12-30-2007 05:54 PM
12-30-2007 05:56 PM
12-30-2007 06:02 PM
12-30-2007 06:06 PM
12-30-2007 07:38 PM
How old are these collections and lates?
I have been on the boards since April of 2007 and my score has gone from 579 to 665 in that time period. I'm wondering what, if anything, should I do next? I currently have: 1 credit card with Web Bank - credit limit is $500 and balance is $39.00. Student Loans - $75,000 - I pay $400 per month and will do so forever. I paid off my auto loan in full in December and score dropped 19 points. I have 2 Collection accounts with AFNI - still fighting them and am preparing to sue them in January. What else can I do to improve my credit score? I have no other collection accounts and have written many goodwill letters to get rid of lates, with about 75 percent success. The credit card I have is pretty much a junk credit card that I obtained when my credit was poorer. I have had it now for two years and a couple of months. I make around $90,000 per year and have had the same job for a little over two years. Should I apply for a new credit card and if so, which one? Would I be denied based upon the two AFNI collection accounts? I want to have a real credit card with a higher balance. I am scared that eventually the junk credit card might be canceled and don't want to be stuck without one. I want to not be afraid to apply for credit.
12-30-2007 10:05 PM
12-30-2007 10:09 PM
I got Hooters, Juniper and Cap ONe with similar scores and income. If I were you, with that income I would have those loans paid in about 2 years before I would get into debt with more credit. Your scores have come up nicely!!
12-31-2007 08:33 AM
I agree completely, too bad I didn't realize this right when I graduated though. I paid off about $3-4K early (only had $16K total), but the interest rate is now 2.6% before the tax deduction!!!
Also, student loan interest is tax deductible. Whether OP should pay them off early depends entirely on the rates OP is paying on an after-tax basis.For all but the highest SL rates, it is usally not beneficial to pay them off early.
12-31-2007 11:31 AM
12-31-2007 01:22 PM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO