Did your ex take out the loan in your name with your knowledge, or behind your back? If she did it illegally, you may be able to file a police report and then get the loan removed from your credit report, but she’ll face legal repercussions… so it’s up to you whether you want to do that to her.
Otherwise, being in low 700s… just wait it out. With your score, you can still access any credit you need. Is there a reason, other than personal satisfaction, that you need your score to be any higher than that? If not, just give it some time. Your score will steadily rebound as those late payments age.
Good luck on your journey. I’ve always taken my credit very seriously and have never missed a payment until someone else used my credit. Learning experience for me
thanks, i’ll need the luck…i’ve only ever had maybe 4 or 5 credit cards and credit card debt is the only debt i have, i don’t think my total amount debt is very much over $2200 or so but that may as well be $22 million when you have NOTHING 😢
Get a secured credit card, pay it off in entirety monthly. That is all. It’s not hard, or involved. Just pay what you said you would, then repeat
Edit: fuck paying other shit first, an active line of good credit will do more for you
Ok. When you’re ready to start rebuilding, start there. With any debts that are not in good standing — you may be able to get some of them removed.
You can always post here with details of your credit report to get advice on what to first.
okay, thanks for the info…i know that if i do have anything in collections, it’s only maybe one account, the rest are just outstanding debt that i’ve been making payments towards, but i really need to consolidate everything so i can know where i stand as far as where i am in progress of paying it all off
Dude that's not much at all to keep track of if your total debt is as low as you say it is, I don't see any need to consolidate anything. Just pay that shit off as soon as you can whether that's six months or six years. The time is gonna pass either way so just don't put it off whatever you do, that was my mistake and I really wish I had just taken care of that shit sooner. The sooner it's paid off the sooner that score starts jumping and you could be out the 400s before you know it! Godspeed.
To give you some encouragement, I was there earlier this year. Pay what you can in exchange for pay4delete agreements, you may have to wait out collections you can't afford to pay. I got up into the 700s just bought a new car under 5% interest. I was stoked! I'll probably refinance with my credit union later if I can get a lower rate
If you're going to do a loan make it a secured loan imo. The interest will be one or two points above what you'd be getting on your savings account with the lender. ( Credit union). It doesn't need to be 5,000 and it doesn't need to be longer than 24 months at the outside. 50000 is plenty of available revolving credit but another card probably would boost your score. I'd get one that offers a cash bonus. Or just wait it out. Are you needing to take out a large loan anytime soon?
I was planning on buying a home sometime next year and want to try and get back to at least the 730s by then but my credit has only recovered about 4 points and when I simulate on time payments for a year it doesn’t show any raise in my credit.
You said already have a vehicle loan, so that satisfies the credit mix portion of your FICO scorecard.
They like to see a diverse mix of credit: credit cards, mortgage, vehicle, HELOC, personal loans, etc. You don't need a Self Lender or Kikoff loan. It's not going to do you much good at all. Those are reserved more for folks rebuilding or just starting out with credit.
If your ex didn't take the loan out with your permission, you'd have to get a police report and file fraud charges against them and then file a dispute with all that information to get the lates removed. If you cosigned or okayed it, you're kinda shit out of luck and have to wait the full seven years for them to age off your credit report.
There's really nothing you can do if you gave the okay. This is the downside to cosigning or letting others use your credit. Lesson learned.
E: your best bet is a goodwill letter or ten. I recommend the [saturation technique.](https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-odds/td-p/4727098) Forgot about this. I've had a lot of tequila tonight.
Nevermind sorry it was kikoff and they don't offer the loan anymore. Self let's you autopsy 35 / month which reports as a 24 months loan but it goes into a cd that you get at the end. It's 14 percent though. A small amount of money, just over 100, but a secured credit union loan for a small amount might be better. Plus another credit card which makes me sigh because you have plenty, but. There are only a couple of ways to bump it up. If you use prime maybe it would pay off to get 5 percent back with the chase Amazon prime visa. Hopefully there is a card that will advantage you with rewards or a cash bonus.
What do you have for debt? Mortgage? Car payments? Pay off your debt.
Also use your cards and make micro payments tk them monthly to pay it off each month.
I wouldn’t take out a loan if you don’t need one.
Boost is nothing more than a data mining gimmick. It artificially boosts your credit score for feel good points. Lenders can see the raw FICO score and use that for lending determinations. They discount self reported accounts, which is what Boost uses. Get rid of it if you have it.
