Did I Just Shoot Myself In The Foot?

[John060675]

I have been a religious reader of this forum for the past 2 weeks, and I have learned a lot.  I am afraid I made a mistake though.  First, my current scores and situation.

TU:  667

EX:  646

EQ:  626

Few baddies (60 days late Dec. 2006 - GW in process, charge off in 2003 through Cap 1 - GW but doubt will be off, Charge Off 2001 - about to fall off, collection on EQ 2000 - off Jan 2008).  Also, current utilization shows 50% or so, but this will be under 10% when they update.

I just applied and received:  Hooters ($1500 CL), US Airways / Juniper ($500), Carnival (Pending, but sure will get), AMEX ($2000 CL), and Citi (no reply yet).

I do have a couple old accounts (10 years or so) that are still on my CR, but they are closed.

My current average age of accounts is 6 years, but at the beginning of 2008 it will drop to 1.5 or 2 years!!!! 

Is this a hopless situation for a few years, or will this help me get to the 700's when the inquires drop off in 1 year from now, and the accounts age one year?   I will keep my utilization under 10%,more like 5%.

I know it is impossible to really be accurate, but what scores should I expect in 1 year?  Thank you.

[Anonymous]

Lets hope so cause I'm in the same boat as you are.  Either way you cannot just sit around with subprime cards forever, you deserve better.  Now when you get some age, hopefully (for both of us) our scores will drasticaly improve.

You should get as good score boost when the cards reach 6,12,18 and 24 mos of age.  I've got my fingers crossed because all my current cards are still young and should begin to roll over this month 1 hits six month this month. 3 hit six months next month. 1 hits 1 year in Dec.  Two hit the 24 mos mark in June/July.  1 hit six months and another hits one year in March.  th other is pretty established.

Hopefully I will see some serious score boost.

[John060675]

Thanks Brammy,

In your opinion,do you think I can reach the 720 level by the end of 2008?  I really want to buy a house then, because I hate being a renter!

[Anonymous]

All I have to offer is my opinion.  When you are cleaning up credit and first establishing it, those points sometimes come like the point dam broke  Once you have removed the damage, applied for the cards you want for the time being, it gets a little stagnant.  Don't get me rong.  I sincerly hope its possible and  hope to see you there

[John060675]

Thank you Brammy

[Anonymous]

Meet you on the other side of the 7s got TUs head above water so far

[Anonymous]

I can tell you to hang onto juniper....I have had it for 1 year & had a balance  no lates....was just offered another juniper  with FIX 8%.  They do watch their  good customers.

I have deluted my HX with new CC...BUT I did it because my UTIL was too high.......you have a good chance of seeing a raise in score as time goes by BUT be sure to use cards at least once a year or twice  and PIF....I had a card cancelled for inactivaty and it was 10  yrs old.  it hurt.

Remember scores do not need to jump fast....slow is also good