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Sam H | I have been working on my credit score for the past few months trying to get the magic score of 630? |
I paid everything that can be paid and I am so close to the goal but I don’t know what I can do next. I know time heals all wounds with credit scores but I hoping to get into a house this summer.
My scores
TransUnion 589 Experian 539 Equifax 598
Would opening up a new line of credit help? What can I do to get that extra 30 or 40 point I need?
Things on my report…
Credit Card, open 3 months ago . Current, never late 500 limit 390 balance
Old Credit Card, Closed for 3 or 4 years
Car loan, Never missed a payment except the last one when there was some confusion over the pay off amount. Shows 30 days late on the last month.
Older Car Loan, paid closed for over 5 years now a few late hits
2 old phone bills sent to collections years ago. Paid about a month ago
2 old medical bills sent to collection years ago Paid about a month ago
All the phone bills and medical bill show paid on my report except both medical still show “open” at Experian. I guess there a little slow |
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$m¤¤v¥ £¤¢¤
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It would help to know how your score is calculated:
1. 35% payment history
2. 30% total debt owed
3. 15% length of time establishing credit
4. 10% types of credit established
5. 10% inquiries for new credit and the ratio of new accounts vs. established accounts
Well, from what you described on your report, you only have one open trade line (your credit card).
Here's the problem
It's only been open for 3 months - Length of payment history (#3) is affected here and it's still classified as a new account becuase it's less than 1-3 years old which affects the new account/established account ratio (#5)
You have a $390 balance with a $500 limit- That means you're at 78% of your limit. A rule of thumb is that you should use no more than 30% of your available credit. That right there would help you the most at this point right now. 9 months later, request for a line increase.
The "Old" credit card that's closed. Although hindsight's always 20/20, that could've been your star account on your report. The longer you have an account, the better because 15% of your score depends on how long you've established credit. It's too late for that account, but that would've definitely helped your score
The most recent car loan that you had- Any time that you have a late payment, it can wreak havoc on your score. It's a long shot, but if you can, try to contact the lender to see if they can re-age the account in an attempt of goodwill. Stress to them that you have never paid late and due to the circumstances the payment was late due to a discrepancy with the payoff amount. It's paid now, they may, just may let you make it on that last payment.
The older car loan- What's done is done on that one. It's 5 years or older, it's not going to help (or hurt) your credit anymore than it already has.
The collection accounts (2 medical and 2 old phone bills) I would continue to monitor closely. Although it would be better to have negotiated to have them removed in return for paying them off, it's important to have that account report "closed" instead of open. You may have to dispute the accounts as inaccurate. Later on at least a year or so, you may want to re-dispute all the accounts to get them completely removed from your report
So to recap, pay that credit card down, that should give you a little bit of a boost. Also, another thing I almost forgot to mention, if you know a close friend or family member with excellent credit, ask them to add you as an authorized user on one of thier oldest credit cards in excellent standing. The ideal account would be one with a high limit, a low balance with a perfect payment history that's been opened for several years. The activity from that account once you're added will definitely help your score.
Continue to make sure that you pay on time.
Good luck! |
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somatek
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I think you need to be more patient. If you can hold out for two years, make your payments consistently, and keep new debt to a minimum, then you will obtain a strong 600+ credit score. I know that's not what you want to hear, but it's this very attitude (sorry for being blunt) that reflects your current credit rating. Credit scores of 600 or better has to be earned through hard work and discipline.
The credit rating system is an attempt to quantify the risk involved in extending credit to the individual in question. Although not perfect, it does show a history of behavior towards one's debt responsibility. Also, if you are able to pay small debts easily (a refrigerator), and have the income to pay larger debts with no problems (cars, real property), you raise your scores even higher. One of the best ways to raise credit is patient and conservative debt management. If you are able to show these qualities while taking on larger debt items, then you will show a stronger credit worthiness. That is the gateway to the higher credit scores.
You show a credit card limit of $500, and maintaining a 390 balance. If you can pay that down to $100, then petition the company to grant you a limit increase, then maintain that card in good standing, your credit will bump up 5-10 points. While you're waiting to raise your score, do yourself a favor and save for your down payment on your house. It may seem impossible, but if you can save up 20% of the purchase price, you can easily qualify for an 80% mortgage - which is better, because you'll start with equity in the home on day one.
DO NOT GO 0 DOWN ON YOUR HOME EVER!!!!
Not only will you have to have a high credit score, but it will cost you that much more in interest in the beginning.
Other ways to raise your score is to petition the creditors to delete your account from the credit report once it is paid in full. But, like I said before, you'll need to be disciplined, patient, and consistent to get the higher scores. |
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jawsnu7
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Sam
My advice is to hang in there with the good pay history. I hate that you paid the collections off without an agreement to delete. Never pay a collection off without an aggreement in writing that they (creditor or Collection agency)would delete upon full payment. I would dispute these(paid off collections)with each bureau. Balance/debt ratio will indeed raise your score some points. The lower your balance on the credit card the higher your score will go. Even though predicting fico is like finding a needle in a hay stack. I would get two more cards like "Crown Jewelry and Midnight velvet accounts" They are easy to get. You apply for them online.
You may have to pay a %percentage down but its worth the effort. Keep all your cards less than 30% of the credit limit and you will see a great increase in your score after three months. I went through this last year and it was well worth the wait, I got my house.
Remember to keep your balances on all accounts down below 30% and use them each month.
God Bless
Eddie |
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yahoooo!
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Opening up a new credit will not help. Just maintain what you have right now. Do what you already is doing, paying on time. I heard that it will take 2 or more years to get it going good again. But i also heard that checking credit reports often makes you score go down. The best thing, really, is have a favorite major credit card on going and pay on time and just don't do anything about the credit cards that you messed up. The lender will think that you messed up but then because you are showing yourserlf as a potential good borrower in the future, they will think twice about you. Also, closing a credit card right now is not a very good idea - reason, I really don't know. They just want you to leave it alone stagnant. |
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acefem24@sbcglobal.net
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Paying off old debts to raise your credit score is a good start. Establishing new credit and maintaining it is a must. However, when searching out credit cards for this purpose there are some things that you need to know. The most important is, to boost your credit score you should try not to spend more than 35% of your allowed credit limit each month. Also, after six months of doing so, apply for a credit increase. The more available credit *as long as it does not exceed your debt to income ratio*, to you is a great way to boost your rating. With a 500 dollar limit and a 390 balance, you have exceeded the 35%. Also apply for a few more credit cards. 1 or 2 would be exceptable and follow the same principle rules. A credit monitoring service is also a good way to see your credit report, and any changes posted, or alerts that you would otherwise not know about. Most importantly, make sure that the credit cards that you choose report your good standings to all major credit bureaus. |
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Wise Credit
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Hello,
You need to pay that credit card down for 1.
Second if you are buying a house you need almost 100 points to get to 630 if that is where you need to be. Mortgage lenders look at the middle score. If I were you I would go to myfico.com and pull my fico score.
Good luck |
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Terri F
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I just found out recently when I bought a car, that my credit score had not changed at all, I thought it would go up some after paying on a home for 15 months and my last car for 2 years, and never being late. I financed my recent car last month through GMAC. The guy that sold me the car said that the place I financed my last car through actually hurt me more that they helped me because they are not a reputable company. He said to never buy from those no name car lots because they usually do business with the no name finance companies. |
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OC1999
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First make sure you have verified everything on your reports are accurate. If they are inaccurate you need to dispute them and get them fixed.
Otherwise it just takes time, it appears you have had some problems in the past. If you maintain a good history it will eventually rise. It takes only 1 month to drop your score like a rock, but it takes months/years to get it back.
One thing they look at is your available credit vs. your total credit. If you have only that 1 credit card with a limit of 500, you should ideally have no more than a $150 dollar balance(30%) on that card. Anything above that starts to hurt your score.
Verify that the Paid Collections show as such, that is that they have a balance of 0. If your medical one does not get updated soon, send a dispute in to have it fixed. Once these all show 0 balance and paid your score will start to rise. Ideally you should have negociated with the collection companies to remove the negative information once you paid. This would make it like it never happened. You still probably should ask them if they can remove it now. They may not but it does not hurt to ask. |
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