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stepbystep

Collection removed and bupkiss..

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I finally FINALLY got my last collection removed.. I was expecting a nice bump... 10 or 20.. or 50 points... guess what i got.. nothing.. is this normal? was i foolish to expect more? The collection was scheduled to drop off in about 18 months so maybe the fact it was so old minimized its impact. I don't know.. Id much rather have it gone but i was hoping it would have made a bigger difference. My utilization is crazy high so I am hoping as it gets under control that it will have a bigger impact.. maybe my other blemishes are still holding me back.. who knows.. just was curious if anyone else had a similar situation.. 

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You will get more replies in the regular credit section, but generally speaking...welcome to your new score bucket.  You are NOW in the groupings with those who have no derogatories showing but who have far too much debt showing as owing to different lenders.  Utilization is HUGE issue and being "crazy high" means you won't see meaningful increases until you get than back into the single digit percentages...

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31 minutes ago, centex said:

You will get more replies in the regular credit section, but generally speaking...welcome to your new score bucket.  You are NOW in the groupings with those who have no derogatories showing but who have far too much debt showing as owing to different lenders.  Utilization is HUGE issue and being "crazy high" means you won't see meaningful increases until you get than back into the single digit percentages...

thanks for the input.. ill post this there.. heres a tangent question about utilization.. how do closed cards affect utilization? I have a closed 0% interest card for another 12 months I'm not in a rush to pay off. does that affect my over all utilization. if i have 2 cards open and one closed. 2 open cards are 1000 out of 5000$ used so a total of 2000 out of 10000 (20% utilization) and closed card has 3000$ due... is my utilization 50% 5000 due on a total of 10000 available or is it 20% 2000 used out of 10000? I hope that makes sense? Thanks for your input. Sorry for the math 

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4 hours ago, stepbystep said:

thanks for the input.. ill post this there.. heres a tangent question about utilization.. how do closed cards affect utilization? I have a closed 0% interest card for another 12 months I'm not in a rush to pay off. does that affect my over all utilization. if i have 2 cards open and one closed. 2 open cards are 1000 out of 5000$ used so a total of 2000 out of 10000 (20% utilization) and closed card has 3000$ due... is my utilization 50% 5000 due on a total of 10000 available or is it 20% 2000 used out of 10000? I hope that makes sense? Thanks for your input. Sorry for the math 

For utilization purposes on the closed card you will get hit for the balance but the limit is considered $0, so you get hit again.

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Yeah, that closed card is killing you.  Did you close it or did the bank?  If you made that decision, don't ever do that again...always wait until a balance is cleared before closing an account. 

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Yeah, that closed card is killing you.  Did you close it or did the bank?  If you made that decision, don't ever do that again...always wait until a balance is cleared before closing an account. 



Unfortunately Chase did it to me.. for reasons I’m still not certain on.. im not sure what to do about it? They closed on me a month after I got it.. it’s no interest so I haven’t rushed to pay it.. plus I also was dragging it out to age it a bit.. but I think that’s my biggest obstacle..


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The age is keyed to when it opened.  A decade from now, the fact that you paid it off now as opposed to six months later won't matter worth a damn.  It will likely report for the full ten years from the last update to the reporting...

Edited by centex

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The age is keyed to when it opened.  A decade from now, the fact that you paid it off now as opposed to six months later won't matter worth a damn.  It will likely report for the full ten years from the last update to the reporting...


That’s good intel.. thank you


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