@Laurenlou wrote:
First i want to say-- I am officially out of cc debt!!!!! Woohoo!!!!
Now... I've been working on my fico score for a long time, and as of today I am at EQ 653. I have no cc debt, but I have several old baddies that are bringing my score down. (3 old cc charge offs and 1 collection)
I'm wondering if opening another cc would help my score by giving me more available credit or if I need to just wait for my score to get better on its own over time. The 3 charge offs that are still reporting are about $8k total. My highest CL cc is only $2k. The others are around $1100-$300 each.
Thoughts? Thank you for any input!
IMO I would garden until your baddies come off. New available credit isnt going to boost your score because you have no balances.
@Laurenlou wrote:
That makes sense... Just to clarify, my three baddies that are still reporting all have balances. Those balances equal about $8k (stupid cap1 had an initial balance of $2k, but that has grown to $6500 in the last 6 years! Grrrrr). My total available credit is about $4700, so my utilization is about 200%. Is that right?
AFAIK yes. Do you plan on paying these COs off anytime soon?? The fact that they are present on your reports will define affect your future approval chances. Id consider PFD letters if your willing to pay.
@Laurenlou wrote:
No because they are all past SOL and will reach 7 years since DOFA this November.
Also, just remembered that 2 are credit card charge offs that are being reported as such. 1 is a cc charge off that is being reported as a collection. They all have the same DOFD of October 2006.
Not sure if the one that is reporting as a collection counts towards my UTL. The balance on that one is smaller- only $1100.
Your correct with them being that old id just hang out In the garden unril they fall off. Not sure about the last one affecting util.
Just let them fall off before doing anything. If your feeling frisky dispute them as they are not reporting correctly and you should be able to get them deleted.