Where do I go from here?

Where do I go from here?
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#1

Hi All,
I am a little dismayed at what happened with my credit score recently. I have diligently been working on improving my credit score and just took a 30 point decrese.
Here’s the particulars. I was having an issue with signing into my checking account but, could sign in on cell app with no problem. I wrote in about my issue. I got the standard autoreply, then got told by customer service that perhaps resetting the password would help. So, I did so. That in essence created a domino effect with my score. Keep in mind, I had several cell apps tied to the account. I had to reset every account with new password(what a headache). One account(Experian), I looked everywhere online and in the app to just update the password. To no avail. So, I was forced to delete the account and readd it. When I did this, I took an instant 16 point drop. Then, q week later, I took a 14 point drop. It was because, Webbank/Fingerhut closed my Freshstart account and issued me a Fingerhut Credit account. I made a purchase and it affected my credit utilization(I had a 56% utilization rating, ACK). I wasn’t aware at the time that it was an actual credit card.
Moving forward. Since I use the Experian Boost feature I had the hindsight to re-enter the info for my on time payment history for my cell phone(the only boost I’m aware of that I can legitimately use at this time). It took Experian 3 weeks to add(isn’t that special? Experian won’t hesitate to take the points off in a heartbeat but, drag their feet about adding it back. I’m starting to get a resemblement about that - something that looks like a resentment). Meanwhile, I’m banging my head against the wall(not literally)as to how to recover the other 14 points. I’ve worked so darn hard to repair my credit, only to get dealt a severe blow in points.
Here’s what factors I have going on. I have a Fingerhut Credit Card(which I sent in about a third of the balance as first payment - hopefully lowering my credit utilization), I have a credit builder loan, with constantearly payment history and a cell phone bill paid consistently early and on time, on Experian Boost. What can I do to get those 14 points(or more)added back to my score? Side note, I’m holding off on a secure credit card for now. The reason being is I have 7 hard inquiries and I don’t have the funds(even the minimum $200.00)at this time. Any ideas?


#2

Hi, @deadmanmoshing. Hang tight. Credit scores can swing up and down quite a bit, and VantageScores (the type we offer you in the NerdWallet app) seem to freak out a bit over new accounts, only to settle down pretty quickly.

Closing and reopening your Experian account shouldn’t have any effect on your scores, since it’s not an actual credit account – it’s an account used to monitor your credit, right?


#3

@lweston,
Hi. It wasn’t closing the Experian account but rather the checking account linked to Experian Boost.

Like you say hold on. I did just that. I regained 16 points for, readding my phone utility.

More positive news too!! My credit builder loan offered me a secured credit card. I jumped on it. Because of the fact, I’ve made a few consecutive on-time payments and I have over $100.00+ in my cd(that’s what the credit builder company refers to my savings and/or the loan money I get when I finish paying it off), they’ve entrusted me with a credit card. One thing I’d like to point out is, there was no hard inquiry because they saw how I demonstrated responsible payments on the loan.
The only downside is the APR is high and there’s a $25.00 annual fee. Also too, my score will take a hit for credit age. I’m happy about this happening, it’ll fatten up my credit file.

Well that’s all for now. Thanks for the advice and kind words. If I don’t get back here before Thanksgiving, please have a safe and happy one(for those who celebrate it).

Sincerely,
DeadManMoshing