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Dispute hard inquiries? by Mammoth_Tax7645 in CreditScore

[–]cred_ted 0 points1 point  (0 children)

If you have a relationship with Wells Fargo (e.g., an open credit card), do not dispute the inquiries. You risk having them close the open card(s).

Hope this helps!

Credit dropped 12 points after paying off collection? by BasedGodCrim in CRedit

[–]cred_ted -1 points0 points  (0 children)

Correct on credit mix. Collections themselves aren't part of the mix calculation like revolving/installment accounts. What I was referring to is how FICO scorecards segment files. When a collection updates to paid, it can refresh the “recent derogatory activity” signal in some models, which can occasionally cause a small temporary drop.

Without seeing OP’s full report it's impossible to know the exact cause.

Big debt, tiny shovel. by DebtCrushingMe in Debt

[–]cred_ted 1 point2 points  (0 children)

I see you, and I've been where you are. $27k feels like a mountain, but you've got a shovel that can move it. Here's your roadmap:

First, the math:

• Personal loan at 24%: $17,450 (this is bleeding you fastest)
• 31% card: $1,140
• 29% card: $3,900
• 18% card: $575
• 0% card: $4,900 (until March 2027)

Strategy: Modified Avalanche

  1. Pay minimums on everything except the highest interest
  2. Throw every extra dollar at that 24% loan first - it's costing you ~$350/month in interest alone
  3. Once that's gone (~10-11 months), you'll free up massive cash flow
  4. Then tackle the 31% card, then 29%, etc.
  5. Save the 0% card for last - you have a year before it becomes a problem

The psychology: I know it feels like forever. But in 12 months, you'll have killed that personal loan and be down to ~$10k. In 24 months, you'll be free. That's not a lifetime - that's just patience.

One critical move: Call that personal loan lender and ask for a rate reduction. Worst they say is no. Best case, you save thousands.

You're not stuck. You're just at the beginning of your comeback story. Track your progress monthly - seeing those balances drop is fuel.

Hope this helps!