@Joecooltech wrote:Ok, I need a little help understanding the following my Fico 8 score is 565 I defaulted on every cc you can think of during a divorce 3 yrs ago. I have 4 accounts that are in good standing but i also have collection 4 of them reporting every month.
MY CREDIT REPORT IS AS FOLLOWS
The Good
AUTO LOAN- opened April of 16 amount owed 6000 out of 10,500
Wells Fargo- opened April of 16 dad is primary account holder Limit 8,600 Bal. 2300
Personal loan- opened January 17 amount 2000 owe 1200
Finger Hut- opened yesterday Limt 800
The bad
Midland Funding- Opened 3 yrs 6 mo amount 1,170
Midland Funding- Opened 3 yrs 5 mo amount 835
Portfolio Recovery Opened 2 yrs 6 mo amount 731
Cavalry- Opened 3 yrs 2 mo amount 753
Each are updating every month any idea how to get my score out of the dumpster?
Why is my score so bad with good utilization and almost 18 months of solid payments?
I don't know why you're surprised that your scores are low when you defaulted on every credit card you can think of and have 4 collections.
You're going to have to pay that stuff off, and you're going to need time, lots of time, for your profile to clear up.
Additionally, the other weaknesses I see are:
-the auto loan and personal loans are depressing your score and will continue to do so until the combined balances are below 1200 (try not to pay
either to zero, though, until you've conferred back with us on score maximization)
-you didn't give us any info on the 4 other loans so I can't advise you on those but probably your utilization isn't as "good" as you think it is in FICO's eyes
@Joecooltech wrote:
That's what I'm struggling with at the moment I have money in the bank. Like to the tune of 500,000 due to the death of a family member. I making 30,000 just an interest but my credit score is terrible and I want to keep the principle of the money in the bank
You should be paying off all your debts
It's ridiculous that you're crying about your credit score instead of paying your creditors what you owe them