@Krazarr wrote:
Credit Snapshot
Help! I’ve been trying to fix my credit and increase my scores but they will not move. To be fair, I’ve always had bad credit. Credit cards stayed maxed out for the most part up until September 2020. Below is where I currently stand. I feel that I will always be around this mark due to the high balance on my student loans although I don’t have any late payments on my credit report outside of 1 old paid charge off on Equifax, Transunion, and Experian.
My student loan payments have been pretty small over the past 4 years due to IDR, and even though they are paid on time, the balances never decrease and I think that is hurting my score. I recently changed jobs and make between 90-120k a year. I have just started to get approved for loans/credit cards but limits are very low. I have an avg of 4 inquiries amongst all three bureaus. I’d like to obtain a credit card with a high limit 10k plus and reach 750+ among the three bureaus. Please any advice you could give would be greatly appreciated!!!!!
Credit Cards
Apple Card $1,500 limit - $0 balance
Barclays Apple Rewards $5,600 limit - $0 balance
Comenity Bank/Express (Store Card) $1,800 limit - $0 balance
Comenity Bank/Helzberg (Store Card) $1,300 limit -$0 balance
Comenity Bank/Gamestop (Store Card) $500 limit - $0 balance
FSB Blaze $2,250 limit - $0 balance
Synchrony Bank/ Care Credit $3,300 limit - $0 balance
Synchrony Bank/ Home (Store Card) $2,500 limit - $627 balance
TDRCS/Samsung $1,200 limit - $0 balance
Brand New Approvals
Capital One Venture - 3k limit no balance
Discover It - 3k limit no balance
Revolving Accounts
Dept of Education/Nelnet Student Loans - 21 individual accounts totaling $112k. All on time payments
American Airlines Credit Union - $9,000 loan, $8,100 balance
I also have a few closed revolving accounts that have been paid in full including auto loan and a few 2 year loans
Average Credit Age 7 years 2 months
Oldest account 14 years
Derogatory
JPMCB Auto Loan Paid Charge off less than full balance
Scheduled to fall off 08/2021 Experian 11/2021 Transunion 12/2021 Equifax
Fico 8 Scores
Equifax 693
Transunion 724
Experian 696
Frequent reasons for denial for credit limit increases
Lack of real estate secured loan information
Balances on accounts too high compared to credit limits and loan amounts
Too many revolving accounts with high balance compared to credit
Serious Delinquency
Too many accounts with balances
Credit history short
Well look at the denial codes.
You said you paid your cards off and it looks like it.
Did you get these denial reasons before or after you paid down your cards and they reported to the bureaus?
The SLs are not are what are holding you down. What is holding you down most is the paid charge off. I can almost bet you will see your scores shoot up after that.
Also, if you acquired most of these cards recently, it is time to slow your roll. 4 pulls/bureau is up to 12 requests for credit in the last 2 years. In the denial reasons it lists short credit history. While your student loans boost the age of accounts, I often found they are referring to revolving credit (credit cards). I bet if you stop apping and let your accounts age, get that one credit card under 30%, and let that charge off age off, you would be not only surprised to see your scores pop up, but your chances of apprival for a better card with a better limit!
Too many apps and new accounts make creditors nervous, especially in the times we are in now. You may not have a lot of denials, but you are stuck in low limit purgatory. Just a sign to be patient. You even just got 2 new approvals. You need to stop and wait. Every new account will lower you age of accounts and in turn your scores. You have lots of credit products and more credit does not necessarily equal better credit.
To be honest your scores are not horrible. Hang in there and if you are on track with IBR on your SLs to get the remaining balance forgiven or PSLF, then do not go crazy trying to pay them down. Installment loans will not give you the boosts you seek. A clean credit report (no derogatory accounts) with low utilization of your revolving credit (individual and combined) and time/patience (the most difficult part) is what will get you where you want to go.
Also, credit cards are revolving accounts. Installment loans are any type of loan - student loans, personal, auto, etc.
Good luck!
