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Started By
Message
How can I raise my credit?
Posted on 9/3/26 at 1:40 pm
Posted on 9/3/26 at 1:40 pm
Hi all, was lurking and reading the affordability post of the guy who cant afford his house and wanted to get some advice on my own situation
So my credit is horrific, 650 or so. for a financial snapshot I am in SE LA, married with 4 kids, my wife does not work. I make about 11k a month after taxes, so thats net pay. sometimes more if I work extra for a bonus, an extra 2k after taxes a couple times a year, 1.5k christmas bonus, 10k bonuses yearly that all of course are taxed. My wife can work but she doesnt so she can take care of our kids. 2/4 are in private school, will be 3/4 soon. Biggest expense I have easily.
No car payments. No student loans. So except for house no real debt. I max my 401k match and max my roth and put some in a brokerage. i try to spend within my means and invest within my means.
But my credit sucks arse. financially struggled bigly several years ago, maxed out a credit card to 20k surviving. it went into collections, they will not remove it so i have to wait for it to age off. it remains the sole ding on my credit score.
But now, seems like everything I do brings my score down even more. I paid off a vehicle quickly, my credit went down. I paid off my student loans and my credit went down. I took advantage of a 0%apr 15k 4 year offer on an A/C replacement for my house, set it to autopay, put a few thousand in to start off because i really hate debt, and boom my credit went down again. I want the adaptability to buy a new house eventually since my family has grown but im not gonna be able to do that with such shite credit.
I have other credit cards but i hardly use them because i was historically bad with money and am trying to avoid falling into that 'oh i make enough i can pay it off' trap.
any advice would be appreciated, because rn it seems like everything i do even if it makes sense just drags my score down even more.
essentially thanks to my credit being low i have zero flexibility. if my car gets totaled im gonna be paying out the arse for a new one IF they will even sell me one.
So my credit is horrific, 650 or so. for a financial snapshot I am in SE LA, married with 4 kids, my wife does not work. I make about 11k a month after taxes, so thats net pay. sometimes more if I work extra for a bonus, an extra 2k after taxes a couple times a year, 1.5k christmas bonus, 10k bonuses yearly that all of course are taxed. My wife can work but she doesnt so she can take care of our kids. 2/4 are in private school, will be 3/4 soon. Biggest expense I have easily.
No car payments. No student loans. So except for house no real debt. I max my 401k match and max my roth and put some in a brokerage. i try to spend within my means and invest within my means.
But my credit sucks arse. financially struggled bigly several years ago, maxed out a credit card to 20k surviving. it went into collections, they will not remove it so i have to wait for it to age off. it remains the sole ding on my credit score.
But now, seems like everything I do brings my score down even more. I paid off a vehicle quickly, my credit went down. I paid off my student loans and my credit went down. I took advantage of a 0%apr 15k 4 year offer on an A/C replacement for my house, set it to autopay, put a few thousand in to start off because i really hate debt, and boom my credit went down again. I want the adaptability to buy a new house eventually since my family has grown but im not gonna be able to do that with such shite credit.
I have other credit cards but i hardly use them because i was historically bad with money and am trying to avoid falling into that 'oh i make enough i can pay it off' trap.
any advice would be appreciated, because rn it seems like everything i do even if it makes sense just drags my score down even more.
essentially thanks to my credit being low i have zero flexibility. if my car gets totaled im gonna be paying out the arse for a new one IF they will even sell me one.
This post was edited on 9/3/26 at 1:54 pm
5
Posted on 9/3/26 at 1:50 pm to Poboy1911
one small piece of advice based on personal experience learned the hard way…don’t sweat your credit score if you have a current mortgage.
My score never left the 600’s and I never had a problem getting a mortgage as long as I had the down payment and was selling one and buying another.
you’re doing fine
My score never left the 600’s and I never had a problem getting a mortgage as long as I had the down payment and was selling one and buying another.
you’re doing fine
Posted on 9/3/26 at 1:55 pm to cgrand
i paid off my vehicle but i have no flexibility really, if it got totaled with all these dumbass no insurance people driving around im gonna be paying out my arse and thats if they'll even sell me one with that shite credit, another thing im def worried aboout
Posted on 9/3/26 at 2:08 pm to Poboy1911
quote:
thats if they'll even sell me one with that shite credit
If that were the case, there would be no Nissan Altimas on the road. Ever
Just keep paying your bills on time. Also paying off some accounts like your student loans may have just brought your score down because the account closed and part of your credit score is the average age of the accounts in your credit report. So closing an old account negatively affects your credit a lot more than closing a newer account. Do you have credit card / revolving account balances? Do you have any credit cards with low credit limits that maybe you could request a credit limit increase? Credit limit increase request on an existing account shouldn't show up as an inquiry on your credit report, but if they approve it then having higher credit limits can bring your score up....as long as you keep the utilization percentage of that limit low.
