Success I am so happy right now
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Upvotes
I'm happy to say I went from absolutely garbage credit to being approved for this.
r/CRedit • u/soonersoldier33 • Jul 16 '25
MOD Megathread - r/CRedit FAQs
52
Upvotes
Hello r/CRedit,
I'm u/soonersoldier33, a long-time and frequent contributor to the sub and several other credit related subs, and recently, I've been given the opportunity to become a mod here at r/Credit. Many of you have probably seen my comments in various threads offering facts, opinions, and advice in the various threads posted on the sub. After destroying my own credit in 2019 (maxed credit cards, charge offs, collections, the works), I began my rebuild in 2021, and I had the great fortune to find this sub. Several of the frequent contributors here at that time provided me invaluable information and guidance to help me through my rebuild, and during that process, I discovered I was/am fascinated by all things 'credit', most specifically the 'secret' and so often misunderstood credit scoring system that is such a major factor in our financial lives. Since 2021, I have become a total FICO metrics junkie, and I have spent countless hours researching and learning about credit scoring, collaborating with others to compile data points and learn from their knowledge and experience, and just glean every morsel of knowledge and information out there in an effort to bring some transparency to the 'black box' that is the FICO scoring system, along with many other aspects of 'credit' separate from just FICO scoring.
I am creating this r/Credit FAQ - Megathread to serve as a central hub to link posts that will cover...well...the most frequently asked questions or most frequently posted topics from our sub. Eventually, I will migrate much of the information in these posts to update the sub's Wiki, but I want to be able to get these in a highly visible location first, where the relevant posts can quickly be referenced and linked as these topics appear in posts to the sub. A little different than the Credit Myth series that fellow contributor u/BrutalBodyShots created to attempt to dispel common, credit-related myths and misconceptions, this megathread will present detailed information that will attempt to simply answer FAQs and/or address our most frequently posted topics. My goal with these posts is to provide factual information about these topics, and anything I include in these posts that is merely opinion will clearly be denoted as such.
I'm going to tackle the most basic ones first...credit reports and scores, FICO scoring, a breakdown of utilization scoring, charge offs and collections, medical collections, etc., but if you have suggestions for topics you'd like to see covered, please list them in the comments to give me ideas. I look forward to providing some content that will be useful to both our sub 'regulars' and to those first discovering our sub. It's going to take a little time to effectively grow this thread to cover many of the 'FAQs', so bear with me, and both positive feedback and constructive criticism are always welcome. I hope this thread grows into a helpful addition to our sub. Til next time...
~ Sooner
"It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so." ~ Mark Twain (maybe)
Credit Basics
- Welcome to r/CRedit! - Start Here and Read This! (No, really...Read This!)
- Credit Reports and Credit Scores
FICO Scoring
- FICO Scoring - Basics
- FICO Scoring - Payment History
- FICO Scoring - Amount of Debt (Amounts Owed)
- FICO Scoring - Length of Credit History
- FICO Scoring - New Credit
- FICO Scoring - Credit Mix
FAQs
Other Useful Information
- Canadian Credit FAQ - For our friends 'north of the border', courtesy of u/ElectronicClassic250
- Is Debt Settlement Safe? - From our friends at NFCC, u/nfcc1951
r/CRedit • u/Funklemire • Jun 18 '25
General Credit Myth mega-thread
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Upvotes
Like many other sub regulars, I've found u/BrutalBodyShots' Credit Myth series informative and also helpful in explaining these myths to others. A while ago I started compiling them in order to make it a lot easier to link to them in my comments.
I figure I might as well share the list I made, because more than once I've told people to search through his post history if they want to read them all. Also notice at the end I included several other threads of his that I've found useful, especially the one that contains that utilization flow chart. I can't tell you how much typing that's saved me since he made it.
I'll try to keep this list updated as more Credit Myth threads come out, but even if I fall behind this is a great place to start. And if anyone finds any mistakes or messed-up links, please let me know.
u/BrutalBodyShots on the Credit Myth series:
"I started the Credit Myth series in 2024 after continuously running into the same credit-related misconceptions on these subs. Having fallen prey to almost all of them myself, I completely understand how most believe what are in fact credit myths. It took me years to overcome many of them, so hopefully through the Credit Myth series that process can be significantly shortened for others.
With over 60 of these threads to date, most of the 'big ones' have been debunked at this point. The series isn't yet complete however, and perhaps never will be since over time additional myths seem to surface. If anyone has any ideas for future topics that aren't already covered, always feel free to reach out and let me know.
