Testing Completed with Score....

Anonymous · ‎12-28-2014

I started rebuilding my credit back in July, my score was sadly 515 accross 3 bureaus. I have 8 collection/charge off and 1 repo. Make long story short I manage to get 7 of them deleted from my report and the repo I had was paid in settled. From 515 im sitting at 640 right now FICO score. During my repair/rebuilding credit till now I have the following

Revolving

2 cap 1 unsecured card with $300 credit line

1 cap 1 secured card with $1300 credit line

1 store Kay jeweler card wtih $4000

Installment

1 auto loan $11,000

2 personal loan $8000 ($4000 each)

1 rebuild secured loan ( $500 left)

With that being said I think I have pretty good mixed trade line, however all of these are new that brought my AAoA down average to 1 years old. Again make long story short with my revolving card, I tried what people said in this forum. PAID OFF 2 credit card and leave 1 card with a small balance of less than 9%..IT seem to work for most people in here, HOWEVER for me it work very slow. It only increase 1-3point each month for me. So I tried to leave ALL card with 1-9% each month and my point increase 10-17point each month.

I want to share this with Fico members because it seem to work best for me if I dont paid off any card, just leave a small balance on ALL card.

Note: Kay jeweler I didnt use yet so it didnt report anything, I just recently got it.

Hope this help my fellow members trying to improve their score, it may or may not work for everyone.

thom02099 · ‎12-28-2014

@Anonymous wrote:
I started rebuilding my credit back in July, my score was sadly 515 accross 3 bureaus. I have 8 collection/charge off and 1 repo. Make long story short I manage to get 7 of them deleted from my report and the repo I had was paid in settled. From 515 im sitting at 640 right now FICO score. During my repair/rebuilding credit till now I have the following

Revolving
2 cap 1 unsecured card with $300 credit line
1 cap 1 secured card with $1300 credit line
1 store Kay jeweler card wtih $4000

Installment
1 auto loan $11,000
2 personal loan $8000 ($4000 each)
1 rebuild secured loan ( $500 left)

With that being said I think I have pretty good mixed trade line, however all of these are new that brought my AAoA down average to 1 years old. Again make long story short with my revolving card, I tried what people said in this forum. PAID OFF 2 credit card and leave 1 card with a small balance of less than 9%..IT seem to work for most people in here, HOWEVER for me it work very slow. It only increase 1-3point each month for me. So I tried to leave ALL card with 1-9% each month and my point increase 10-17point each month.

I want to share this with Fico members because it seem to work best for me if I dont paid off any card, just leave a small balance on ALL card.

Note: Kay jeweler I didnt use yet so it didnt report anything, I just recently got it.

Hope this help my fellow members trying to improve their score, it may or may not work for everyone.

As with everything credit, it's always YMMV. What works for one/some, won't necessarily work for someone else/others.

You still have a thin file. It will grow. KUDOS to you for going from 515 to 640 -- THAT is an accomplishment! Celebrate that, and don't worry about how fast your score is growing. Continue managing your credit wisely and it will contnue to go up.

TIME is your Ally.

Anonymous · ‎12-28-2014

All the new cards and loan make my file thin and re-financed my car loan also make it thinner. But I am not worry about that, All my payments and bills are on time and my goal is 700 accross all 3 by next July and I will be happy.

Right now I know exactly what I need to do to improve my score, just time is the key and patient.

NRB525 · ‎12-29-2014

Congratulations on the progress you have made!

Thanks for sharing the details of your experience. My view is that the use of "One card reports the other are zero" is only for specific periods when one wants to optimize the file. For building credit, for showing solid credit history, one wants all the cards to have some activity, every month.

Good luck on your journey!

Anonymous · ‎12-29-2014

Congratulations on your committment to raising your credit score. Thanks for posting this. My wife's score went up after a HP and new line of credit, the first after 8 years.