Posted on 9/3/26 at 2:50 pm to Poboy1911
If you have an account with Capital One, you can download their app and use CreditWise, which shows your approximate credit score and how the different factors affect it. It also has a simulator that allows you to experiment with changes.
The factors and their weights on your credit score are:
1. Payment History (35%): whether you have late/missed payments, bankruptcy, collections, etc.
2. Credit Utilization (30%): how much credit you are using. More utilization generally means worse credit, but a marginal amount (like 1%) is better than 0% for the calculation.
3. Credit History Length (15%): the ages of your oldest, newest, and average account. Older is better here.
4. New Credit (10%): the fewer new credit lines you have, the better.
5. Credit Mix (10%): the different types of credit accounts you have (credit card, mortgage, auto loan, etc.). More types is generally better here.
So if we look at these, you've said you have a problem with #1, you paid off an auto loan that reduced your credit mix (#5), and you opened a new credit line that worsened #2-4 (but may have helped with #5).
Since 1 and 2 have such heavy weighting, they should be your primary focus. For 1, you can either try some sort of negotiation or just wait for it to roll off, which will happen 7 years after the original delinquency date. 2 can be dealt with over time as you pay off loans. 3 and 4 are just a matter of time. I'm not sure if you can do much about improving 5, but it has low weight anyway.
The factors and their weights on your credit score are:
1. Payment History (35%): whether you have late/missed payments, bankruptcy, collections, etc.
2. Credit Utilization (30%): how much credit you are using. More utilization generally means worse credit, but a marginal amount (like 1%) is better than 0% for the calculation.
3. Credit History Length (15%): the ages of your oldest, newest, and average account. Older is better here.
4. New Credit (10%): the fewer new credit lines you have, the better.
5. Credit Mix (10%): the different types of credit accounts you have (credit card, mortgage, auto loan, etc.). More types is generally better here.
So if we look at these, you've said you have a problem with #1, you paid off an auto loan that reduced your credit mix (#5), and you opened a new credit line that worsened #2-4 (but may have helped with #5).
Since 1 and 2 have such heavy weighting, they should be your primary focus. For 1, you can either try some sort of negotiation or just wait for it to roll off, which will happen 7 years after the original delinquency date. 2 can be dealt with over time as you pay off loans. 3 and 4 are just a matter of time. I'm not sure if you can do much about improving 5, but it has low weight anyway.
Posted on 9/3/26 at 3:19 pm to Poboy1911
I know the struggle. I had a mid 700s credit score and had a cc with a recurring billing on it I didn't realize was on it and it tanked my score down to the low 600s. It was like a $30 transaction and it killed my credit for a good year or two. I'm not aware of any overnight type of tips. Just keep doing what you're doing. Your credit situation is really not terrible. You won't get the best rate on an auto purchase, but it won't be astronomically higher like you're insinuating. The alternative to paying significantly higher interest over the life a vehicle for example is to put more down on a vehicle. Are you able to save much each month?
How old are the kids? Assuming your wife doesn't work out of necessity of child care?
How old are the kids? Assuming your wife doesn't work out of necessity of child care?
Posted on 9/4/26 at 12:13 am to Omada
hi all i appreciate the advice so far
So my utilization is high because apparently the AC company ran the 0% thing as a wells fargo credit card? with a maximum of 18k and I still owe about 12k? idk if thats usual or not; its still 0% for 36 months and I will definitely pay it off before then, but thats how it shows up on my credit report. Could that be nuking it?
I have 2 personal CCs that I never defaulted on but i dont use them because like i said earlier I really dont want to go down the 'i make enough i can pay this off later' trap. tbh i consider myself a poor administrator so try to avoid debt like the plague or get rid of it ASAP. so i have them but never use them for anything.