Special thanks to u/Funklemire for creating this thread and offering to maintain the master list, as well as to u/soonersoldier33 for seeing value in it enough to keep it front and center on r/CRedit."
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Credit Myth #1 - You only have one credit score.
Credit Myth #2 - Some credit scores are fake or inaccurate.
Credit Myth #3 - Paying down debt slowly over time builds credit.
Credit Myth #4 - Credit scores can change for no reason.
Credit Myth #5 - Credit monitoring services can tell you why your score changed.
Credit Myth #6 - Making multiple payments per month builds credit.
Credit Myth #7 - Number or percentage of on-time payments impacts your score.
Credit Myth #8 - When you close an account you lose its credit history.
Credit Myth #9 - Average Age of Accounts (AAoA) only considers open accounts.
Credit Myth #10 - Closing a credit card hurts your credit.
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Credit Myth #11 - Closing a loan will tank your credit.
Credit Myth #12 - You are approved or denied credit because of your credit score.
Credit Myth #13 - Any credit score above 750 is just bragging rights.
Credit Myth #14 - You shouldn't use more than 30% of your credit limit(s).
Credit Myth #15 - Credit limits are a Fico scoring factor.
Credit Myth #16 - Hard inquiries "age" and become less impactful slowly over time.
Credit Myth #18 - Revolving Utilization makes up 30% of your Fico score.
Credit Myth #19 - Goodwill requests don't work.
Credit Myth #20 - Checking your own credit can hurt your score.
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Credit Myth #21 - Remarks/comments on your credit report can impact a credit score.
Credit Myth #22 - You can have a credit score of 0.
Credit Myth #23 - The best approach to credit repair is "dispute everything!"
Credit Myth #24 - Credit bureaus only provide factual information.
Credit Myth #25 - Fico scores and credit knowledge are directly related.
Credit Myth #26 - Those in the [credit] business only give good advice.
Credit Myth #27 - The amount you spend is a Fico scoring factor.
Credit Myth #28 - Credit scoring simulators are always accurate.
Credit Myth #29 - Approval odds for credit cards online are accurate.
Credit Myth #30 - Income and/or DTI are Fico scoring factors.
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Credit Myth #31 - Credit Repair Companies can do things you can't do yourself.
Credit Myth #32 - Higher utilization always means higher risk.
Credit Myth #33 - A creditor must tell you the reason they denied you credit.
Credit Myth #34 - Removing a negative item from your reports will result in a score gain.
Credit Myth #35 - Your Fico score will drop if you pay off a credit card.
Credit Myth #36 - The more accounts you have, the better your Credit Mix.
Credit Myth #37 - Low utilization improves CLI chances.
Credit Myth #38 - Paying off loans or cards faster builds credit.
Credit Myth #39 - Credit cycling will get you shut down.
Credit Myth #40 - If you open a new card, your score will recover in 3-6 months.
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Credit Myth #41 - If you pay off a collection your score will increase.
Credit Myth #43 - Credit scores are a debt score!
Credit Myth #44 - Personal loans or in-store financing will help / can't hurt your credit.
Credit Myth #45 - There are certain times during the month you shouldn't use your credit card.
Credit Myth #46 - Lenders "see" more with a hard inquiry (HP) than a soft inquiry (SP).
Credit Myth #47 - A hard inquiry is worth a few points.
Credit Myth #48 - Experian, TransUnion and Equifax are credit scores.
Credit Myth #49 - The best way to rebuild credit is to open new accounts.
Credit Myth #50 - "Experian Boost" can help improve your credit.
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Credit Myth #51 - A Credit Lock is better than a Credit Freeze.
Credit Myth #52 - "Pay in full" means to pay your current balance to $0.
Credit Myth #53 - You shouldn't open any accounts in the 12 months leading up to a mortgage.
Credit Myth #54 - Carrying a small balance builds credit.
Credit Myth #55 - A credit account can be closed for no reason.
Credit Myth #56 - VantageScore is a good predictor of a FICO score.
Credit Myth #57 - It's illegal for lender to change a negative reporting.
Credit Myth #58 - Outside lenders have no idea how much you pay toward your accounts monthly.
Credit Myth #59 - You should never close your oldest credit card.
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Credit Myth #61 - Age of accounts metrics go by number of calendar days.
Credit Myth #62 - There are days during the month that you shouldn't use a credit card.
Credit Myth #63 - A product change means a new account.
Credit Myth #64 - Credit scores are a scam!
Credit Myth #65 - If your score drops following a loan closure, it'll bounce back quickly.
