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Need help from someone who is credit savvy

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Anonymous
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Need help from someone who is credit savvy

Hello!

I’m looking for someone who is very knowledgeable about credit to give me advice if they can. I’m looking to boost my score (goal is 700+) but I can’t seem to get it past 650, even when credit cards are at 0% utilization. I can give more info but will
Hold off until someone replies as I don’t want to type out everything unnecessarily.
13 REPLIES 13
Anonymous
Not applicable

Re: Need help from someone who is credit savvy

Without details you're not going to get anything solid, I will guess that you need to get negative items removed and make sure at least one of your cards reports a small balance, you're leaving about 15-20 points with all cards reporting $0 (0% utilization).
Message 2 of 14
Anonymous
Not applicable

Re: Need help from someone who is credit savvy

First, thank you! I have more questions.

-What percentage utilization should I aim for?

-I have past negative items but no current negative items. Other than medical bills I haven’t had a negative account in about/or over 2 years. I had two medical bills totaling $1200 that I paid off in September ‘18.

-I’ve read about contacting lenders and negotiating to have negative remarks knocked off but I haven’t because it doesn’t sound likely. Does that really work?
Message 3 of 14
Anonymous
Not applicable

Re: Need help from someone who is credit savvy

I don’t mind giving details. Just need to know what details are needed.
Message 4 of 14
Anonymous
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Re: Need help from someone who is credit savvy


@Anonymous wrote:
I don’t mind giving details. Just need to know what details are needed.

1. Where are you getting the score?

2. Average Age of Accounts (AAoA), Age of Youngest Account (AoYA) and Age of Oldest Account (AoOA). Including open and closed accounts.

3. List of all your open cards, opening date, balance and limit.

4. List of Installment accounts, current and original balance.

5. List of all negative items, paid/unpaid collections, late payments...etc.., as long as it's on the report, doesn't matter current or past, they all count.

Message 5 of 14
Anonymous
Not applicable

Re: Need help from someone who is credit savvy


@Anonymous wrote:

-What percentage utilization should I aim for?

-I have past negative items but no current negative items. Other than medical bills I haven’t had a negative account in about/or over 2 years. I had two medical bills totaling $1200 that I paid off in September ‘18.

-I’ve read about contacting lenders and negotiating to have negative remarks knocked off but I haven’t because it doesn’t sound likely. Does that really work?

Ideal utilization percentage would be anything in the 1%-8% range.

 

I'm not really sure what you mean about past verses current negative items... perhaps you mean closed accounts verses open ones?  Negative items have equal (adverse) impact on your scores whether they are on open accounts or closed accounts.  The 2 relevant factors are the severity of the negatives and how long ago they happened.

 

Yes contacting lenders for things like PFDs and GW adjustments can work.

Message 6 of 14
Anonymous
Not applicable

Re: Need help from someone who is credit savvy

1. Credit Karma (TU 598, EQ 600); Creditwise (598)
2. AAoA 1 year, 10 months; AoYA 8 months; Open AoOA 4 years, 2 months; Closed AoOA 10 years, 5 months
3. Cards:
•Indigo, 2/20/18, 0/300
•Cap 1, 12/26/18, 960/1000
•Merrick, 12/28/18, 1250/1300

(All were at 0 in October but I was discouraged and now they’re up again; I have ability to pay them off now but based on score simulators I don’t see the point)

4. Student Loans 144,685 (current)/139,998 (original) (have two grad degrees, consol federal loan on repayment plan)

Mortgage 64,680/70,000

Car payment 8,400/21,000

5. •10 -30 day past due reports prior to October 2016
* 5- 30 day past due reports prior to January 2017
* Charge off of $1,256 on credit card July 2016
* Two medical accounts totaling $1200 paid off in Sept.; reporting since
* Credit card reported 30,60,90 between Dec 2012 & Feb 2013
* Car charged off $766 May 2015 (was co-signer on car and bank didn’t do due diligence at all; They didn’t contact me and I had no clue as I didn’t live with the person anymore. I was literally having my paychecks direct deposited so they could’ve taken the $700 for all I cared. They’re also the owner of the charged off credit card above. My relationship with them went down the drain after this situation)



