topic Re: Is this a good idea? in Rebuilding Your Credit

Is this a good idea?

Michelle27 — Wed, 30 Apr 2008 05:12:49 GMT

Ok, i was approved for the BoA 99/500 card, well i have several collections and want to know if this is a good idea to do, here is what is all on my report:

$144 doc bill (old)
$189 comcast bill (new this year)
$138 att bill (new this year)
$357 doc bill due to fall off 12-2008
$886 Credit card due to fall of 1-2009
$854 cingular bill also due to fall off 1-2009

Ok i am thinking of using the $500 to PFD the
$144 doc bill,
$189 comcast bill,
and the $138 att bill,

Is this a good idea to do with the BoA 99/500? Any suggestions would help thanks

Re: Is this a good idea?

HappyDays — Wed, 30 Apr 2008 06:18:59 GMT

Michelle27 wrote:
Ok, i was approved for the BoA 99/500 card, well i have several collections and want to know if this is a good idea to do, here is what is all on my report:

$144 doc bill (old)
$189 comcast bill (new this year)
$138 att bill (new this year)
$357 doc bill due to fall off 12-2008
$886 Credit card due to fall of 1-2009
$854 cingular bill also due to fall off 1-2009

Ok i am thinking of using the $500 to PFD the
$144 doc bill,
$189 comcast bill,
and the $138 att bill,

Is this a good idea to do with the BoA 99/500? Any suggestions would help thanks

What is your SOL? doc bill $144...what is old? need DOFD/DOLA

Who is reporting the comcast bill...the OC or a CA?

att. is this attorney or att phone? who is reporting?

Re: Is this a good idea?

Michelle27 — Wed, 30 Apr 2008 11:22:28 GMT

My SOL is 7 years, The $144 doc bill is an old collection from 2004, Date Opened: 08/2004 Date Reported: 04/04/2008 CA is reporting the comcast bill At&t is the phone company CA is reporting this, sorry i didnt make this clear in the first post hope this helps thanks!!

Re: Is this a good idea?

Michelle27 — Wed, 30 Apr 2008 13:54:52 GMT

Anyone?

Re: Is this a good idea?

Timothy — Wed, 30 Apr 2008 14:07:54 GMT

IMO- No

Save the $ up and PFD them

Don't max your CC to pay them.

Re: Is this a good idea?

Michelle27 — Wed, 30 Apr 2008 15:49:07 GMT

Would it not look good if i charged say $450 and paid on it monthly? is that not a good idea?

Re: Is this a good idea?

ByrdMan — Wed, 30 Apr 2008 15:51:41 GMT

That's 90% uti. So, if you are prepared for a big score drop, go ahead. Make sure you have a PFD on these before paying them. Are you going to need to app for anything soon?

Re: Is this a good idea?

Michelle27 — Wed, 30 Apr 2008 16:01:04 GMT

Wow i didnt know that, how did you figure that? well what if i charge 1 collection to my credit card, then immediately pay the credit card off and just do it 1 at a time, would that be better? no i dont need to apply for anything i was lucky to get the BoA 99/500 card.

Re: Is this a good idea?

ByrdMan — Wed, 30 Apr 2008 16:04:47 GMT

Michelle27 wrote:
Wow i didnt know that, how did you figure that? well what if i charge 1 collection to my credit card, then immediately pay the credit card off and just do it 1 at a time, would that be better? no i dont need to apply for anything i was lucky to get the BoA 99/500 card.

450/500=.90 (90%). If you do that one at time thing, make sure you pay off MOST of the balance BEFORE the statement cuts and then pay off the balance in by the due date. This will help your scores to go up, as opposed to down. Then lather, rinse, repeat for the remaining ones.

Re: Is this a good idea?

Michelle27 — Wed, 30 Apr 2008 16:14:11 GMT

Do you think i should even use the card? is that possible? should i just keep it for emergencies will that make my scores go up?

Re: Is this a good idea?

ByrdMan — Wed, 30 Apr 2008 16:16:54 GMT

Allowing a small balance to report demonstrates to FICO scoring that you know how to use credit responsibly. Carrying a $0 balance demonstrates to FICO scoring that you are afraid of your credit.

Re: Is this a good idea?

Michelle27 — Wed, 30 Apr 2008 16:24:50 GMT

Ok thanks for helping me as you can see im just now trying to rebuild my credit and i just needed a little bit of advice. do you have credit cards? how much do u charge a month? ty

Re: Is this a good idea?

ByrdMan — Wed, 30 Apr 2008 16:47:15 GMT

I do. I have started my rebuild recently as well and have obtained three CCs to date. I want one or two more and that's enough for me. I charge everything and then pay it off several times per month. I will use up to my limit and pay off to $0 and then repeat the process once or twice more during the month. I would say about $3000. However, I am now very careful about uti %. I just let 5% report and received a 71 point increase to 790 on EQ this month.

Re: Is this a good idea?

Michelle27 — Wed, 30 Apr 2008 17:19:41 GMT

wow congrats on that your almost in the 800's you should be able to get anything now, i cant wait to see my scores up that high mine are actually lower now cause i went on an application spree, but hopefully with this card i can build my credit and be in the 700's real soon