My monthly surplus is about 4k. Initially when I started making a lot more I would spend almost all of it on stupid shite literally no one needs, spoiling the crap out of my kids and taking them and my wife on fancy vacations that they're too young to give a shite about anyway. I have since dialed that back b/c i realized they are just as happy if not more so playing out back with the sprinkler.
wife manages the kids which is a FT job in and of itself. it took a lot to get to this point so the last thing i want to do is throw away extra money on some stupid high APY or interest rate. just want to be better positioned for the future really
So my utilization is high because apparently the AC company ran the 0% thing as a wells fargo credit card? with a maximum of 18k and I still owe about 12k? idk if thats usual or not; its still 0% for 36 months and I will definitely pay it off before then, but thats how it shows up on my credit report. Could that be nuking it?
I have 2 personal CCs that I never defaulted on but i dont use them because like i said earlier I really dont want to go down the 'i make enough i can pay this off later' trap. tbh i consider myself a poor administrator so try to avoid debt like the plague or get rid of it ASAP. so i have them but never use them for anything.
quote:
IYou won't get the best rate on an auto purchase, but it won't be astronomically higher like you're insinuating. The alternative to paying significantly higher interest over the life a vehicle for example is to put more down on a vehicle. Are you able to save much each month?
How old are the kids? Assuming your wife doesn't work out of necessity of child care?
My monthly surplus is about 4k. Initially when I started making a lot more I would spend almost all of it on stupid shite literally no one needs, spoiling the crap out of my kids and taking them and my wife on fancy vacations that they're too young to give a shite about anyway. I have since dialed that back b/c i realized they are just as happy if not more so playing out back with the sprinkler.
wife manages the kids which is a FT job in and of itself. it took a lot to get to this point so the last thing i want to do is throw away extra money on some stupid high APY or interest rate. just want to be better positioned for the future really
Posted on 9/4/26 at 11:07 am to Omada
quote:
If you have an account with Capital One, you can download their app and use CreditWise,
818
For the past 10 years, I have put literally everything on my credit cards and paid them off at the end of the month.
1 vehicle, two different mortgages, and paying off my credit cards every month has helped me a ton
Plus, the rewards I get at the end of the year pay for Christmas
This post was edited on 9/4/26 at 11:30 am
Posted on 9/4/26 at 11:26 am to Poboy1911
Credit scores are such a freaking scam
I sold my condo a few years ago, and then wrote a $140,000 check to pay off the entirety of my student loan balance
Credit score dropped 100 points overnight.
I went from a good chunk of debt to then no debt and still get shafted
I sold my condo a few years ago, and then wrote a $140,000 check to pay off the entirety of my student loan balance
Credit score dropped 100 points overnight.
I went from a good chunk of debt to then no debt and still get shafted
Posted on 9/4/26 at 12:49 pm to Poboy1911
quote:
I have 2 personal CCs that I never defaulted on but i dont use them because like i said earlier I really dont want to go down the 'i make enough i can pay this off later' trap. tbh i consider myself a poor administrator so try to avoid debt like the plague or get rid of it ASAP. so i have them but never use them for anything.
Here is your problem. You need to change that mindset. I pay everything I can using credit cards. Everything that is except those that charge a fee, for example, property tax. Charge everything you can and pay the bill in full as soon as you get it. Don't wait until the due date. Don't think about it as going into debt. Think of it as paying any other bill when it's due. Of course, don't increase buying things you don't really need.
Posted on 9/4/26 at 1:03 pm to Poboy1911
quote:
o my utilization is high because apparently the AC company ran the 0% thing as a wells fargo credit card? with a maximum of 18k and I still owe about 12k? idk if thats usual or not; its still 0% for 36 months and I will definitely pay it off before then, but thats how it shows up on my credit report. Could that be nuking it?
I have 2 personal CCs that I never defaulted on but i dont use them because like i said earlier I really dont want to go down the 'i make enough i can pay this off later' trap. tbh i consider myself a poor administrator so try to avoid debt like the plague or get rid of it ASAP. so i have them but never use them for anything.
What is your credit lines on your 2 other cards
$12k out of $18k is high but could be easily offset by the 2 other cards; they look at total balance of all (personal) cards vs. limit
So if you limits are $22k between the 2 other cards; $12k balance with $40k limit is not the end of the world. $12k balance with $30k in limit would hurt you more; $12k balance with $25k in limit would be rough for your score.
