Hello All! Could someone please advise me on what is holding me back from a 700 credit score. I pay ALL my credit cards on time; I have eight. Two of them have high uti. 89% and 79% everything is else almost at 30% or lower. I have a few collections accounts, but they are all medical. I have heard many other individuals claim to have medical accounts in collections and still have a credit score above 700. Any help you can offer would be appreciated.
Oh. I also have a pretty good credit mix. I have a furniture installment loan through Wellsfargo, student loans, an auto loan, and all of my credit card loans. Everything is current.
You individual and aggregate revolving credit cards utilization is suppressing your scores. 88.9% and above is considered maxed out.
Out of 8 cards, how many are reporting a balance?
What are their utilization %?
What are your current FICO scores?
Out of 8 cards, how many are reporting a balance?
What are their utilization %?
What are your current FICO scores?
Thanks for your response! My Transunion is currently 658, Experian is 638. Equifax is 533, but I think we fixed that. I had an old doctor’s appointment reporting every month that I was making late payments; it should have been reported to collections, but they reported it open and late. I’ve paid it and they’ve deleted it; I’m expecting that to increase on the next update.
@jazzyvar84 wrote:Hello All! Could someone please advise me on what is holding me back from a 700 credit score. I pay ALL my credit cards on time; I have eight. Two of them have high uti. 89% and 79% everything is else almost at 30% or lower. I have a few collections accounts, but they are all medical. I have heard many other individuals claim to have medical accounts in collections and still have a credit score above 700. Any help you can offer would be appreciated.
UTL can make a huge difference for you. Reduce all you individual cards to 8.9% or below (keep in mind interest when statement is cut can take you above that so may need to be lower to report 8.9% or lower). Actually reducing all cards below 28.9% (same interest concept) and aggregate below 8.9% will give you your best scores while the the collection is still reporting.
So focus on what you can control and time will take care of collections unless you get a PFD, which can remove the collection before 7+ yrs. In addition, you didn't note any late payments, as those along with the collections can greatly negatively impacts your scores. I've seen post mentioning they haven't had a late pymt for 2 or 4 years, but there's still an impact up to 7 years for lates if its still being reported.
Oh. I also have a pretty good credit mix. I have a furniture installment loan through Wellsfargo, student loans, an auto loan, and all of my credit card loans. Everything is current.
Hello. After I opened the account, I so happened to see a conversation here about CFA loans. I had never heard of those. I called and asked the financial rep at Farmer's Furniture is this was the type of loan it was, and she said she didn't know what that was either. I called Equifax and those individuals stated that it was just showing as an installment loan and they couldn't see anything further. The furniture financial rep called me and told me that because my credit was pretty decent that I did not get in house finance, but financing through Wellsfargo, which made my interest much cheaper. How would I be able to tell if I have CFA loan??? Could it still be one if they are telling me my loan is actually through Wellsfargo?
@Anonymous wrote:2/3 of your Fico score is in a less than ideal place due to Payment History issues and less than stellar Amounts Owed. Fixing one of the two issues will probably get you half way to where you want to be.
Also how is your furniture loan through WF coded? Is it through Bob's Discount Furniture by chance? I know that sometimes their installment loans are coded as a CFA, which is another factor that could be adversely impacting your scores.
Do you have access to your 4 negative reason statements to go along with your Fico score(s)?
B
@Anonymous wrote:2/3 of your Fico score is in a less than ideal place due to Payment History issues and less than stellar Amounts Owed. Fixing one of the two issues will probably get you half way to where you want to be.
Also how is your furniture loan through WF coded? Is it through Bob's Discount Furniture by chance? I know that sometimes their installment loans are coded as a CFA, which is another factor that could be adversely impacting your scores.
Do you have access to your 4 negative reason statements to go along with your Fico score(s)?
@Anonymous wrote:2/3 of your Fico score is in a less than ideal place due to Payment History issues and less than stellar Amounts Owed. Fixing one of the two issues will probably get you half way to where you want to be.
Also how is your furniture loan through WF coded? Is it through Bob's Discount Furniture by chance? I know that sometimes their installment loans are coded as a CFA, which is another factor that could be adversely impacting your scores.
Do you have access to your 4 negative reason statements to go along with your Fico score(s)?
@Anonymous wrote:2/3 of your Fico score is in a less than ideal place due to Payment History issues and less than stellar Amounts Owed. Fixing one of the two issues will probably get you half way to where you want to be.
Also how is your furniture loan through WF coded? Is it through Bob's Discount Furniture by chance? I know that sometimes their installment loans are coded as a CFA, which is another factor that could be adversely impacting your scores.
Do you have access to your 4 negative reason statements to go along with your Fico score(s)?
"Bad credit is like having boogers in your nose. You hope no one sees it, but trust me, they do!"
@Anonymous wrote:2/3 of your Fico score is in a less than ideal place due to Payment History issues and less than stellar Amounts Owed. Fixing one of the two issues will probably get you half way to where you want to be.
Also how is your furniture loan through WF coded? Is it through Bob's Discount Furniture by chance? I know that sometimes their installment loans are coded as a CFA, which is another factor that could be adversely impacting your scores.
Do you have access to your 4 negative reason statements to go along with your Fico score(s)?
I am not sure what for negative reasons statements are, or what a cms is.