Improving credit score

trudawg660 · ‎08-13-2007

Right now i have a Equifax score of 605. pretty low!! But i off a $1000 dollar loan this month had it since November. It was a 12 month loan so I'm paying it off 3 months early. and i have a new personal loan for $1100 dollars that i start paying for on the first on september. i plan on playing it off a little early also. How do you thing this would impact my score. And i was thinking on getting a in store target card, is that a good idea?

Anonymous · ‎08-13-2007

@trudawg660 wrote:
Right now i have a Equifax score of 605. pretty low!! But i off a $1000 dollar loan this month had it since November. It was a 12 month loan so I'm paying it off 3 months early. and i have a new personal loan for $1100 dollars that i start paying for on the first on september. i plan on playing it off a little early also. How do you thing this would impact my score. And i was thinking on getting a in store target card, is that a good idea?

Can you give more info....baddies on your reports...available credit.....utilization....etc

trudawg660 · ‎08-13-2007

right now i have two collections. i just sent a PFD and we are going to see how that goes. and i two credit cards. one has a limit of 1400 and i have used 500. and i have a 3500 dollar limit on my other credit card. and it almost maxed out but i just picked up a second job to pay it off. and i have a 12000 dollar car loan.

Anonymous · ‎08-13-2007

@trudawg660 wrote:
right now i have two collections. i just sent a PFD and we are going to see how that goes. and i two credit cards. one has a limit of 1400 and i have used 500. and i have a 3500 dollar limit on my other credit card. and it almost maxed out but i just picked up a second job to pay it off. and i have a 12000 dollar car loan.

The best thing you can do is to just pay down your cc debt. You have almost 5k in available credit but almost 4k in balances. That's 80% utilization. The closer you get to 1-9% utilization the higher your score will get. I would guess that you would be in the mid 600s simply paying down the cards to under 50% utilization.

You don't need another personal loan IMO. If you are looking for mor TLs, open one or 2 other credit cards. This will help your utilization and give you more TLs. Assuming you don't have a store cc I would apply for one (Walmart/Target/Macys) and maybe a gas card (Mobil/Sunoco/Chevron) or even the CCCU or Hooters credit cards (decent CLs).

If you have any late payments, try sending some GW letters......

Anonymous · ‎08-13-2007

trudawg660 wrote:
right now i have two collections. i just sent a PFD and we are going to see how that goes. and i two credit cards. one has a limit of 1400 and i have used 500. and i have a 3500 dollar limit on my other credit card. and it almost maxed out but i just picked up a second job to pay it off. and i have a 12000 dollar car loan.

CC UTIL has a large inpack on your scores....you do not need to pay all at once just pay as much as possible...your scores will start to rise as the util comes down......Auto loans do not have a big impack

On my Auto loan one of the CRA shows obsolete. To save money on int. pay down as soon as you

can.

LMAO I see BAM is still up.....YES what he says about loans..... I had to get more CC in order to lower my UTIL>

Message Edited by HappyDays on 08-13-2007 10:08 PM