After 30% utilization, they start to really ding your score for poor utilization. 10% of lower utilization is best case scenario you want to get to.
You definitely need to look at a credit score app and find out whats going on in more detail - i use credit karma; just find something that explains your score and where you can make up the most room. There's always ways to work your score up. The payment history from the past is probably still lingering around hurting your score the most.
This post was edited on 9/4/26 at 1:07 pm
Posted on 9/4/26 at 1:03 pm to Poboy1911
What's the house payment? Rate?
Posted on 9/4/26 at 1:35 pm to Poboy1911
quote:
So my utilization is high because apparently the AC company ran the 0% thing as a wells fargo credit card? with a maximum of 18k and I still owe about 12k? idk if thats usual or not; its still 0% for 36 months and I will definitely pay it off before then, but thats how it shows up on my credit report. Could that be nuking it?
If it is actually a credit card, then yes. The credit utilization aspect only considers revolving lines of credit, not something like your mortgage (unless you put that on a credit card!). And in that case, as far as the credit agencies are concerned, you just opened a new credit card and are using about 67% of its limit (but not your overall limit). However, if it is just a traditional loan, then I don't think it would (someone correct me if I'm wrong, please).
I wouldn't sweat it, though. As you pay it off, your credit score will go back up. Personally, unless you are planning on buying a new house within the 36 months of 0% APY, I would figure out my payments so that I'd pay it off just before any interest would apply. This would see your credit score recover at a slower rate, but you could put any excess cash into retirement, savings/emergency fund, or your mortgage.
One other possibility to lower your credit utilization is to accept any offers to increase the limit on your credit cards so long as the offer won't result in a hard credit inquiry. These offers usually only do a soft inquiry, but you'll need to make sure. You generally won't want to make a request for a credit increase because that will require a hard inquiry, and those ding your credit score.
Posted on 9/6/26 at 8:59 pm to Omada
Your credit score is all the above, but more than anything, your score is a rating of how much credit you have vs how much you use it vs how responsible you are with it.
Banks, lenders, etc. DON'T make money when you pay your accounts off early.
Why would anyone lend YOU money when you have proven you are going to pay it off quickly and they lose out on the interest when they could give it to someone who keeps loans for the long terms, cc that they run up and may miss a payment where they can charge fees?
They are in business to make money.
All that to say:
DON'T every be late on a CC payment or installment.
USE credit often and run up the account, BUT always pay off you CC every month.
Take out loans but be responsible
Interest is the cost of earning and having leverage to buy bigger and better things, responsibly.
Banks, lenders, etc. DON'T make money when you pay your accounts off early.
Why would anyone lend YOU money when you have proven you are going to pay it off quickly and they lose out on the interest when they could give it to someone who keeps loans for the long terms, cc that they run up and may miss a payment where they can charge fees?
They are in business to make money.
All that to say:
DON'T every be late on a CC payment or installment.
USE credit often and run up the account, BUT always pay off you CC every month.
Take out loans but be responsible
Interest is the cost of earning and having leverage to buy bigger and better things, responsibly.
Posted on 9/6/26 at 10:30 pm to Poboy1911
quote:Retail interest free financing is almost going to be a revolving account, basically a credit card. So its treated just like a credit card on your credit report. As you pay that balance down, your score will increase with lower utilization. You could also try to request credit limit increases on the other 2 cards you have because credit utilization percentage is based on the combined credit limits and balances across all of your revolving accounts. Higher credit limit with low / no balance on those cards will help to reduce your overall utilization.
So my utilization is high because apparently the AC company ran the 0% thing as a wells fargo credit card? with a maximum of 18k and I still owe about 12k? idk if thats usual or not; its still 0% for 36 months and I will definitely pay it off before then, but thats how it shows up on my credit report. Could that be nuking it?
Posted on 9/6/26 at 10:57 pm to Poboy1911
Do you not have some relatively fixed monthly things you can put on the cards, and pay it off each month? Is your wife not good at keeping up with this kind of stuff either?
I roughly know how much my monthly grocery and gas costs are, so I know how much of my take home will go towards those 2. So I put those on my CC, and pay it off at the end of the month.
I roughly know how much my monthly grocery and gas costs are, so I know how much of my take home will go towards those 2. So I put those on my CC, and pay it off at the end of the month.
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