I need your opinions !!

[Anonymous]

I have a situation and would like advice. My middle score is 656. I would love to be in the 700 club. I deserve to be. I pay all my bills on time but just cant figure out what to do to get my score over 700. I have several cc but only one with a balance which is $1700 with a cl of $7500. Should I pay down the cc? My score actually decrease by 9 points when my charges went from $1500 to $1700. I have not had any derogatory on my credit since 2005. What can I do to get over 700 score?

 Here is my situation:

1) Mortgage- One 30 day late in Jan 2003 due to snail mail never making its destination.

2) Car loan- 1x60 day late August in August 2005.(my daughter lay-off)

3) Medical bill charge off 2005 paid in full, same year.(stupidity)

Please, I need advice !!!!

[TULO30]

You need to increase the amount of your available credit.  Get additonal credit cards from VISA or MC. That will help.  Apply for about two or three in one 30 day period and you will be okay and I will guarantee you will see that score go up! Good luck!!

[Anonymous]

Tulo30... I have several cc with available credit. Are you saying I should use them and pay off? I have only one credit card with charges. It has a $7500 cl and  i've charged about $1700. 

[future]

bring your bal down to about 1-9%(700) and you should see something good happen

[Anonymous]

ok thanks............ How far down should I pay the cc to be between 1-9% ???? The cl is $7500 and I owe $1700.  How do I get there? Example please.

[MidnightVoice]

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Shoe_diva69 wrote:

ok thanks............ How far down should I pay the cc to be between 1-9% ???? The cl is $7500 and I owe $1700.  How do I get there? Example please.

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10% of $7500 is $750, so get that card to less than $750 if you can.

Also, if you apply for anpother couple of cards it will make your TOTAL available credit higher, so your utilization will be less.  You will see a little score drop with the new accounts, and also a little score increase because your utilization will go down, but as they get older your score will increase, as long as you keep the balances low

[Anonymous]

Ok ...got utilization calculation !!!!!  thanks..........

Midnight are you saying go open additional accounts and use them. I already have several cc acounts that i dont use with no balance on them.  Please advise.

Shoe

[TULO30]

Sweetie, this is simple really.  You simply need lots of credit and little to no utilization and long history of doing that and your scores go up. 

If you have credit cards with balances pay them down - paying them coompletely off would be even better. 

Open new accounts, but don't use them. keep your balances low and pay on time and your score will go up.  Good luck!

[Anonymous]

The forum is often asked how many cc's should one have for positive impact on credit scores.

Many people say at least 3 for a minimum. I say 4(I'm not out of step...it's everybody else.lol)

If you have them, use them....but sparingly. But a minimum of once every 3 or 4 months, then pay it off, and put it away for the next cycle.

FICO like to see the various credit mix on your report every now and then, if that makes sense.

Dropping the utilization down to 1%-9%, both on individual cc, and total over all cc's is the best way for a quick score rise.

[Anonymous]

I love you guys and all of your good advice !!!