I’m a couple months into my rebuild and have taken a few actions this far to start getting my credit into shape. Most importantly is the recent action of paying down a closed CLOC that was reporting a $1700 Balance on a $500CL (yikes!). This was causing my overall UTIL% to be 100%.
OPEN TRADELINES:
Skypass secured $300/$72 balance
Citi secured $300/0 balance
Primor Gold secured $1k/0 balance
PenFed auto 13k—>9k balance
CLOSED:
CLOC $500CL/$275 (new) balance
So my previous UTIL was $1600CL/$1772 balance. My new ratio will be $1600CL/$347 balance (22% util).
Any guess on ballpark of score increase ?
OPEN TRADELINES:
Skypass secured $300/$72 balance
Citi secured $300/0 balance
Primor Gold secured $1k/0 balance
PenFed auto 13k—>9k balance
CLOSED:
CLOC $500CL/$275 (new) balance
So my previous UTIL was $1600CL/$1772 balance. My new ratio will be $1600CL/$347 balance (22% util).
Any guess on ballpark of score increase ?
”Breathing new life into a dead credit file”
Thanks for your reply! I certainly hope it’s that big of a jump! I’d be very happy with that at 3 months into rebuilding.
**Update as of 2/3/19**
I ended up applying for New coast direct as well, (very similar to MJC with a 5kCL). Both accounts have reported to TU ( up 22points). Only MJC has reported to EX (up 29 points). EQ hasn’t updated yet with either, (up 9 points).
I’ll give further updates once both accounts have reported to EX and EQ.
I ended up applying for New coast direct as well, (very similar to MJC with a 5kCL). Both accounts have reported to TU ( up 22points). Only MJC has reported to EX (up 29 points). EQ hasn’t updated yet with either, (up 9 points).
I’ll give further updates once both accounts have reported to EX and EQ.
If the LOC is closed then the utilization on it is still maxed out. Getting it to 0 will help a lot. You did not mention, but having an installment loan will help with mix too which should be good for some additional points.
what baddies do you have from looking at your scores there must be something holding you back a good deal. Might want to work on trying to get rid of those.
To answer your question, yes I have a TON of baddies weighing down my scores for sure. Worst of which are , chapter 7 discharged 3/2016. 2 collections and multiple charge off accounts. Yes it appears that paying off the maxed out closed cards will do the most for my profile. I have been working tirelessly at paying down the debts and getting collections removed, ( 2 paid collections removed so far). I’ve reduced my overall CC debt from 7k—>5k in about two months. I’m still working on it! lol
Sure, I applied on 1/20. Showed up quickly on TU today, still waiting on the other two bureaus to update.