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tdslf

Raising score

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Im trying to figure out the best way to raise my scores since they seem to be hovering in the mid 600's. I have the following:

 

5 credit cards- all have zero balances

1 student loan -balance is high but no lates on it-current

Just closed my PenFed since I cant get jack from them.

2 products with Navy,

a. secured loan just got 2 days ago at 2.4%, 

b. rewards card 2k limit

car loan at 1.9%

 

What else can I do to get the scale moving?

 

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38 minutes ago, tdslf said:

Im trying to figure out the best way to raise my scores since they seem to be hovering in the mid 600's. I have the following:

 

5 credit cards- all have zero balances

1 student loan -balance is high but no lates on it-current

Just closed my PenFed since I cant get jack from them.

2 products with Navy,

a. secured loan just got 2 days ago at 2.4%, 

b. rewards card 2k limit

car loan at 1.9%

 

What else can I do to get the scale moving?

 

Did you pay that secured loan down to 8%?

Edited by pacemaker67

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I dont have any negatives. I just got rid of a foreclosure off all the reports at the beginning of the year.  I also closed several cards.  Pay the loan down? I thought a consistent payment history would help me with Navy. so you say pay that down to 8%? This would help how seeing as I would still be paying. Shorter pay period...? I paln to pay this off come March when I get some quarterly monies.  Penfed let me open a checking, savings and line of credit at $500. Its been 2 years and any other product, they've said go fly.  Rejected for everything beyond the basics....? No loyalty to me.

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no rewards worth having

yearly fee

low limits

or combo of all. my 5 cards left ranging 1k or above. pif every month. charge everything. none of the cards closed were the oldest. so I should try the following:

 

pay loan down to 8%.  loan is 3k. term is 24 months. 

then leave $2 on 1 card each month...? 

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Both of those are negatives but I dont have them.  The scores are inching up from me having had a gazillion cards about a year ago. Im just trying to see what other things I can do to help it along.

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You say you PIF your cards every month, but for FICO purposes, you need to pay all but one before they report to the CRAs. This generally means before the statement cuts except for US Bank/Elan. 

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Both of those are negatives but I dont have them.  The scores are inching up from me having had a gazillion cards about a year ago. Im just trying to see what other things I can do to help it along.

I get my scores from FICO.

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How old are your tradelines?

 

FICOs in the mid-600s generally mean there is negative information, from "baddies" to high revolving utilization.  Since your revolving balance is zero, what other negative information is on your reports?  Having a gazillion cards shouldn't have pulled you down, unless all of them were new.

 

What does FICO list as the items bringing you down at the moment?

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18 hours ago, tdslf said:

I dont have any negatives. I just got rid of a foreclosure off all the reports at the beginning of the year.  I also closed several cards.  Pay the loan down? I thought a consistent payment history would help me with Navy. so you say pay that down to 8%? This would help how seeing as I would still be paying. Shorter pay period...? I paln to pay this off come March when I get some quarterly monies.  Penfed let me open a checking, savings and line of credit at $500. Its been 2 years and any other product, they've said go fly.  Rejected for everything beyond the basics....? No loyalty to me.

With NFCU a SSL works like the old Alliant loan.  You pay it down to 8% and they payments are pushed out toward the end of the loan and you keep the same term.  You can then autopay $2 per month or something if you want but it will report a positive payment history every month.  Not sure of the effects on your FICO since you have a student loan but I gained 30 +/- points with my NFCU SSL doing that "trick".    That said, paying on time wont hurt you either.

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Did any of those closed accounts have balances?  If so, you are also getting hammered from those since balances on a closed account are killers on utilization ratios...

 

It would be nice to know what else is going on because what is described by itself is simply not enough to depress the scores.  There is more to the story than exists in this thread...

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Forget installments.

 

If and only if you have no open installments, adding a new one paid down to < 8.9% should be worth ~25-35pts on FICO08. But only works if you have no open installments!

 

You already had 2 open installments (student loan plus auto loan), so opening another was counterproductive. All you did was lower AAoA, AAoOA, and age of newest account.

 

Summary:

-ONE open installment paid down to < 8.9% is optimal.

-Closed installments do not count.

-Adding more than one open installment is worthless.

 

Closing your "gazillion cards" was a mistake. You should NEVER close a CC without a very good reason - such as an AF that doesn't pay for itself. Even then you should try to PC instead. PenFed has no AF on any CC, so "...since I can't get jack from them" is not a good reason.

 

$0 util on all your revolvers is worse than even a fairly high util on a single card... even 10% is usually better than $0. Ideal is < 0.5% but more than $0 on exactly one card, if you only have 5 open. Hence the "$2 trick". 

 

It is impossible for you to be stuck in the 600s unless there is something else going on. Do you have util over 100% on one of your installments or closed CCs? Lates on closed CCs? You must have derogatories and/or a ridiculous util% somewhere. Otherwise you would be in the mid 700s, at least. You could do that even with a BK!

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7 hours ago, centex said:

Did any of those closed accounts have balances?  If so, you are also getting hammered from those since balances on a closed account are killers on utilization ratios...

 

It would be nice to know what else is going on because what is described by itself is simply not enough to depress the scores.  There is more to the story than exists in this thread...

This^^^

 

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Let me look at some of those cards but I fairly sure no lates. Newer cards though. High interest loan before paid that off with Navy.  Up until 3 or 4 months cards most were maxed. Cleared them and closed when I could. Student loan high and will prolly stay that way.  

 

 

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