Understanding My Score & What I can do

[Anonymous]

Hi everyone!

About a week ago (9/2/2019) I pulled my scores here on MyFico (FICO8) and here is what I got:

Equifax: 656

Transunion: 665

Experian: 649

Here is what my credit card balances were at the time of pulling:

Chase CC: $8667/$12,600 - 69%

Barclays CC: $3949/$3300 - 120%

NFCU CC: $5871/$15,900 - 37%

Capital One CC: $0/$1,500 - 0%

Vehical Loan:

Chrysler Capital: $18,220 / $45,000

Mortgage:

BOKC: $260,451/$284,614

Here are the negative marks on my account:

Chase CC - 0 lates

Barclays - 2 30 days, 1 60 day (1 30 in 2017, 30 & 60 in 2018)

NFCU CC - 0 lates

Capital One CC - 2 30 day lates (one in 2015, one in 2018)

Chrysler Capital (my vehicle loan) - 1 30 day late (2017)

Since this pull, I've gone ahead and done AZEO on my CC's. I've also successfully had my 30-day lates removed from my Capital One CC.

Any anticipation on what my scores will be once my updated CC balances report & my 30-day lates are removed from Capital One (granted nothing new pops up)?

Also, in the meantime (other than a constant pursue of GW, which I'm doing on my other accounts), is there anything that can/should be done given my circumstances to improve my credit score?

Thank you!

[Anonymous]

The only 2 major things that will help your score is removal of all of your negative items and reducing your utilization.

You didn't give before/after numbers as far as your account balances... but you wrote that you implemented AZEO... so does that mean that you paid off the ~$18,500 in CC debt you listed near the top of your post?  If so, nice job.  You'd be lowering your aggregate utilization across 3 thresholds of 48.9%, 28.9% and 8.9%.  I'd estimate 10-15 points gained for each one, so 30-45 points there, then another 10-15 points for taking your highest utilization card from maxed out down to an ideal place as well.  As a rough estimate, 40-60 points gained if you indeed did take down all of that revolving debt.

IMO that would land your scores all around 700 or slightly above until you can get those negative items eliminated.

[SouthJamaica]

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@Anonymous wrote:

Hi everyone!

About a week ago (9/2/2019) I pulled my scores here on MyFico (FICO8) and here is what I got:

Equifax: 656

Transunion: 665

Experian: 649

Here is what my credit card balances were at the time of pulling:

Chase CC: $8667/$12,600 - 69%

Barclays CC: $3949/$3300 - 120%

NFCU CC: $5871/$15,900 - 37%

Capital One CC: $0/$1,500 - 0%

Vehical Loan:

Chrysler Capital: $18,220 / $45,000

Mortgage:

BOKC: $260,451/$284,614

Here are the negative marks on my account:

Chase CC - 0 lates

Barclays - 2 30 days, 1 60 day (1 30 in 2017, 30 & 60 in 2018)

NFCU CC - 0 lates

Capital One CC - 2 30 day lates (one in 2015, one in 2018)

Chrysler Capital (my vehicle loan) - 1 30 day late (2017)

Since this pull, I've gone ahead and done AZEO on my CC's. I've also successfully had my 30-day lates removed from my Capital One CC.

Any anticipation on what my scores will be once my updated CC balances report & my 30-day lates are removed from Capital One (granted nothing new pops up)?

Also, in the meantime (other than a constant pursue of GW, which I'm doing on my other accounts), is there anything that can/should be done given my circumstances to improve my credit score?

Thank you!

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1. Your scores should be much better. I would have no way of quantifying, but if I were to hazard a guess I would guess that the FICO 8 scores will go up 30 points or so.

2. Doing your best to get rid of your other negatives would be the next thing to do.

[Anonymous]

Hi there!

Thanks so much for your insight. Yes, I brought all CCs down to 0 except one, which is reporting at 1% utilization.

I will continue to attempt to get negative items removed from my report in hopes that helps as well.

Thanks again.

[Anonymous]

Great job on bringing down your utilization! Let us know what the effects on your score are!

[SouthJamaica]

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@Anonymous wrote:

Hi everyone!

About a week ago (9/2/2019) I pulled my scores here on MyFico (FICO8) and here is what I got:

Equifax: 656

Transunion: 665

Experian: 649

Here is what my credit card balances were at the time of pulling:

Chase CC: $8667/$12,600 - 69%

Barclays CC: $3949/$3300 - 120%

NFCU CC: $5871/$15,900 - 37%

Capital One CC: $0/$1,500 - 0%

Vehical Loan:

Chrysler Capital: $18,220 / $45,000

Mortgage:

BOKC: $260,451/$284,614

Here are the negative marks on my account:

Chase CC - 0 lates

Barclays - 2 30 days, 1 60 day (1 30 in 2017, 30 & 60 in 2018)

NFCU CC - 0 lates

Capital One CC - 2 30 day lates (one in 2015, one in 2018)

Chrysler Capital (my vehicle loan) - 1 30 day late (2017)

Since this pull, I've gone ahead and done AZEO on my CC's. I've also successfully had my 30-day lates removed from my Capital One CC.

Any anticipation on what my scores will be once my updated CC balances report & my 30-day lates are removed from Capital One (granted nothing new pops up)?

Also, in the meantime (other than a constant pursue of GW, which I'm doing on my other accounts), is there anything that can/should be done given my circumstances to improve my credit score?

Thank you!

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To answer your question, I think you'll be in the 700 neighborhood.

As to anything else you should be doing, no, it seems to me you're doing the right stuff.

[Anonymous]

Hi everyone,

Here is an update of my scores now that the updated balances are reflecting:

FICO 8 - EX: 725 TU: 728 EQ: 729

Mortgage Scores - EX: 730 TU: 704 EQ: 688

Thank you,