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Tarik One
Member since May 2016
2061 posts

How should I prioritize these 4 credit issues?
Planning on getting a house if and when the market ever picks up again. In the meantime I'm trying to get my credit together (as well as save some extra cash) so I will be fully prepared when things open up.

1. Ratio of balance to limit on bank revolving other revolving accounts too high

2. Too few accounts currently paid as agreed

3. Time since most recent account opening is too short

4. Lack of recent installment loan information

Or are there just to many variables to consider to even align them?


Kankles
New Orleans Saints Fan
Member since Dec 2012
5330 posts

re: How should I prioritize these 4 credit issues?
Is your credit score north of 350?


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41
Chad504boy
Member since Feb 2005
147545 posts
 Online 

re: How should I prioritize these 4 credit issues?
you're waiting for market to pick up to get a house?


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50
14&Counting
Hawaii Fan
Manhattan Beach, CA
Member since Jul 2012
28571 posts

re: How should I prioritize these 4 credit issues?
The only one you can immediately control is #1


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10
Trout Bandit
LSU Fan
Baton Rouge, LA
Member since Dec 2012
10205 posts

re: How should I prioritize these 4 credit issues?
Stop missing payments for starters.


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70
andwesway
LSU Fan
Zachary, LA
Member since Jun 2016
998 posts

re: How should I prioritize these 4 credit issues?
Money Board!


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Booyow
Member since Mar 2010
3156 posts

re: How should I prioritize these 4 credit issues?
Edited bc moved to Money Board. I’ll save my wit for the OT

Listen to the poster below me
This post was edited on 7/13 at 2:13 pm


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9Fiddy
Louisiana Tech Fan
19th Hole
Member since Jan 2007
59476 posts
 Online 

re: How should I prioritize these 4 credit issues?
quote:

2. Too few accounts currently paid as agreed

Priority 1
quote:

. Ratio of balance to limit on bank revolving other revolving accounts too high


Priority 2
quote:

4. Lack of recent installment loan information

Priority 3
quote:

3. Time since most recent account opening is too short

Priority 4 and will be taken care of when you do priority 3


Sput
Auburn Fan
Member since Mar 2020
3538 posts

re: How should I prioritize these 4 credit issues?
quote:

2. Too few accounts currently paid as agreed


Worst red flag
This post was edited on 7/13 at 2:41 pm


Auburn1968
Auburn Fan
NYC
Member since Mar 2019
8607 posts

re: How should I prioritize these 4 credit issues?
quote:

quote:
2. Too few accounts currently paid as agreed


Worst red flag



Yep. You can owe a large percentage of your credit limits if you always make timely payments. Missing payments puts your credit score into a tail spin.

My wife's credit score went from over 800 where it was for years down to 620 something because her former partner canceled a check that was to have paid off her business credit card. The business was closed due to covid lockdowns so no mail came. Four months of missed payments will put credit into nose dive and there isn't a lot that can be done about it.


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LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
26229 posts
 Online 

re: How should I prioritize these 4 credit issues?
quote:

Too few accounts currently paid as agreed


Are you currently behind?

First thing is you need to get current on everything. Nothing else matters now until that is cleaned up.

Once that is cleaned up... try to pay down some debt if you can to get your credit score up.


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meansonny
Georgia Fan
ATL
Member since Sep 2012
14658 posts

re: How should I prioritize these 4 credit issues?
quote:

quote:
2. Too few accounts currently paid as agreed

Priority 1
quote:
. Ratio of balance to limit on bank revolving other revolving accounts too high

Priority 2
quote:
4. Lack of recent installment loan information

Priority 3
quote:
3. Time since most recent account opening is too short

Priority 4 and will be taken care of when you do priority 3



It depends upon what his goal is.

The credit bureaus rank "most effecting" first.

If the goal is to improve the credit score, that first listed one will have the biggest jump/net benefit.

There may be some underwriting that does "manual credit checks" and approval could depend upon the number of "30 day lates" and "60 day lates" the past 2 years. There is nothing you can do about the past lates. But dont do it again, obviously.
This post was edited on 7/13 at 5:20 pm


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