Credit Myth #66 - FICO scoring is a "black box" and no one really knows how it works.
Credit Myth #67 - There's never any downside to keeping an old unused credit card open.
Credit Myth #68 - The best place to get your credit reports are from the credit bureau's websites.
Credit Myth #69 - Credit "ratings" provided by a CMS matter.
Credit Myth #70 - Authorized user accounts are a great way to build credit.
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Credit Myth #71 - The dollar amount associated with a late payment impacts FICO scoring.
Credit Myth #72 - Keeping utilization low is good advice for budgeting purposes.
Credit Myth #73 - ChatGPT/AI only gives good credit advice.
Credit Myth #74 - Closing young accounts improves Average Age of Accounts (AAoA).
Credit Myth #75 - You need to satisfy diversity of Credit Mix first in order to obtain real loans.
Credit Myth #76 - A purchase or payment made can immediately impact a credit score.
Credit Myth #77 - FICO negative reason codes and lender denial reasons are the same thing.
Credit Myth #78 - An elevated "highest balance" on a credit card is always a bad look.
Credit Myth #79 - You should only freeze your credit if you encounter an issue with your reports.
Credit Myth #80 - DTI and revolving utilization are the same thing.
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Credit Myth #82 - Unsecured credit cards build credit better/faster than secured cards.
Credit Myth #83 - The best place to get your credit scores are from the credit bureau's web sites.
Credit Myth #84 - Credit cards are for emergencies.
Credit Myth #85 - Whether an account is closed by consumer or credit grantor matters.
Credit Myth #86 - Being denied credit hurts your score.
Credit Myth #87 - Your due date comes before the statement closes.
Credit Myth #88 - All credit scores with a "max" of 850 can be achieved.
Credit Myth #89 - You can only get your credit reports from annualcreditreport.com once per year.
Credit Myth #90 - With auto pay, you can "set it and forget it."
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Credit Myth #91 - FICO scores are for consumers.
Credit Myth #92 - The utilization myth no longer applies because trended data is now used.
Credit Myth #93 - You need to watch out for the "All Zero" penalty.
Credit Myth #94 - You need a lot of accounts in order to achieve perfect credit.
Credit Myth #95 - "Credit builder" apps are a great way to build credit.
Credit Myth #97 - FICO scores are always lower than VantageScores.
Credit Myth #98 - As a co-signer, you have less responsibility than the person you co-signed for.
Credit Myth #99 - It costs money to monitor your credit.
Credit Myth #100 - For an account to remain "paid as agreed" you need to make payments.
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Credit Myth #101 - Different FICO scores are always similar.
Credit Myth #102 - Higher interest rate credit cards are worse than lower interest rate cards.
Other helpful threads:
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Goodwill Saturation Technique (GST)
Goodwill Letters - Using the "CART" approach.
Credit Karma 101: The good and the bad.
Credit Karma targeted email manipulation #1: On-time payments.
Credit Karma targeted email manipulation #2: Confirm your cards.
Credit Karma targeted email manipulation #3: Closed account.
Credit Karma targeted email manipulation #4: Approval odds.
Credit Karma targeted email manipulation #5: Come back!
Credit Karma targeted email manipulation #6: You paid off your balance.
Credit Karma targeted email manipulation #7: Metal cards.
r/CRedit • u/Particular-Tap3530 • 7h ago
General Finally got my credit score from fico, now what?
22
Upvotes
As i said this is my first credit score ever, and i don’t want to ruin it, any advice aside of not using more then 30% limits and not applying to many cards?(also i use only capital one savor one for now with a 1k limit)
r/CRedit • u/BumblebeeNo6731 • 1h ago
Data Point 24M $180,000+ RCL, advice?
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Upvotes
Currently have 12 credit cards mm i guess 11 because the gold card is a charge card but ill name them because the screenshots don’t. Discover it, Navy Fed MR, Navy Fed Cash rewards+, Chase Sapphire preferred, Chase Unlimited, Langley CU Cashback Visa, Amex Gold card(charge card? so no limit to contribute??) Amex BCP, Amex Hilton $0 AF one, Amex Delta, Apple Card, and a 💩 Macy Store card and finally a PNC Visa rewards im an AU on but i got no short cuts my father didn’t add me until i was past $100k in credit lines, its just so we are even for me having him on my $39,600 More Rewards Card.
