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1badgigachik

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  1. Hello, everyone. I thank you all for responding to my thread. Honestly, until about an hour ago, I had forgotten that I even posted my concern anywhere. So many things to do and think about. I flat out forgot until I went in search of answers for the same issue and then my very own topic popped up at the top of the Google search. Lol. So to update, I still don't have any answers as to why there was this astronomical drop. I have one theory related to both of the new cards appearing as though I have had them open for nearly two years, without making any purchases. Which of course, can hurt scores dramatically. That showing incorrectly on my report in the Equifax row, could be why the drop was so big. But I haven't found an entity yet, Equifax or otherwise, who wants to take responsibility for fixing that misleading information. With that said, I believe you all when you say that the Vantage score doesn't really matter. Though honestly it still bothers me simply because I don't understand the reasoning behind it and I can't get an answer for it. So it's that loose thread that keeps nagging at me. I've been out of the credit reporting loop for so long that I learned many things in the past few months, that I had no idea about even when I had great scores in my early twenties. I realize now all of the mistakes that I made back then with utilization and payments, and all kinds of stuff. But back then, I thought I was doing everything right. I had 2 Visas, 2 Mastercards, and gold AMEX, so I thought I had it made until I needed to leave that job because my boss waved a gun in a co-workers face. Then after that, I was back to crappy paying jobs and that's when I lost all control of my credit health. I couldn't keep up with the payments to cover the purchases that I had built up when I had the better paying job. Sadly, that was just the beginning . . . But anyway, I now have a FICO 8 score and thankfully, it is in much better shape than the Vantage one. In fact, it's just a little above where the Vantage score was before the plunge. Like you are all saying, I am going to keep my focus on the FICO score because I have found, that some of the next steps that I plan to take, are gauged on only the FICO score anyway. Like a small installment loan with Credova, for instance, to make my profile more diverse as it has been suggested by many professionals and even someone right here. Some of you wonder why I'm even bothering to worry about building credit during this difficult time. The simple answer is . . . because I want to come out of this better than how I went in. A serious plan for repairing my credit has been my goal since last year. I was supposed to spend the last 3 months of 2019 fixing my credit. However, the more I learned about what that would take, the more I realized that paying off old debts was not going to be enough. So my efforts rolled over into this year. During the pandemic, there are many things that I can't control, like my boss being a total buttmunch and screwing me out of commissions, which are my lifeline and how I make most of my income. And before anyone tries to come to the defense of my boss and say that employers and companies are having a rough time too and they have to make some tough decisions to stay afloat; I know that's true. But that's not even close to what's happening in my workplace. Sometimes people simply take advantage of times like these to do their dastardly deeds. They take from you to give to their own. I'm not talking about anything race related. But I'm definitely the outsider where I work and I'll just leave it at that for now. So anyway, I have to be super diligent now, about preparing myself for some much needed changes so that I can bring down the interest rates that are offered to me and I can get approved for loans if I need them. If I'm going to have less income, then I damn sure need to have better credit so that I can survive what's happening in my work-life right now. I haven't found on position yet, that will replace the income potential that I had before all of this, that I'm actually qualified to do or one that won't bore me to tears. As a single mom with only one income, I need to look at every avenue to improve my current situation. I've been working from home with my 4-year-old who I'm afraid to send back to daycare/VPK because of the pandemic, so my employment options are extremely limited right now. I don't expect all of you to understand this, because your needs and responsibilities may be different from my own. But please don't knock me for trying to make a better situation for myself and my child.
  2. Hello everyone. I've been working diligently during this pandemic to focus on improving my credit. I've been following the guidelines and often cross-referencing to be sure it's the right information. I found out recently, that although my debt is low, my credit score is suffering because I haven't had credit cards in the past 15 years. I very carefully researched, compared, and finally chose two secured cards that are supposed to improve my scores with all 3 major bureaus, with timely payments. About 6-8 months they say. I received the Discover It Chrome Secure card earlier in the week and didn't waste any time putting a small purchase of $12.99 out of the $300 limit, so that I could pay it off a few days after it posts, in order to get that on-time payment track record started as quickly as possible. Well, this morning, being a person who has checked their credit daily, since setting out on this path to dramatically improve it, woke up to a staggering 154 point drop in my VantageScore 3.0! The credit reports clearly state that it's due to the addition of the new Discover card and for no other reason. By the way, since I have been without credit cards for so long, a FICO score does not even register for me. So I literally am not on the FICO radar at the moment to see what damage has occurred there. So anyway, the 2nd new card hasn't shown up on my credit reports yet and honestly, I'm terrified to see what will happen when it does. Other than this, there were no other "negative" changes in my credit history that caused this avalanche of WTH??? And I was so excited about being on the path to a better credit future filled with no-sweat approved financing and lower interest rates. Maybe even zero someday. It's like I just got karate chopped in the dang throat. I felt like I couldn't breathe when seeing this first thing this morning. Nowhere out there, have I read that opening a new credit card that is advertised by the card issuer and promoted by the credit bureaus and others, as a catalyst for improving credit scores, to also be a credit score obliterator! What has happened? Losing a few points, like up to 10 perhaps, I can see, just because of the inquiry. But a loss of 154 points is devastating! And for what? Have I not done what the Powers of the Credit Scoring Universe told me to do??? Ugh, I wanna cry right now.

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