MangosteenMew asked 5 years ago

I am frustrated, as I can’t get my scores up (and keep them up).


I am currently sitting ~650 on all three.  


Summary of credit:


– zero derogs (non, last of anything was over 10 years).

– Three installment loans (car, motorcycle, consolidation loan – fixed 3yr)  Car and bike have <50% equity.

– a few credit card balances (all ~50% of avail on cards with balances).


A lot has happened in the last few years, and I wonder if that is the cause?

Consolidation loan (I paid off a lot of legal debt from a divorce) — never had any lates (or over limits), but there were some high utilizations until I did that

Traded in my truck for a cheaper car (had  $ 20k equity, reduced payment and rate)

Sold my Harley (paid off more debt), financed (with a good down payment) a MUCH cheaper motorcycle


Goal was to get to where I could chunk away at the installment and remaining revolving (which was 80k+, now ~$ 40k, of which  about ~$ 15 is revolving).  My house even has 1/3 equity (on a 15yr note).


Age of accounts is terrible on the car, the bike, and house (refinanced within last 24 months).  I haven’t had issues with the purchases (all incredible rates), and with the refi (due to equity, sizable downpayments, etc).  I suspect it also helps that my DTI is pretty solid (Senior IT Exec. – DTI is <5% of gross).  I am on a solid plan to have all debt paid off within 4-5 months, but this is super annoying (not having good scores).  


I have entered all of my cards into a spreadsheet, anything that is “newer” than my average age of account is on my “cancel” list once balances are all zero (so it doesn’t screw with utilization).  Is that a mistake too?


With nothing late, is it really just the utilization on the cards (meaning too much credit out there, and I am using too much of it)?


My wife and I would like to buy another rental or two, and it is my credit (and the remaining debt) hurting us.  Her score and equity in our other properties are unreal (well into 800s, 40-60% equity).  We also want to buy our dream home in the next year, but I am the “primary” breadwinner.  We are both executives, but I bring in ~2/3+ of the money (so they will likely use my scores unless she qualifies 100% on her own).


Help?  My only other thought is to sell the remaining toys, pay everything off, and just use the Dave Ramsey envelope system (and pray my scores are high enough when the time comes).


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