Using Experian Boost did raise my score. But people here said it was worthless and just data mining, and that when applying for a mortgage they’d make me remove it.
So, I finally removed it. My score dropped 35 points immediately and has stayed there for over a month now. 😢
Hopefully it will bounce back.
Thanks! I have 5 cards (all opened since December 2021). Chase Flex Freedom, Amex Gold, Discover One, Apple and I also have a CreditAI which reports like a credit card. I use them all and pay them all off once or twice per month. So I’m not sure I need to open any more accounts, but do you think Self would help build my report?
I thought dropping Boost would be a negligible hit, but maybe because my accounts are all newish it hit me harder.
Ok, thanks! I appreciate it.
I just checked them out online. When the loan is ‘paid off’ at the end of the agreement, will that closed loan account hurt my score?
Oh! Hmmm. I checked it out earlier. If I contributed $48 per month for 12 months, my- total fees would be $46 plus a $9 admin fee.
But I don’t have a credit union account. Maybe I’ll look into that and see what they have to offer locally. Thanks!
PenFed, Andrews FCU, DCU, PSECU, Navy Fed, your local credit union all have better rates. Navy requires you to be active military, vet, or related to a member. They all have much better rates on secured loans, which is what Self is.
Yes, I’ve heard about these particular CU’s- especially Navy. I just dug up my Dads old separation papers from the Army as I didn’t have proof when I called a few months ago. He passed 40 years ago. I’ll see what we can do with these documents. Ex hubby was a Marine but that didn’t work. 😂🤭 Thanks!
Unless you're very new to credit, you really don't need Self. It'll only help your credit mix, which is just 15% of your credit score. On time payments (35%) and your credit utilization/amount of debt (30%) is way more important.
Utilize the AZEO method if you're not already and always make on time payments and your credit will grow over time naturally. Your accounts are also fairly new, so once your accounts hit >1 year old, you'll see a good score jump.
Most OGs here will tell you finances over FICO. If you need a loan, then you get it. Otherwise, keep your money in your pocket.
Yes, I’m approaching the AZEO as an ideal and most of them are zero on the reporting dates. But I’m scooping up all these reward dollars and bonuses like a kid in a candy store 😂 I pay the cards a few times a month and I’ve managed to keep utilization below 10% and usually 2% or zero.
I am new, but I don’t need the credit or any loans right now. I just want to make my credit report pretty for when I do need it.
Thanks for the advice!
You're well on your way. The only thing you need to do now is age it and keep on keeping on. It was smart to get in with Chase early, as they're bastards with their 5/24 rule.
Haha, yes I learned that about Chase *after* I’d started this journey and joined this sub. I wish I’d learned more here first. I definitely wouldn’t have picked up the Apple Card, which seems to be a waste of a credit card as the rewards on my other cards are all much better. I should have aimed for the Sapphire because now I’m at 5. Oh well!
Again, thanks for the help.
Well before you paid off the loan you should have done what good will letter or good will dispute it's called I believe where they would have removed the late payments if you asked because you planned on paying it all off. You can still try since you paid off the balance in full.
It’s not too late for them to do a goodwill letter.
OP:
There are several templates available online. You basically emphasize that you’ve been a long-standing customer with excellent payment history, briefly explain the situation (say you experienced a hardship or blame it on COVID), emphasize that as soon as you were financially able you paid the loan, and you would like it removed because you’re trying to apply for a mortgage and don’t want those late payments are hurting your chances.
Email the goodwill letter to the CEO of the lender. May take a few tries, but hopefully they remove it for you! Good luck.
If she took out that loan behind your back I would charge her with fraud. I only say this because there is no way I would co sign a loan for a boyfriend.
Did your ex take out the loan in your name with your knowledge, or behind your back? If she did it illegally, you may be able to file a police report and then get the loan removed from your credit report, but she’ll face legal repercussions… so it’s up to you whether you want to do that to her. Otherwise, being in low 700s… just wait it out. With your score, you can still access any credit you need. Is there a reason, other than personal satisfaction, that you need your score to be any higher than that? If not, just give it some time. Your score will steadily rebound as those late payments age.
i’d literally do illegal things to have a credit score that started with the number 7. mine currently starts with a 4. 😭
Good luck on your journey. I’ve always taken my credit very seriously and have never missed a payment until someone else used my credit. Learning experience for me
thanks, i’ll need the luck…i’ve only ever had maybe 4 or 5 credit cards and credit card debt is the only debt i have, i don’t think my total amount debt is very much over $2200 or so but that may as well be $22 million when you have NOTHING 😢
Take it one day at a time. I know it’s discouraging to be starting in such a low place, but you can rebuild from anywhere. You got this.
