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Established Member
blackdust
Posts: 63
Registered: ‎11-25-2012
0

rebuiling creit

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. 

 

app free since 11/24/12 In Garden Until December 31st 2013
Walmart Discover 3,000 : Meijer 600 : Local Bank Card 500 : Capital One Platinum 500 : Best Buy Reward Zone 400 : Chase Slate 200
New Contributor
ds3
Posts: 76
Registered: ‎10-02-2012
0

Re: rebuiling creit

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.

Established Member
blackdust
Posts: 63
Registered: ‎11-25-2012
0

Re: rebuiling creit

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?

app free since 11/24/12 In Garden Until December 31st 2013
Walmart Discover 3,000 : Meijer 600 : Local Bank Card 500 : Capital One Platinum 500 : Best Buy Reward Zone 400 : Chase Slate 200
Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010
0

Re: rebuiling creit

[ Edited ]

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.

 

 

.       

Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012
0

Re: rebuiling creit

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 :

  1. Paid at least minimum for all of your card and paid more if you can afford it.
  2. Dont max out or going over your limit because once you do its hardly for you to obtain any more credit. 
  3. Paid them off complete when jan or february come.......
  4. Dont paid off your loan. Keep the loan and paid them off after at least 18 months history. The longer the better.
  5. After paid off all your cards. Using them responsible and ask for credit limit increase in April or some.
  6. Utility : Let said all your credit limit together 5000. Only used somewhere around $500 which under 10% for good Fico score.
  7. Pull your score from here after you paid all your debt. Then we work from there to help you obtain some good rewards CC.

Hope it help.


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 9k| Amex: NSPL|Dis: 3.4k|Cap: 3.5k|CAP: 2k|CSP: 5k| Pen:4.5k

Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
0

Re: rebuiling creit

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!

Starting Score: 08/29/2011 TU 671 EQ 674
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Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
0

Re: rebuiling creit

Also, to answer your question about your wife, have her access her credit reports at annualcreditreport.com. There, she can scan her report and checlk for inaccurate or derogatory information. Adding her as an AU to your cards will also help.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011
0

Re: rebuiling creit


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. 

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Established Member
blackdust
Posts: 63
Registered: ‎11-25-2012
0

Re: rebuiling creit

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.

app free since 11/24/12 In Garden Until December 31st 2013
Walmart Discover 3,000 : Meijer 600 : Local Bank Card 500 : Capital One Platinum 500 : Best Buy Reward Zone 400 : Chase Slate 200
Established Member
blackdust
Posts: 63
Registered: ‎11-25-2012
0

Re: rebuiling creit

I do not know if this matters but I will only be 22 in 4 months

app free since 11/24/12 In Garden Until December 31st 2013
Walmart Discover 3,000 : Meijer 600 : Local Bank Card 500 : Capital One Platinum 500 : Best Buy Reward Zone 400 : Chase Slate 200

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