@creditduck1 wrote:Hi,
I've been a lurker for a while and finally decided to reach out on the forum for advice on my credit situation. I started rebuilding my credit at the start of the pandemic and have made some great progress, but as I'm 3 or 4 years into building I wanted to get advice from some of the experts here. Here's my situation below. My question is do you think I will see a significant bump from getting the collection, charge off, and neg student loan info dropped in the next 30 days? I know utilization is killing me right now but should I expect to get to 700s if I get that down? Any help is greatly appreciated!
OPEN
Indigo Card (05/2021) $270/300 - paid down to zero not updating yet
Capital One (08/2019) $671/750 - authorized user but just removed myself due to high CU
JCrew (05/2022) $0/150
Credit One (08/2021) $420/1200 Get this paid down to <9%
First Premier (08/2022) $8/700
Merrick Bank (01/2022) $1775/2000 - recently paid down to $1000 not updating yet
Mission Lane (12/2020) $75/500
*I also have one recently closed capital one CC (them, not me) at $900/1100
DEROG
Southwest Credit Systems (COLL) $394 - Drops 01/2026 disputing Dont know what your disputing if its accurate. It comes back verified and looks new to FICO and here come a point loss.
Capital One (CO) $651 - Paid - Drops 12/2025
NFCU (CO) $5283 - Unpaid - Drops 04/2023 Unpaid CO's kill scores. Its figured into your util %'s.
21 Student Loans - were in default, recently rehabed but hasn't updated
Inquiries: 2
Starting Score: 504
Current Score: 603
Mostly report back once all these have reported. Hard to tell until they drop off. And get number of accounts reporting a balance down to 1-2 at least.
I imagine mine probably were pretty similar a few years back with student loans and collections all happening at once.
I dont know how much it will impact your scores, but that NFCU account is ready for early exclusion on ALL 3 bureaus
@creditduck1 wrote:Are you saying that even with the bumps from lowering credit utilization, getting CO removed, and increasing CL that I'd likely not be approved for better cards until the collection/charge off falls? I think I can realistically get to the good credit range before the baddies fall off...just trying to gage how to plan as i'm looking to grab some better cards, close out ones w/ monthly fees.
No it's definitely possible (I'm living proof) to get approved for prime cards, though you definitely won't get the best APR, or the best limits. You'd likely get low limits and increasing them would be difficult. Also, achieving 700 will be very difficult, if not impossible, with collections still showing. I'm hovering at 700 right now with 8 paid COs and no collections.
@7774x wrote:
applications came back denied listing on 1st line of denial letter .. quoting... "serious delinquencies , public records .. collections" scores would be 670/680 tops .. never above.. until baddies fell off CR , even with 10-25% credit use .
That's exactly where I am now... hovering around the 670's for the last year with 20% credit use... TU has the PR and 1 IIB account... EX has the PR and 4 IIB accounts... EQ has the PR and 4 IIB accounts and 1 collection.
What's funny is TU is my lowest score of the 3 although it has the least amount of baddies due to some accounts already being removed due to EE. Pretty much all of the above accounts DoFD was July/Aug/Sept 2017... so I'll have more stuff falling off soon and everything should be gone by the end of the year.
I lost 10 pts last month on TU for letting my NFCU card report a 20% balance... but EX and EQ didn't move. Makes no sense. Anyway, it's going to report a 0 balance this month so we'll see if those points return. I just paid down a lot of my debt so should see some score bumps soon. Don't much care either way because I just got the Apple card and there's nothing else on the radar... but it will be nice to see the scores stay in the yellow.
