What am I doing wrong?

[OntheHorizon]

This is my first post, but I have been lurking around since Feb I think.  I'll try to keep it short.  My scores just don't seem to be rising, so I'm obviously doing something wrong.  I haven't had any lates since 11/2006 and most recent collection was early 2006.  I do have a total of 4 collections but all have long been paid.  From what I have read I know util is killing me, but I still should be higher than I am.  Up until 1 week ago 7 CC had a balance.  I remember reading somewhere on here to dilute bad tradelines with good ones, so I went from 2 CC to 8 total.  I have been really trying to pay them down, and I just paid cap1, cred1, and target to 0 balance (not yet reporting).  What kind of bump can I expect if any since paying these to zero?  I really want to get these scores up so I can refi my car for a better rate, preferably sooner than later.  Any insight would be very much appreciated.  BTW, most of these are fairly new, I've had Cap1 and Star for a little over a year, the rest a few months and 1 I just got last month. 

1. Military Star Card 2299/2900 (high util I know)

2. Hooters 244/1100 (was 354)

3. Amex Delta Sky 574/1000 (was 634)

4. Credit Union 80/1000 (just received this last month)

5. Credit One VISA 0/700 (was 95)

6. Capital One 0/500 (was 82)

7. Target 0/500 (was 64)

8. Dillards 0/150 (haven't used in months)

May 08

TU617  EQ578  EX?

Feb 08

TU?  EQ554  EX?

[shyboy]

well 1 reason why your score are low is because the average age of your accounts are.

[Anonymous]

You might try diversifying your TLs.  My scores were stuck in the low 600s and high 500s.  For over a year, I made various changes in CC utilization and my scores stayed about the same.  When I got a car loan, the first month I lost 11 points, but every month since then my score has increased 7 points. 

[OntheHorizon]

I didn't even think about that aspect at the time I apped; but I notice it does say that my age is hurting my scores, ave is 3 years and some change.  Too bad I learned about that aspect afterwards.

[smallfry]

34 point increase in EQ in 3 months isn't bad at all. Pay all the cards down under 10%. The 4 collections will hurt. Average age of 3 years is not terrible. Stop applying and pay them down and see where you stand. Work on removing the lates.

[tmacar]

According to your figures, you have a total of $6850 in available revolving credit. Your "old" usage was $3608, or 53%. Your "new" usage is 3197, or 47%. Your post was a couple months ago, so you probably already know this, but I wouldn't expect you to get much of a score increase, if any at all.

From everything I've been able to find out, you have to get below 30% to stop your revolving debt to credit ratio from hurting your score. In fact, the guy at my credit union a couple days ago said 20%, but I don't think he's right - too many others use the 30% figure.

From the fact that you posted here, I assume you are signed up with MYFICO. They have a score simulator you can use. I have an Equifax FICO of 658. I paid my revolving down from 81% to 15%. I'm waiting for the new balances to get reported, so I tried the simulator. It told me my score will go to between 728 and 768. That's an increase of at least 70 points, possibly as much as 110 points!

First, you have to have an Equifax report that you bought from them that is less than 30 days old. Then you go to the simulator, and plug in the changes you have made or are going to make, and it will tell you what (within a certain range) will happen to your score once the changes are on the report. You could try putting in different total amounts of pay down and find out how just much you'll need to pay to raise your score.

[RobertEG]

Horizon, with all that is going on within your CR, I would not expect the FICO simulator to give you any useful short term prediction, and would not rely upon it  The FICO sims are very limited in what you can input, and are basically one dimensional.  I would not do any serious planning based on the sim.

[Anonymous]

Robert- I disagree

The sim is very accurate on short tern utlization pay downs.

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RobertEG wrote:

Horizon, with all that is going on within your CR, I would not expect the FICO simulator to give you any useful short term prediction, and would not rely upon it  The FICO sims are very limited in what you can input, and are basically one dimensional.  I would not do any serious planning based on the sim.

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[OntheHorizon]

Thanks for the input.  I am a member and my scores are from here.  Basically if I'm understanding everyone, I just need to get my util down and let things age, and then I'll see some real score increases, correct?  Unfortunately my funds won't allow me to get my util down very quickly, I have to do this over time.  Just thought someone could point out to me exactly where I'm lacking and I'd have a better understanding of what I need to do.  From all that I have read here I pretty much knew that, but it seems like I've read so many stories about scores increases in 30-60 days, just seems like I'm increasing so slowly.  I have used the simulator, trying out different scenarios; seems like 6 months or more gives me the biggest increases, so that tells me this game is more like a marathon instead of a sprint?  I'll continue to pay things down, and try to get CLI from Cap1 and maybe one or two others, maybe that will help as well.  Speaking of I've had Cap1 for over a year and no increase!  I've called the backdoor # several times and same thing every time, no increase available blah blah blah.  Hell even Cred1 gave me a higher limit right out the gate!  Matter of fact all my other cards came with higher limits!  Now that Cap1 is at 0, sock drawer they go!

I suppose I have done better, initially Americredit gave me 18% on my car in 9/07, then I refi w/HSBC at 14.59% in 1/08.  Obviously I'm still not satisfied with that, so since I'm planning on keeping this car I would like to refi again at the end of the year for the final time, hence needing to raise scores quickly and hoping NFCU will assist with that.  Sorry for the rambling.  I'll continue on the straight and narrow until I get at least 630s all around.  Thanks for everyones help!

4/19/08 TU617 EQ578 EX?

2/5/08   TU?     EQ543 EX?

[smallfry]

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@Anonymous wrote:

Robert- I disagree

The sim is very accurate on short tern utlization pay downs.

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@RobertEG wrote:

Horizon, with all that is going on within your CR, I would not expect the FICO simulator to give you any useful short term prediction, and would not rely upon it The FICO sims are very limited in what you can input, and are basically one dimensional. I would not do any serious planning based on the sim.

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I agree with Robert. My utilization is under 2% always so maybe there is a limit to what the simulator can do for me but it always gives me a score range that is where I currently live and only 20 points higher. My EQ is 707. If I continue to pay my bills on time for 24 months my score will be between 707-727. Not much use in that now is there? Now if you have to the moon utilization and pay it down then maybe it can be useful but for me it foretells nothing.