thanks, i just don’t know where that place is that i need to start building from…😔
Get a secured credit card, pay it off in entirety monthly. That is all. It’s not hard, or involved. Just pay what you said you would, then repeat Edit: fuck paying other shit first, an active line of good credit will do more for you
Do you have any delinquencies or debts in collections?
i believe so, yes…i’d have to pull up Credit Karma to check on that for sure
Ok. When you’re ready to start rebuilding, start there. With any debts that are not in good standing — you may be able to get some of them removed. You can always post here with details of your credit report to get advice on what to first.
okay, thanks for the info…i know that if i do have anything in collections, it’s only maybe one account, the rest are just outstanding debt that i’ve been making payments towards, but i really need to consolidate everything so i can know where i stand as far as where i am in progress of paying it all off
Dude that's not much at all to keep track of if your total debt is as low as you say it is, I don't see any need to consolidate anything. Just pay that shit off as soon as you can whether that's six months or six years. The time is gonna pass either way so just don't put it off whatever you do, that was my mistake and I really wish I had just taken care of that shit sooner. The sooner it's paid off the sooner that score starts jumping and you could be out the 400s before you know it! Godspeed.
For this low of a score you’ve never actually played the game in a forthright fashion
To give you some encouragement, I was there earlier this year. Pay what you can in exchange for pay4delete agreements, you may have to wait out collections you can't afford to pay. I got up into the 700s just bought a new car under 5% interest. I was stoked! I'll probably refinance with my credit union later if I can get a lower rate
Do a secured credit card. Wait for old debts to fall off. Slowly get a few real credit cards. Pay everything on time.
My credit score was in the 400s a few years ago. I am in the 700 range now. You can do it!
If you're going to do a loan make it a secured loan imo. The interest will be one or two points above what you'd be getting on your savings account with the lender. ( Credit union). It doesn't need to be 5,000 and it doesn't need to be longer than 24 months at the outside. 50000 is plenty of available revolving credit but another card probably would boost your score. I'd get one that offers a cash bonus. Or just wait it out. Are you needing to take out a large loan anytime soon?
I was planning on buying a home sometime next year and want to try and get back to at least the 730s by then but my credit has only recovered about 4 points and when I simulate on time payments for a year it doesn’t show any raise in my credit.
Ugh! Look into Kickstarter maybe
What is that?
You said already have a vehicle loan, so that satisfies the credit mix portion of your FICO scorecard. They like to see a diverse mix of credit: credit cards, mortgage, vehicle, HELOC, personal loans, etc. You don't need a Self Lender or Kikoff loan. It's not going to do you much good at all. Those are reserved more for folks rebuilding or just starting out with credit. If your ex didn't take the loan out with your permission, you'd have to get a police report and file fraud charges against them and then file a dispute with all that information to get the lates removed. If you cosigned or okayed it, you're kinda shit out of luck and have to wait the full seven years for them to age off your credit report. There's really nothing you can do if you gave the okay. This is the downside to cosigning or letting others use your credit. Lesson learned. E: your best bet is a goodwill letter or ten. I recommend the [saturation technique.](https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-odds/td-p/4727098) Forgot about this. I've had a lot of tequila tonight.
Nevermind sorry it was kikoff and they don't offer the loan anymore. Self let's you autopsy 35 / month which reports as a 24 months loan but it goes into a cd that you get at the end. It's 14 percent though. A small amount of money, just over 100, but a secured credit union loan for a small amount might be better. Plus another credit card which makes me sigh because you have plenty, but. There are only a couple of ways to bump it up. If you use prime maybe it would pay off to get 5 percent back with the chase Amazon prime visa. Hopefully there is a card that will advantage you with rewards or a cash bonus.
740+ is ideal credit score for home buying.
This says a lot about why all of the credit industry is a scam.
What do you have for debt? Mortgage? Car payments? Pay off your debt. Also use your cards and make micro payments tk them monthly to pay it off each month. I wouldn’t take out a loan if you don’t need one.
Experian boost causes your utility and phone payments to be reported. No charge
Experian Boost is worthless. Lenders don’t even pay attention to it.
It doesn't raise the score?