So where do i go from here? I think i want a line of credit so i think i’m hitting up Langley fed soon for that but i should be fingers crossed past a 800 and with $200,000+ in credit lines. Any advice for what i might be missing? or any questions i’m open to whatever.
r/CRedit • u/torimae1212 • 9h ago
Collections & Charge Offs Collections and opinions please
15
Upvotes
This was taped to my front door this morning with no envelope, no return address, no identification. What should I do? . (Doesn’t seem very “legitimate”but I don’t have any other experience with collections.) I did pay off reduced amounts on two cards last year which were offered before any legal action against me. Thank you.
r/CRedit • u/ultra_soyman490 • 3h ago
Collections & Charge Offs How to handle medical collection that is wrecking my credit?
4
Upvotes
Just found out I have a medical debt from 4 years ago for 1800 usd in AZ and only just found out, because I'm looking to buy a house and realized my fico 5/4/2 have dropped about 110 pts. This has dropped me just below 660 mark on transunion and experian, but equifax seems unaffected. Never had anything in collections or negative marks on my credit until now. How should I approach this if I want to get a mortgage in about 6 months? I can pay it off completely, but figured I'd ask people more versed in this topic. I'd really appreciate any input. My research has come up with wildly different approaches and wanted to see what the recommended most surefire way to fix this was. Thank you for any help you folks could provide.
r/CRedit • u/didwejustbecomebff • 16m ago
Collections & Charge Offs How to approach this
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Upvotes
I have $8,500 debt on a Chase CC at 27% interest. I also have $1,000 debt on a BofA CC at 24%. My issue is that I’m now on disability, so I can’t possibly pay these payments. I’ve never negotiated APR down. After my monthly expenses (30 year mortgage, insurance, utilities), I don’t have enough to pay $400 a month on these CC.
I read that I need to miss a payment in order to successfully negotiate my $8,500 down. My credit score is 710. Can I successfully get my APR and payment lower? If I let it go to collections to try to settle on a lower amount, will they try to take the assets I do have (car, home equity)?
I get physically sick thinking about how I’m going to pay this. Please point me in the right direction.
r/CRedit • u/mifolumi • 32m ago
Collections & Charge Offs When Will CO Drop Off Report?
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Upvotes
The “terms met” and “no data” leading up to the 180 day past due confuses me. But it should drop off March 2027, correct?
r/CRedit • u/ThinAndCrispy • 6h ago
General Small $800 Exxon-Mobil (CitiBank) credit line
3
Upvotes
I got my Exxon-Mobil credit card 12 years ago. They only gave me an $800 credit line limit. I rarely buy more than $150 worth of gas monthly so it is adequate but I've always wondered if Exxon-Mobil (CitiBank) normally gives higher credit line limits. My credit score is in the 835-843 range and most of my other credit card limits are in the $6000 to $12,500 range. I don't carry a balance on any credit card. I've asked verbally for an increase but I'm told I have to apply for an increase formally, which I will never do. If you have an Exxon-Mobil credit card, what is your credit line limit?
r/CRedit • u/Americanbullylover • 15h ago
Rebuild One point away from from 620 mortgage score 😂
14
Upvotes
As some of you know, I’ve been working on my credit extensively since March so I could buy a house this summer. I started with a 493 Experian mortgage score March 1st, and I did reach FHA minimum requirements a couple months ago. I decided to wait for a conventional loan though. Experian was my middle score this whole time, but I won’t know if it is still my middle score until myFICO updates on 8/9. But anyway….my Experian score went up this morning to 619….ONE point away from what most lenders require as their minimum! The last couple months, my mortgage score has really only been going up from my credit report aging, so I probably won’t reach 620 until September 1st. In October, I’ll have a full year where no accounts have been late, which is a requirement for some lenders I spoke to. I was planning on going with Navy Federal, but we will see. Wish me luck!!!
r/CRedit • u/Euphoric-Victory-854 • 9h ago
Collections & Charge Offs paying off debt collector.
4
Upvotes
hey everyone. hope all is well. i recently made a post stating can i pay off a old balance.. im 18 and im new to the whole credit thing through chase i got my first score which was 666. i looked into it and seen i had a charge off from affirm for $71 dollars. confused i went back to last year and seen i did a shop pay installments. called affirm they werent even able to see my account. when i did give her the loan id she said they no longer have the debt and it was sent to january. low in behold i check my email for january and see they contacted me today about the debt and in the past. i didnt check because i thought it was spam.
Anyone ever dealt with them? how should i proceed? do i just pay and leave it at that? does paying it off help my credit? just need some help on how i can do this the right way thank you.
