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Understanding My Score & What I can do

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Established Member

Understanding My Score & What I can do

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!

Message 1 of 7
6 REPLIES 6
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Super Contributor

Re: Understanding My Score & What I can do

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.

Message 2 of 7
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Super Contributor

Re: Understanding My Score & What I can do


@karateka123 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!


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.


Total revolving limits 654000 (575000 reporting) FICO 8 EQ 714 TU 731 EX 713

Message 3 of 7
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Established Member

Re: Understanding My Score & What I can do

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.
Message 4 of 7
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Super Contributor

Re: Understanding My Score & What I can do

Great job on bringing down your utilization! Let us know what the effects on your score are!
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.


RIP:

    




Updated June 2020, unless otherwise noted. I took an HP on EX, will reflect on next update.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (Mature/young), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/mature/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record to start.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 5 of 7
Highlighted
Super Contributor

Re: Understanding My Score & What I can do


@karateka123 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!


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.


Total revolving limits 654000 (575000 reporting) FICO 8 EQ 714 TU 731 EX 713

Message 6 of 7
Highlighted
Established Member

Re: Understanding My Score & What I can do

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,

Message 7 of 7
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