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darko_d1 | Why is my credit score so low? Detail Inside.? |
I have a score of 544 and Im going to list the details about it.
2 public account
8 total accounts
PUBLIC:
1. Rental Management company for $440, it was paid same day as judgement. 5 years old
2. Credit Card suit - this one is bad $1300, I didnt get served though and wasnt at court, but it drops off in 2 months anyway. 7 years old
8 ACCOUNTS:
Credit Card: good standing- 4 months old - never late-80% credit used
Target Card: good standing- 4 months old - never late-75%
Student Loan: good standing, currect deferred
Another Student loan: good standing, deferred
Yet Another Student Loan: good, current, late once, now deffered.
Credit Card: BAD, same one as public record above: 7 years old, drops in 2 months.
Cable bill: BAD, wrote off, $160, 4 years old
Electric Bill: BAD, 4 years old, closed account
I dont get it, I have 1 bad public, 3 bad others thing, and my score is terrible. Hopefully it was take a big jump when those 2 things drop. This is from Experian.
Additional Details
Forgot to add... 4 inquiries |
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SPIFIMAN1
 |
Well, lets see, a judgment, a charged off credit card sent to collections, a bad cable bill, a bad electric bill and two almost maxed out credit cards. That's 5 derogatory accounts not 4.
I don't see how your score is as high as it is.
You need to pay your credit cards down to less then 30% of you limit and then when the 2 bad accounts fall off your score should go up by around 50-points. |
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zyberianwarrior
|
well golly gee whiz batman.....In Pubic you have had TWO suits agianst you that alone makes you extremly high risk. Not to mention you don't even pay the basic of bills (cable and electric) . On top of that you are nearing max out on your credit cards. I don't know how you got those two credit cards but you need to pay them off quick. |
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Studly
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I have to agree with everyone else on this one...your credit is a mess. And I would not hold my breath about your score improving once that credit card and judgment fall off.
1) As bad items age on your report, their impact goes down. You are already into the 6th year, so at best it won't improve your score more then 15 points.
2) The deferred loans are actually what is killing you! You have far too much outstanding credit on those. If me (as a lender) saw your report, I would be worried about giving a loan because sooner or later those student loan's are gonna have to be paid off.
3) As mentioned, you have the other cards maxed out and that's hurting your score.
4) The utility bills are derogatory, but they are 4 years old. They should start having less impact on your score, but not much.
5) You do not have a long enough history on the credit. They don't even start to pay attention until you have 6 months established.....and it sounds like you have not done well with that history.
My suggestion is try and dispute the utility bills (but I suspect it won't help). Get those credit cards paid down and stop using any more credit. You don't need more cards because you already have enough line items on your report to establish a history. Pay the credit bills on time.
Your score will never go anywhere until you figure out what to do with those student loans. |
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XoxoxoxoX
 |
Well, is really not just public record and those three bad accounts. You don't have long period of credit history, and both of the credit cards are 75% to 80% charged. It also depends on how much you make a year and the total debt that you owe. Yes, student loans are deferred but you still need to pay back. So you still owe....you owe too much. If you want to have a better score, start pay off some of your debt. You behavior with few charge off also show your high risk that lenders are not getting back their money. So if you were a lender, would you lend money to someone you know pretty much will not pay you back? |
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Cadillacman
 |
You're asking why your score is so low. I'm wondering why it's so high! Your credit score is supposed to reflect the risk to others who may want to extend credit to you. Based on all the negative information you have provided, your risk is extremely high. In other words, based on your previous record, potential lenders have reason to believe you may not pay them back. As mentioned by others, get your debt level down and pay your bills ON TIME over a period of time and you'll see your credit score begin to rise. But, you have to work at it. Your score won't rise overnight. |
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stephenweinstein
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Your score is low because you have four (4) bad things. To have a good score, you need to have zero (0) bad things. |
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Cubs Baby!!!!
 |
If you look at that credit report and you can't see why your score is so low than you are dummer than Forrest Gump! |
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beckiness_x
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Well for starters, you have collections and your credit cards are nearly maxed out. A good rule for credit is to knock off a zero. For example, if your credit limit is $750, the most you should EVER spend on that account would be $75.00. How many inquiries do you have? That lowers your score as well. You should try to dilute bad credit with good credit. Try to get a secured credit card, no more apping for at least a year, and pay off your credit cards. |
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Steveo
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I'm wondering why your score is so high! Your credit score is supposed to reflect the risk to others who may want to extend credit to you. Based on all the negative information you have provided, your risk is extremely high. In other words, based on your previous record, potential lenders have reason to believe you may not pay them back. As mentioned by others, get your debt level down and pay your bills ON TIME over a period of time and you'll see your credit score begin to rise. But, you have to work at it. Your score won't rise overnight.
Of course, if I were you, I'd shred the cards and live on cash. That will get you back to where you were in the beginning. It will definitely raise your score. Of course since you don't know how to handle credit, why worry about the score. Charge more pay less, get evicted, have your cable and electric cut off, and maybe you'll get an idea how to handle credit. |
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