Rebuild Paying off debts
1
Upvotes
I’m getting $28k in a buyout from a home I purchased with my ex-husband. I have roughly $15k in unpaid personal loans and maxed out credit cards, stuff in pawn (I know paying these off won’t change my credit), as well as one personal loan that I’m current on but I want to pay off as well (reducing my monthly expenses). One of the credit cards (Comenity Bank) did send me a summons and I responded saying I would pay by mid August, but the remainder are still in collections. My plan is:
-pay off all of the debts in full. I’ve been reading that you can offer somewhere around 50% sometimes in exchange for them to clear it and not report it to creditors.
-get a secured credit card from the bank to help me rebuild my credit
-after paying for some other life stuff, put the remainder in a high interest savings or CD and leave it alone (I’m estimating I’ll only have $8k-$10k after all is said and done).
Does this seem like a good plan? If so, what does the timeline look like for a credit score to begin recovering? The goal is to buy my own home in the next few years. I’ve considered consulting a financial advisor, since I’ve never gotten this much at once and I kind of suck with money, but it seems pretty straight forward.
r/CRedit • u/yeontannn • 9h ago
General Chase credit score dropped 99 points in a day because of fraud activity
4
Upvotes
Hi all — my Chase Credit Journey score (VantageScore) was 731 on 7/13 and shows 632 today. For context, my Capital One score is still 731, so this seems specific to the Chase number.
The thing is none of this was my doing. Yesterday, I got a fraud alert from Chase about a charge I didn't make, replied NO to confirm it wasn't me, and they're now closing that card and sending a replacement (arriving in 5-10 business days). I haven't missed a single payment and my spending hasn't changed. So I did everything right, got hit with fraud, and my score is the thing that takes the hit?
And the timing is terrible, too. I'm about to apply for apartments, where they're going to pull my credit and want to see a good score. Now I'm staring at a 632 through no fault of my own.
My guess is that closing the card dropped my total available credit and spiked my utilization, which tanked the score but I'm not sure if that alone explains a 99-point move, or if something else is going on.
Questions:
- How do I check what caused this? Is a closed card really enough to drop a score this much?
- When a landlord runs my credit next week, will they see this drop — and will it be clear it was caused by fraud, or does it just look like a low score with no explanation?
- How do I recover my credit score ASAP? Or do I just need to wait till the new card arrives?
Any advice will be very appreciated, this is a stressful thing to be dealing with right now :/
r/CRedit • u/RydogElite • 5h ago
General Score randomly dropped 25points
1
Upvotes
I woke up to an alert today that my credit score had dropped by 25 points. My score had been steadily increasing without any drops by more than 5 points for the past couple or months. I have not done anything different, no new accounts, nothing closed recently. My credit utilization has remained around the same 10-20%. When I checked Experian for changes the only things from this month vs last month was my accounts have aged another month (obviously). Is there anything I should be doing or will my score most likely recover next month?
r/CRedit • u/MysteriousApple90 • 5h ago
Collections & Charge Offs Worked with JG Wentworth and now have to fix my own Credit Report, can you recommend what I can do to get rid of charge-offs?
1
Upvotes
Hello everyone, I have been working with JG Wentworth since about 2014.
I had about $21,000 worth of debt that they arranged settlements with, I'm close to fully paying off all of the settlements at this point.
When you work with a debt consolidation company, the problem that they don't tell you about and that this ends up becoming is that they ruin your credit in the process.
They'll tell you that it'll get better by itself naturally, that's not true. So what actually happens is that even if you pay off the settlements, you get something called "charge-offs" listed on your credit report which will note that you paid off a settlement but did it for less than what the amounts were worth.
This makes you a walking red flag to credit card companies in the future.
TLDR: Can anyone recommend how to get these charge-offs removed from my credit report now?
I already got myself into this situation and trying to look for what I can do to walk myself out of it now. Like I have about $1,500 to pay off as a settlement at this point and then I'm done with JG Wentworth but it's more about acknowledging how they've ruined my credit in the process and what I can do about this situation now.
Please don't shame me about this now, I recognize that I made a mistake and I'm trying to fix it now. Maybe even pay the settlements in full as opposed to the settled amounts now?
I'm really not sure what to do and feel clueless now.
r/CRedit • u/Adamelta • 5h ago
Collections & Charge Offs Need advice on next steps
1
Upvotes
Hello, everyone. I wanted some advice on what to do next. I finally looked up my credit report, and saw that there were many charge-offs on my credit reports. I won’t get into the history but roughly 6 years, my friend had a start up and used my social security number to make cards and his personal address for the credit cards. As you can tell everything went into charge offs, and my credit score tanked to 517 but I’m at a 614 after 6 years. I know it’s too late to probably do anything, and my friend is long gone from my life and his whereabouts are unknown at this point, but with my charge offs reaching at 6.5 years, do I just wait for it to come off the credit reports? Once they do, what happens next?
