Ok so I know I’ve posted about 4,654 times on this forum, but here’s one more! (you guys are just so helpful 
)
Maybe you guys can figure out why my scores are still so low. I’ve been rebuilding since earlier this year and started out in the 580’s. I’ve almost raised my scores about 100 points thanks to this forum! My goal for now is to get to the 700’s, and eventually, the 800’s. I’ll post all info that seems necessary, but if you guys need more, just ask!
Overall UTI: 20%
Total Credit: $5,300 ($5,800 when AMEX reports)
Loans
PenFed Auto Loan: $13.2k balance (5/2017)
Navient Student Loan: $4k balance (2/2016 – rehabbed)
CIG Financial: Closed – (1) 30 day late from 2013
Chase: Closed-Paid (opened and closed same day due to dealership error 5/2017)
Credit Cards/Store Cards
Wells Fargo Secured Credit Card: $793/$1,200 (3/2017)
Capital One Quicksilver: $19/$500 (10/2017)
PayPal 2% MC: $96/$300 (9/2018)
Amazon Store Card: $0/$800 (9/2018)
CareCredit: $0/$1,000 (9/2018)
American Express Blue Everyday: $0/$500 (9/2018) – not reporting yet
Discover IT: $269/$1,500 (9/2018)
Collections
CMRE Financial (medical): $80-paid (falls off next year)
Collection Consultants of California (medical): $1,672-Open (falls off next month)
AAoA: 2 years 6 months (according to EX)
AoYA: <1 month
Oldest Account: 11 years, 9 months
Inquiries: 10 (4 in the past year)
And there you have it! I didn’t know that Discover was going to report my balance so soon. It hasn’t even been one month and they already reported it, so now that I know the date, I will make sure to pay it down to below 8.9%. The Capital One card should’ve been at $0, but my son (5) decided to buy a game on the Xbox while at my mom’s house and I didn’t know he had access to my account there. Same thing with the PayPal card; they reported a balance after the 2nd week of having it. I've PIF all these accounts, they're just not reporting that info at the moment.
I just can’t figure out what’s holding me back so much. Even before all these new accounts, my scores were in the low 600’s. Actually, adding all these new accounts hardly did anything to my scores. Credit Karma just alerted me my score dropped 54 points and the only reason it gave was because of the PayPal card? I know these hold no weight, but it was a little concerning. I can't pull all 3 bureaus until another 16 days or so.
The Wells Fargo card has been paid down to $400, which should help my UTI and I'll pay it off completely on the 10th when I get paid. The only one I'm going to let report a balance from now on is the Discover card.
I'm not sure if fixing the UTI is going to help all that much, or if I'm just going to have to give this stuff time to age. Seems like time is the only thing that's going to help at the moment. If you guys can offer any advice on things I can do to improve my credit, I'd be forever greatful.
Thanks you guys!
@Queen_Etherea wrote:Ok so I know I’ve posted about 4,654 times on this forum, but here’s one more! (you guys are just so helpful
Maybe you guys can figure out why my scores are still so low. I’ve been rebuilding since earlier this year and started out in the 580’s. I’ve almost raised my scores about 100 points thanks to this forum! My goal for now is to get to the 700’s, and eventually, the 800’s. I’ll post all info that seems necessary, but if you guys need more, just ask!
Overall UTI: 20%
Total Credit: $5,300 ($5,800 when AMEX reports)
Loans
PenFed Auto Loan: $13.2k balance (5/2017)
Navient Student Loan: $4k balance (2/2016 – rehabbed)
CIG Financial: Closed – (1) 30 day late from 2013
Chase: Closed-Paid (opened and closed same day due to dealership error 5/2017)
Credit Cards/Store Cards
Wells Fargo Secured Credit Card: $793/$1,200 (3/2017)
Capital One Quicksilver: $19/$500 (10/2017)
PayPal 2% MC: $96/$300 (9/2018)
Amazon Store Card: $0/$800 (9/2018)
CareCredit: $0/$1,000 (9/2018)
American Express Blue Everyday: $0/$500 (9/2018) – not reporting yet
Discover IT: $269/$1,500 (9/2018)
Collections
CMRE Financial (medical): $80-paid (falls off next year)
Collection Consultants of California (medical): $1,672-Open (falls off next month)
AAoA: 2 years 6 months (according to EX)
AoYA: <1 month
Oldest Account: 11 years, 9 months
Inquiries: 10 (4 in the past year)
And there you have it! I didn’t know that Discover was going to report my balance so soon. It hasn’t even been one month and they already reported it, so now that I know the date, I will make sure to pay it down to below 8.9%. The Capital One card should’ve been at $0, but my son (5) decided to buy a game on the Xbox while at my mom’s house and I didn’t know he had access to my account there. Same thing with the PayPal card; they reported a balance after the 2nd week of having it. I've PIF all these accounts, they're just not reporting that info at the moment.
