3 CCs reporting and only 1 with a util of 6% and throughtout all these, arguably positive actions I have:

a Decrease in FICO 8 on EX of 1 point

a Decrease on TU of 11 points.

On Monday 1 Negative closed account (Past SL that has now been rehabed) Dropped off my report giving me a 7 point boost!

 I now only have 1 Negative account remaining and will GW the heck out of it soon.

I should add that I have 2 school loans that have rehabbed and were purchased by Suntrust. Which have not yet reported. So for now I have no active installment loans but come March 1st they will report so my credit mix should get a bump?

If anyone has some feedback or ideas as to why the score isn't being affected by the actions taken or has any inclination as to how the score will be affected over the next few months I would be very grateful for you to share.

[Anonymous]

Perhaps a mod could move this to the Rebulding thread?

[HeavenOhio]

I think your scores will increase once the dust settles. For now, I'd surmise that the new accounts are offsetting your responsible usage.

Be aware that when you pay your Chase balance, they'll report zero whenever you pay to zero. That's a generous policy that can work to your advantage. But all cards reporting zero will ding your score, probably to the tune of 20 points or so. Moving forward, it's probably easiest to keep a small balance on a card that isn't from Chase. Doing that will have your Chase card working for you instead of potentially against you.

[Anonymous]

Thanks Heaven,

A Chase rep relayed a few courtesies they provide, one of which is the ability to report new balances at will if I call and speak to someone personally. I didn't know they reported zero balances immediately so that is good to know.

I'm hoping the needle moves up soon. I'm a bit taken aback by slow uphill momentum.

[Anonymous]

Natural score growth outside of a drastic utilization change or payment history change is indeed very slow.  It's best to try and not stress about it too much.  It's like looking at a clock every few minutes; it only makes it seem like time is going slower.  Or, it's like someone on a diet taking their weight every morning.  It can get discouraging, so it's best you think more in months rather than days/weeks.  Just my opinion.

[Anonymous]

Thanks BBS,

I just found out this afternoon that the last negative account is falling off my report at experian this week which was really unexpected. I spent a couple hours today on the phone with the schools loans office where they told me the school policy was to not remove anything from reports until the 10 year mark from last payment. Somehow, someone did something amazing and it looks like it's comming off. So, in the next 48 hours I may just have a totally clean record.  If that is the case i think THAT should bring a little boost to my score! Crossing my fingers.

[Anonymous]

What is the severity of the negative item coming off and how old is it?

You could stand to gain something to the tune of 60-80 points here...

[Anonymous]

it was a $2705 loan from 2012. 30, 60, 90, 90, 90 and then failed to pay every month of every year until july 2017 when I payed in full.

Not sure how severe that is but I think this is weighing down my scores quite a bit.

[Anonymous]

It sounds like it was still being reported as a major negative as recent as last July then?  If that's the case, I'd say it's removal is good for about 80 points assuming you have no other negative items present.

How do you know this account is being removed?  Since it was open less than a year ago, it would be expected to have this account around for another 6 years or so. 

[Anonymous]

I spent the day on the phone with the various departments of my alma mater pleading my case and falling on what I thought were deaf ears. But a few hours later, while on the phone with Experian to see how long that account would report, the agent said "we have an update for today that shows that that account is due to fall off tomorrow" I was obviously incredulous and went over every item on that account to make sure we were discussing the right one. After a thourough check, it seems the account is now taken off my experian file which will update on the platform in the next 24-48. I still won't believe it until I see it but it sounds real...