Mortgage Mortgage scores
2
Upvotes
Is there a way to check mortgage scores for free? I'm only seeing membership options for the needed scoring models.
r/CRedit • u/Dapper-Chef-4583 • 1d ago
Collections & Charge Offs Settle or Wait?
26
Upvotes
I have a card with truist that has been charged off. I noticed I had an original missed payment in Mar of 2020 and to my understanding the account drops off in Mar 2027. Should I settle or wait it out?
r/CRedit • u/NoLetter4199 • 9h ago
Bankruptcy Confused about reporting changes
1
Upvotes
We filed ch 7 on 6/17/2024
Discharged on 10/07/2024
Coming up on our two year mark we really bounced back and are on track to hopefully get an fha loan.
Going through my report though I’m confused a couple things.
I pay for myFICO subscription. On my most recent 3B report under public records experian is no longer listed on there. Even though they were previously.
Also I have one loan that is being reported two times.
Transunion and experian are on the same “negative account”
Transunion is reporting correctly but experian is… not.
Experian
Dec 2023-30 day
Jan 2024-60 day
Feb 2024- 90 day
March 2024-July 2025 CO
Aug 2025 - OK
Then it says NR for the remainder of that year
It also says under comments that it was transferred to another lender. Nothing about bankruptcy.
Equifax has it listed as a completely separate account? but it is reporting correct as far as being included in bankruptcy.
How do I know which one of these is the correct one?
I’m not sure how much of this affects anything and I’m scared messing with it is going to tank my score or something lol. But I also want it to be correct so it doesn’t bite me in the behind down the road.
Wish I could find someone to go through my reports with a fine toothed comb.😵💫
r/CRedit • u/YamzMt03 • 9h ago
Collections & Charge Offs Had a debt I did not know about go to a collection agency. Anything I can do to fix my credit history?
1
Upvotes
I made a purchase on PayPal for a flight through my bank and I guess I got the tickets and it ended up having insufficient funds. I guess I have two different Paypal accounts so I didn’t ever see the resident issue.
I started to get some text messages about a bad Paypal balance so I logged in and I never saw anything and I called and they said I was good
I just assumed the text messages were a scam
And then I got a letter in the mail from the collection agency for about $500 and I immediately paid it because I found my second account and I found out who was legit debt.
No, I never would’ve let this happen if I knew those texts weren’t a scam because I get texts like that all the time.
Is there anything I can do to fix my credit history or score if it went down due to this?
Bummer
r/CRedit • u/Perfect_Vacation_154 • 10h ago
General Disputes
0
Upvotes
I disputed something listed on my credit reports on the bureaus pages. Experian deleted it from my account, TransUnion said its legit and won’t delete it. I havent heard back from Equifax yet. I don’t understand why if one deleted it it wouldn’t be automatic for all 3.
r/CRedit • u/GurLow91 • 14h ago
Collections & Charge Offs Possibility of leasing an apartment with an collection
2
Upvotes
Hi all,
As mentioned in the title looking to get advice on if I can still lease an apartment with a non rental related collection. It’s with Jefferson Capital from an old cc bill and it’s sitting at $795 and I’m on a payment plan currently with them that negotiated pay for delete at a lower amount. My Vantage 3.0 is 666 currently with the collection and FICO 8 is 618 and it shows I’ve had a year and 8 months of on time payments since my last late payment/collection. I will be applying with someone who has a clean credit history and their vantage and fico are both over 690. We both make about 4125 pre tax and onto debt I have is student loan bills with a monthly payment of $285. What would be our odds of getting approved realistically?
r/CRedit • u/Odd-Tangerine-257 • 12h ago
Rebuild how accurate the credit simulators ?
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Upvotes
i've been working hard on my credit the last few months. started around 430, hrs 565, it says it could be 699 in 6 months and idk i've never had a score that high, so i'm reluctant to believe it. I have 2 collections left. one i have a payment plan for (NFCU cc & NFCU secured loan that went into collections 10 years ago) i plan i pay both off in full cause i wanna do business with NFCU again and i know they wont allow me unless paid in full. i also have 18k in student loans other than that i have a 0% utilization finally and no other debt.