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advice needed

Contributor

advice needed

Hi, I have just 1 secured cc for $1000 (New acct). At this point. My goal is to get another from my cu unsec once I get this last collection acct resolved and get my score up a little more (612eq, 547 tu and 581 exp - myfico scores). What is the best way to manage this cc. Should I stay below 10 percent or below 30 percent util for the greatest impact on my cr while managing just 1? What other suggestions might you have to best boost my scores in the shortest amount of time. Once I get this ca resolved I will only have student loans reporting which have been current for the last 10 months but have reported multiple past dues. Thanks

Message 1 of 13
12 REPLIES
Valued Contributor

Re: advice needed

The best way to resolve collections is PFD, don't pay creditors without a promise to delete. paid collections sit on your report for 7 years. Write good will letters to creditors that have allready been paid, but its a lot harder to get paid collections off your report. 

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 2 of 13
Established Contributor

Re: advice needed

Keep your utilization low and always pay in time try not to carry a balance, pay in full
Amex PRG: NPSL | Amex Blue Cash Everyday: $15,300 | Navy FCU Cash Rewards: $19,500 | Chase Marriott Rewards: $7,500
Chase Freedom: $5000 | Discover It: $5000 | Barclays Extra Points: $5000
23 year old building credit since age 17. FICO: 783
NPSL
Message 3 of 13
New Contributor

Re: advice needed

1-8% seems to be the utilization sweet spot.
Fico Scores: EQ 742 (8/2014), TU 732 (8/2014), EX 731 (8/2014)
Starting Scores: EQ 593 (12/2011)
Goal Score: 750 on all three
My Wallet: Amex BCP $2000 / Chase Freedom $1000 / Chase Slate $2000 / AAFP Bank of America Cash Rewards $1000 / Capital One: $3300 / Amazon Store Card: $1100 / Target: $800 / Walmart: $850 / PayPal SmartConnect: $500
Message 4 of 13
Contributor

Re: advice needed

to Jamesdwi, the ca is for a utility company, duke energy.  From what i have read here and another site, it appears that no one has been successful getting something in writing from duke or the coll company which is Bull City.  I do want to get this acct paid before it gets transferred to a diff ca (which has happened) etc.  People have had success gw after the fact so I was just gonna try that.
Message 5 of 13
Contributor

Re: advice needed

to MT936, I have read on here....(i have been doing a lot of reading).....that the fico scoring model wants to see that I can use the credit that has been granted to me and manage it well.  I read that is was best to keep a small balance < 9% of CL in situations where a person has multiple cc's.  I was wondering if that hold true for some with just 1 cc.  I also read something about staying below 30% util over all but may be confusing that with something else.
 
So I shouldnt carry forward a balance and just pif every month? I originally was just gonna let it sit and not use it but I read that wasnt the thing to do either......
Message 6 of 13
Contributor

Re: advice needed

Okay, thanks Ellifino!

Message 7 of 13
Established Contributor

Re: advice needed

ideally you want 2-3 revolving lines to report. One 1-9% and second 0%.
Since you have 1 card use to 1-9%. After 3-4 months you should see an increase.
TU Scores:
May 2014- 466
July 2014- 537
September 2014- 602
Goal Scores- 720 by March 2014
Message 8 of 13
Contributor

Re: advice needed

Yes, Erik19k. My plan is to have 3 cc's but I am thinking I should wait until I get my (low score) up a bit before applying. I don't want to get a hard pull and be denied. So I am gonna work to increase my chances on getting approve by a bank other than first progress/premier or credit one. I already have sdfcu cc which was a sp. I can't wait until my cs starts to rise.....

Message 9 of 13
Valued Contributor

Re: advice needed


TigerRed wrote:
to Jamesdwi, the ca is for a utility company, duke energy.  From what i have read here and another site, it appears that no one has been successful getting something in writing from duke or the coll company which is Bull City.  I do want to get this acct paid before it gets transferred to a diff ca (which has happened) etc.  People have had success gw after the fact so I was just gonna try that.

okay, just though i would mention it, I see far too many people that pay the debts blindly thinking in a few weeks it will be all better and it won't.  

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 10 of 13