I just can’t figure out what’s holding me back so much. Even before all these new accounts, my scores were in the low 600’s. Actually, adding all these new accounts hardly did anything to my scores. Credit Karma just alerted me my score dropped 54 points and the only reason it gave was because of the PayPal card? I know these hold no weight, but it was a little concerning. I can't pull all 3 bureaus until another 16 days or so.
The Wells Fargo card has been paid down to $400, which should help my UTI and I'll pay it off completely on the 10th when I get paid. The only one I'm going to let report a balance from now on is the Discover card.
I'm not sure if fixing the UTI is going to help all that much, or if I'm just going to have to give this stuff time to age. Seems like time is the only thing that's going to help at the moment. If you guys can offer any advice on things I can do to improve my credit, I'd be forever greatful.
Thanks you guys!
More detailed experts will come along. But. Utilization. Getting to AZEO will help.
Credit Cards/Store Cards
Wells Fargo Secured Credit Card: $793/$1,200 (3/2017) >54% util
Capital One Quicksilver: $19/$500 (10/2017) Great util
PayPal 2% MC: $96/$300 (9/2018) 30% util
Amazon Store Card: $0/$800 (9/2018) Great
CareCredit: $0/$1,000 (9/2018) Great
American Express Blue Everyday: $0/$500 (9/2018) – not reporting yet
Discover IT: $269/$1,500 (9/2018) 21% util
If you can get to AZEO it will help alot. 5 cards opened in 1 (Sept 2018) month didn't help too much. The hard pulls and new accounts didnt help too much either. No more apps for now and let time be your best friend. Pick a card to be your one that reports a balance each month. Pay the rest off after using them before statement cuts. I'll let the experts do the installment ratio counts. GL! Nice cards though.
@FireMedic1 wrote:
More detailed experts will come along. But. Utilization. Getting to AZEO will help.
Credit Cards/Store Cards
Wells Fargo Secured Credit Card: $793/$1,200 (3/2017) >54% util
Capital One Quicksilver: $19/$500 (10/2017) Great util
PayPal 2% MC: $96/$300 (9/2018) 30% util
Amazon Store Card: $0/$800 (9/2018) Great
CareCredit: $0/$1,000 (9/2018) Great
American Express Blue Everyday: $0/$500 (9/2018) – not reporting yet
Discover IT: $269/$1,500 (9/2018) 21% util
If you can get to AZEO it will help alot. 5 cards opened in 1 (Sept 2018) month didn't help too much. The hard pulls and new accounts didnt help too much either. No more apps for now and let time be your best friend. Pick a card to be your one that reports a balance each month. Pay the rest off after using them before statement cuts. I'll let the experts do the installment ratio counts. GL! Nice cards though.
Yeah I figured time and UTI were my best bets here. Can it really be dragging my scores down THIS much, though? I've had my Wells Fargo card reporting a really high balance pretty much since I've had it, so I wouldn't even know what my scores would be if I had good UTI on that card. The statement end date is on the 6th or 7th (depending on how many days in the month) so if I pay it down to $300, it'll be below 28.9% at least. I have enough money to do it, I'm just waiting for my check on the 10th because I have no bills to pay with that check. It all goes towards whatever the heck I want (mostly savings).
I know opening all those cards this month wasn't the brightest idea, but at least I have what I want for now and can sit back and let them age. Hopefully I can get some nice CLI in the future. I'm being really responsible about paying everything as soon as it posts, there was just a gap in the payments and when it posted to my credit report, I guess. I also wasn't expecting these cards to post a balance so soon! I thought I had at least the full month to pay them down to $0. Lesson learned...
OP have you gotten your first Discover statement?
What FICO score is shown on that?
30D late may or may not be hurting you at this point, it'll be excluded in 2020.
The collections are the score killer as they're bucketing you in the derogatory scorecards.
CK scores are Vantage rather than FICO, new account when you are in the derogatory scorecards for FICO as near as I can tell doesn't impact your score at all unless you trip over an AAOA boundary: in the pretty scorecards Age of Youngest Account appears to also affect scorecard assignment, the reason code doesn't even show up in collection / public record scorecards.
Some minor utilization issues and the inquiries are hampering you a little bit too: just sit on your hands and let everything age, probably a small impact on the installment loan utilization but really I wouldn't be surprised if you break 760 when the collection comes off and you might do better than that depending on that 30D.
Yup! My score was the one in my signature right now for TU. TU doesn’t have that collection on there, but my scores are still pretty low. I guess UTI is my biggest problem here.