Sorry for the Long Post - =-)
Hello again, advise needed.. Im not sure what to do with this account I currently have a balance on. I am in a partial repayment plan to pay it off. Basically what they did was change my account so that it no longer took on a finance charge and I make monthly payments on it to pay it down. My current pay off is 3,150, with a monthly payment of 74 dollars, I just recently paid off my other CC’s that do have a finance charges.
Now my question is this, To my knowledge my account is closed however my CR’s show differently, can someone explain to me how this can affect my score in regards to if its open vs closed, how does this affect my utilization percent. I use the suze orman kit and myfico monitoring and they take in account my credit limit for this card as if it was open. Now that everything is paid off but that one will my util adjust to show I owe more than I have a credit limit for?? What would be the best way to pay off in the long term on this account to help my score. Id love to pay off as soon as possible (would take about 4 months) but not sure if that is what is best to reach a good fico score. My hope is to have around 680 at the end of the year or mid next year. (would love to buy first new home, but want to have emergency fund and 20% for downpayment by then) I am planning to go for a BOA secured card for $1000 that way I can use it for gas to keep a 1-10% util on an active open CC account when my tax returns come back. Right now I only have two active store cards which I really don’t plan on using to much.
Here is what the CR’s show for this account - This is a Citi account
TU
Current Status: Paying or Paid as Agreed
Desc: Paying Partial payment agreement
Account Status: Account is closed
EQ
Current Status: Pays account as agreed
Desc: Arrangement made with credit grantor to make partial payments
Credit Card
Account Status: Account is Open
EX
Current Status: Current Account / was delinquent 120 days past due date
Desc: None on record
Account Status: Open
TU 622 3/4/08 610 12/29/07 Paid down half my open active CC’s by 50% and received a 12 pt increase. woohoo
EQ 610 12/29/07
EX 602 12/29/07