That’s everything you asked for
Message 7 of 14
NRB525
Super Contributor

Re: Need help from someone who is credit savvy

To clarify, when giving “details” here, it should be strictly generic.
For example,
Capital One Quicksilver $500 owed $2,000 limit, opened 1/2016
Listing out all your cards in this way gets people here a sufficient view to your situation to provide useful specific advice. The advice will follow.

If a late payment, it is affecting your score until it drops off or you manage to get it deleted early from your file. Listing out all lates is important to understand scoring as well.

Credit Karma will mislead you by thinking lates more than two years ago don’t matter, but sadly they do matter. CK also gives you Vantage scores which are differently calculated from FICO 8, which is the most common score compared here.
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 8 of 14
Anonymous
Not applicable

Re: Need help from someone who is credit savvy

Thank you for your help! I’m new here so it’s much appreciated.
Message 9 of 14
Anonymous
Not applicable

Re: Need help from someone who is credit savvy


@Anonymous wrote:
1. Credit Karma (TU 598, EQ 600); Creditwise (598)
2. AAoA 1 year, 10 months; AoYA 8 months; Open AoOA 4 years, 2 months; Closed AoOA 10 years, 5 months
3. Cards:
•Indigo, 2/20/18, 0/300
•Cap 1, 12/26/18, 960/1000
•Merrick, 12/28/18, 1250/1300

(All were at 0 in October but I was discouraged and now they’re up again; I have ability to pay them off now but based on score simulators I don’t see the point)

4. Student Loans 144,685 (current)/139,998 (original) (have two grad degrees, consol federal loan on repayment plan)

Mortgage 64,680/70,000

Car payment 8,400/21,000

5. •10 -30 day past due reports prior to October 2016
* 5- 30 day past due reports prior to January 2017
* Charge off of $1,256 on credit card July 2016
* Two medical accounts totaling $1200 paid off in Sept.; reporting since
* Credit card reported 30,60,90 between Dec 2012 & Feb 2013
* Car charged off $766 May 2015 (was co-signer on car and bank didn’t do due diligence at all; They didn’t contact me and I had no clue as I didn’t live with the person anymore. I was literally having my paychecks direct deposited so they could’ve taken the $700 for all I cared. They’re also the owner of the charged off credit card above. My relationship with them went down the drain after this situation)



That’s everything you asked for

1. Credit Karma and CreditWise both use VantageScore 3.0, not FICO scores, meaningless because barely any lenders uses them. You need to get hold of your FICO score first and for most, $1 trial at Experian will get you that immediately, just make sure you cancel within trial period.

 

2. I'm assuming you got AAoA from CK so it's incorrect because it only includes open accounts, FICO considers both open and close accounts, you will see your true AAoA with the Experian $1 trial. Your AoOA is 10 years and 5 months.

 

3. Your aggregate utilization is 85% and individual utilization (highest card) is maxed out, 50+ FICO points (not CK scores) is conservative estimate if you pay each down below 8.9%. Not to mention you should never carry balance and pay interest when you're able to pay them off each month, bad financial decision.

 

4. Having installment helps with credit mix, you're fine here, just make sure you never pay late.

 

5. You have a lot going on here, this is what is really weighing you down, goodwill letter is probably your only option, or just wait for them to fall off in 7 years. I will leave the GoodWill part to BBS as he is the expert.

 

You have 3 cards and at least one installment loan so you have enough to maximize FICO scoring, pay down your balance to < 8.9% UTI, goodwill negatives as best you can, the rest is time. Head over to the garden club and avoid applying for anything, time is your best ally.

Message 10 of 14
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