Credit Score Increase

wynona01 · ‎04-16-2008

I am wondering what can give me a big credit boost. My equifax score has been 564, for some months now. I have two revolving credit lines, one is Rewards 660 visa, credit limit 500, with a balance of 156. Also i have an Imagine Mastercard for 1100 credit limit, balance of 962. I don't use either cards ( I'm in the process of paying them off). I am going to pay off Rewards at the end of this month I really want to close the account because i am being charged 8.00 maintenance fee every month. Should i pay if off and leave it open at least a little while longer and just pay the 8.00 fees? Now as for Imagine mastercard, I am going to use my stimulus check to bring the balance down, in earlly May to at least 300. I am trying to get a boost becasue i want to buy a car at the end of the year and I want to get a good deal on them.

Anonymous · ‎04-16-2008

wynona01 wrote:

I am wondering what can give me a big credit boost. My equifax score has been 564, for some months now. I have two revolving credit lines, one is Rewards 660 visa, credit limit 500, with a balance of 156. Also i have an Imagine Mastercard for 1100 credit limit, balance of 962. I don't use either cards ( I'm in the process of paying them off). I am going to pay off Rewards at the end of this month I really want to close the account because i am being charged 8.00 maintenance fee every month. Should i pay if off and leave it open at least a little while longer and just pay the 8.00 fees? Now as for Imagine mastercard, I am going to use my stimulus check to bring the balance down, in earlly May to at least 300. I am trying to get a boost becasue i want to buy a car at the end of the year and I want to get a good deal on them.

I would pay down both cards......NO keep that card> I hate the thought of paying $8 a month BUT you need it! 35% of FICO scores cone from CC UTIL and payments.....then you need the length of history.

All CC are concidered as new untill after the first year. I would keep paying that mo. charge until I had a high enough score to get a few major CCs

wynona01 · ‎04-16-2008

I have had Rewards 660 since April of 2005, and Imagine since August 2006, I was going to close Rewards once paid off and keep Imagine opened until another year or until I get my score up to get a non subprime credit card. When do you think would be the best time to close the account?

Anonymous · ‎04-16-2008

Best time to close them is when you have reached a credit score level where closing a TL will not put you in a lower credit level than your highest level. And also when that oldest TL will not put a huge dent in your average TL once closed.

Most people will say keep it open but $8/mo = $96/yr and that $96 can help pay down 10% of one of your cards.

I know the pain because I am paying $75 for my oldest card from Orchard Bank of 7 years. I am just waiting for the right time to dispose it. Hopefully this year before the next AF is assessed in July otherwise I will wait until next July.