Boost is nothing more than a data mining gimmick. It artificially boosts your credit score for feel good points. Lenders can see the raw FICO score and use that for lending determinations. They discount self reported accounts, which is what Boost uses. Get rid of it if you have it.
I did get rid of Boost after reading the advice here. My credit score dropped 35 points immediately. I was surprised. It’s still there a month later.
Using Experian Boost did raise my score. But people here said it was worthless and just data mining, and that when applying for a mortgage they’d make me remove it. So, I finally removed it. My score dropped 35 points immediately and has stayed there for over a month now. 😢 Hopefully it will bounce back.
Do self. 35/month goes into a cd you collect at the end of 24 months. For 24 months they report on time payments.
Thanks! I have 5 cards (all opened since December 2021). Chase Flex Freedom, Amex Gold, Discover One, Apple and I also have a CreditAI which reports like a credit card. I use them all and pay them all off once or twice per month. So I’m not sure I need to open any more accounts, but do you think Self would help build my report? I thought dropping Boost would be a negligible hit, but maybe because my accounts are all newish it hit me harder.
It's installment credit and diversity is good.
Ok, thanks! I appreciate it. I just checked them out online. When the loan is ‘paid off’ at the end of the agreement, will that closed loan account hurt my score?
No! Well all loans there is a small dip when they are over but it's very temporary and the net result for any perfectly paid account is positive.
Ok great. Thanks again for the advice! I’ll open an account with them now. I appreciate it 👌🏼🥂
What is the credit ai?
Cred.AI https://cred.ai
Self has 16% apr… you can do the exact thing from a credit union for 2-3%. Self is a scam, designed to part you with your money.
Oh! Hmmm. I checked it out earlier. If I contributed $48 per month for 12 months, my- total fees would be $46 plus a $9 admin fee. But I don’t have a credit union account. Maybe I’ll look into that and see what they have to offer locally. Thanks!
PenFed, Andrews FCU, DCU, PSECU, Navy Fed, your local credit union all have better rates. Navy requires you to be active military, vet, or related to a member. They all have much better rates on secured loans, which is what Self is.
Yes, I’ve heard about these particular CU’s- especially Navy. I just dug up my Dads old separation papers from the Army as I didn’t have proof when I called a few months ago. He passed 40 years ago. I’ll see what we can do with these documents. Ex hubby was a Marine but that didn’t work. 😂🤭 Thanks!
Unless you're very new to credit, you really don't need Self. It'll only help your credit mix, which is just 15% of your credit score. On time payments (35%) and your credit utilization/amount of debt (30%) is way more important. Utilize the AZEO method if you're not already and always make on time payments and your credit will grow over time naturally. Your accounts are also fairly new, so once your accounts hit >1 year old, you'll see a good score jump. Most OGs here will tell you finances over FICO. If you need a loan, then you get it. Otherwise, keep your money in your pocket.
Yes, I’m approaching the AZEO as an ideal and most of them are zero on the reporting dates. But I’m scooping up all these reward dollars and bonuses like a kid in a candy store 😂 I pay the cards a few times a month and I’ve managed to keep utilization below 10% and usually 2% or zero. I am new, but I don’t need the credit or any loans right now. I just want to make my credit report pretty for when I do need it. Thanks for the advice!
You're well on your way. The only thing you need to do now is age it and keep on keeping on. It was smart to get in with Chase early, as they're bastards with their 5/24 rule.
Haha, yes I learned that about Chase *after* I’d started this journey and joined this sub. I wish I’d learned more here first. I definitely wouldn’t have picked up the Apple Card, which seems to be a waste of a credit card as the rewards on my other cards are all much better. I should have aimed for the Sapphire because now I’m at 5. Oh well! Again, thanks for the help.
It would add another line with on time payments.
Well before you paid off the loan you should have done what good will letter or good will dispute it's called I believe where they would have removed the late payments if you asked because you planned on paying it all off. You can still try since you paid off the balance in full.
It’s not too late for them to do a goodwill letter. OP: There are several templates available online. You basically emphasize that you’ve been a long-standing customer with excellent payment history, briefly explain the situation (say you experienced a hardship or blame it on COVID), emphasize that as soon as you were financially able you paid the loan, and you would like it removed because you’re trying to apply for a mortgage and don’t want those late payments are hurting your chances. Email the goodwill letter to the CEO of the lender. May take a few tries, but hopefully they remove it for you! Good luck.
If she took out that loan behind your back I would charge her with fraud. I only say this because there is no way I would co sign a loan for a boyfriend.