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I am wanting to rebuil my credit.
I have a 2,000 dollar loan from my bank. 2 years at 7% intrest. Pay 90 a month. I have 1,400 left to pay
walmart credit card @ 3,000 maxed out at 3,400 lol
Chase Slate 200 maxed out (no intrest)
Bestbuy 400 maxed out
my other local bank card maxed out @ 500
capital one maxed out @ 500
Meijer maxed out @ 600
total debt is 7,000
I have 14,000 to 17,000 dollars coming to me in jan an feb.
I am wanting to boost my creidit up the best way possible.
I know I am paying of the walmart card for sure and am thinking about paying off my loan.
How should i pay these off to boost my credit the most?
Just pay them all off?
My fav cards are my walmart and my local bank card. feels good to have 3,000 in emergency money.
maybe i should not pay off my loan so quick. just put the money back an pay the 90 a month.
They tol me the longer I last without paying off my loan the more likly they would give me another loan WITHOUT a co-signer.
I looked at my creit report and everything is in good order but I cant get anymore credit cards. I get declined everythime.
reasons: to many new accounts, length of accounts, to high debt on revolving accounts. I figured its time to boost my creit score way up and keep the cards I have and work on just getting CLI on the cards I have.
Pay them all off and stop using them so much. Your util is why you can't get more credit, not that you need any more credit. Pay them off and keep them that way and your scores will shoot up quickly.
I think the walmart one has to be used or after 2 months they will close the account. Also, My wife can not get credit at all. Can I add her to some of my accounts so that she will have credit? What is a UTIL?
@blackdust wrote:I think the walmart one has to be used or after 2 months they will close the account. Also, My wife can not get credit at all. Can I add her to some of my accounts so that she will have credit? What is a UTIL?
Paying off the bank loan early will not help your credit or hurt it, it will only save you money.
Not using your cards does not help either, it tends to hurt.
Utilization is the reported balance on your cards divided by the credit limt. You should pay off your cards so the reported balances show low utilization ( 9% or less). You only need to do this when you want your credit score to be high as it is a point in time calculation.
Read some on this website about how your score is calculated. There are endless discussions on utilization on the forum.
Yes, you can add your wife as Authorized User to get her some credit history, Think it through, utilization counts for her too.
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I have a 2,000 dollar loan from my bank. 2 years at 7% intrest. Pay 90 a month. I have 1,400 left to pay
walmart credit card @ 3,000 maxed out at 3,400 lol
Chase Slate 200 maxed out (no intrest)
Bestbuy 400 maxed out
my other local bank card maxed out @ 500
capital one maxed out @ 500
Meijer maxed out @ 600
I think you should paid off some of your debt now if you have some fund available. I known you have been looking for credit but no CC company willing to offer or extend you any credit at this time if most of your card max out !!!!!. Dont ever do that again after you paid them off.......Here's my advice for you :
Hope it help.
@webhopper wrote:
Hi blackdust! Welcome to the myfico forums!!
I think what ds3 is trying to say is that when cards are maxed out, it makes lenders think you are unable to pay and it also decreases your credit score significantly. The best way to fix this is to pay off every credit card account so that it has a zero balance. Your scores should improve significantly. To understand how scoring works, read Understanding Your Fico score thread.
I wouldn't pay off the loan if I were you, but I would pay off every credit card account and then work hard to charge only what you can afford to pay off in full each month.
Best of luck to you!
+1 I would not add your DW as an AU until you have paid down your balances since it will not help her at all and more than likely have a negative impact on her credit. IMO I would pay all CC balances, pay the loan off and hide 2k cash from myself.
I will pay off all my CC in January. I will hold onto my loan. I want to be able to buy a 70,000 dollar house in the spring time. Is this possible? I switch jobs often since (lack of a better word) a ditch digger. I work in factorys and warehouses. I have had consistent empoyment though for the last couple years excluding a 3 week break inbetween jobs one time. I should try and get a home loan with my local bank that gave me my loan right? I am also in college with two kids.
I do not know if this matters but I will only be 22 in 4 months