I just thought I would provide my example for the forum. This is a follow up to my other post, because now all credit cards have reported the new balance
I did a CC consolidation loan through prosper last month. I paid off all of my credit cards, about $4000. My utilization went from 70% to 9%. The prosper loan doesn't show up on the credit reports (at least, not yet). All CC's have reported 0 balance, except for the one with 9%.
The result: only a 15 point jump in both of my scores on myfico.
I don't know why, but I thought there would be a major score jump. I do know that I am totally frustrated now and my credit scores are out of my hand. I have paid off everything, including old baddies and my utilization is low. The only thing i can do is wait. What's weird is, I've read other posts where people are post BK and have scores in the 700's. My baddies are almost 5 years old and I can't seem to get out of the mid 600's.
What gives?
@shasta wrote:I just thought I would provide my example for the forum. This is a follow up to my other post, because now all credit cards have reported the new balance
I did a CC consolidation loan through prosper last month. I paid off all of my credit cards, about $4000. My utilization went from 70% to 9%. The prosper loan doesn't show up on the credit reports (at least, not yet). All CC's have reported 0 balance, except for the one with 9%.
The result: only a 15 point jump in both of my scores on myfico.
I don't know why, but I thought there would be a major score jump. I do know that I am totally frustrated now and my credit scores are out of my hand. I have paid off everything, including old baddies and my utilization is low. The only thing i can do is wait. What's weird is, I've read other posts where people are post BK and have scores in the 700's. My baddies are almost 5 years old and I can't seem to get out of the mid 600's.
What gives?
Your baddies put you in a risk bucket that limits the range of your credit score. The score you currently have is close to the maximum you can achieve while those baddies still stay on your report. Post-BK high achievers generally have had the BK record dropped from their report either by waiting or by writing goodwill letters. Do you know of an exception?
