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Need to boost credit ASAP!

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Anonymous
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Need to boost credit ASAP!

I just checked my credit and it was 485. I was recently about 520 and I have no clue what happened! Please, anyone with any expertise please assist me in raising it, I can't live like this. 

 

 I have a secure Capital One credit card with a limit of 200 wich I recently just got and have paid on time. I owe about $5,200 in student loans which I just recently started paying on time. I owe about $500 to hospitals. If someone can give me any advice I'd appricate it. 

Message 1 of 7
6 REPLIES 6
Anonymous
Not applicable

Re: Need to boost credit ASAP!


@Anonymous wrote:

I just checked my credit and it was 485. I was recently about 520 and I have no clue what happened! Please, anyone with any expertise please assist me in raising it, I can't live like this. 

 

 I have a secure Capital One credit card with a limit of 200 wich I recently just got and have paid on time. I owe about $5,200 in student loans which I just recently started paying on time. I owe about $500 to hospitals. If someone can give me any advice I'd appricate it. 


Keep paying everytihng on time and the bad stuff will eventually drop.  Try not to have your utilization above 9% on your card when it reports (trying to remember what I have seen the past few days).

 

I would also utilize something like Credit Karma (mind you it's not your fico score) to monitor your credit report every week.  You can also dispute things from the site as well if need be.

Message 2 of 7
SouthJamaica
Mega Contributor

Re: Need to boost credit ASAP!


@Anonymous wrote:

I just checked my credit and it was 485. I was recently about 520 and I have no clue what happened! Please, anyone with any expertise please assist me in raising it, I can't live like this. 

 

 I have a secure Capital One credit card with a limit of 200 wich I recently just got and have paid on time. I owe about $5,200 in student loans which I just recently started paying on time. I owe about $500 to hospitals. If someone can give me any advice I'd appricate it. 


1. Don't just pay on time. Pay the credit card down to zero every month and don't let more than $58 report in the statement.

 

2. Pay off the hospitals.

 

3. Keep paying the student loans down.

 

4. Keep sending verification letters to the credit bureau, which will accelerate some of your negatives falling off.

 

 

 

 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 3 of 7
Anonymous
Not applicable

Re: Need to boost credit ASAP!

When paying those hospital collections try to get them to do a PFD (Pay For Delete) , wherein you pay the the amount off and they delete it from your credit record, which then improves your score.

 

Most will do this since they are more worried about getting the money than anything else. If they do agree to a PFD try to have them email or send you something in writing stating so.

 

Other than that pay everything on time, keep your card balances under 10%, and dispute/verify whatever you can.

 

Finally advice is to read thru the myFICO Credit Rebuilding forums.  There is a wealth of knowledge in there for rebuilding/repairing your credit!!!

Message 4 of 7
rmduhon
Valued Contributor

Re: Need to boost credit ASAP!

Where are you getting the score from?
Message 5 of 7
Anonymous
Not applicable

Re: Need to boost credit ASAP!


@Anonymous wrote:

When paying those hospital collections try to get them to do a PFD (Pay For Delete) , wherein you pay the the amount off and they delete it from your credit record, which then improves your score.



While I agree with the majority of your post, this part above likely isn't true.  When someone has a bunch of negative items, removing one or even several usually will result in little to no score improvement at all due to diminishing returns and the presence of yet more negative items.  While it's a great thing to start the baddie removing process, it's important that people understand that in terms of scoring results may not be seen right away.  I just don't want to see the OP get discouraged and stop.  It's like when someone starts working out and after a week gets on the scale and sees no change, so they quit before they even really get started.

Message 6 of 7
Anonymous
Not applicable

Re: Need to boost credit ASAP!


@Anonymous wrote:

I just checked my credit and it was 485. I was recently about 520 and I have no clue what happened! Please, anyone with any expertise please assist me in raising it, I can't live like this. 

 

 I have a secure Capital One credit card with a limit of 200 wich I recently just got and have paid on time. I owe about $5,200 in student loans which I just recently started paying on time. I owe about $500 to hospitals. If someone can give me any advice I'd appricate it. 


If the hospital bills are in collections, that answers the question why your score dropped. Collections crush scores. But let's say they are not in collection, right?  You have $5200 in student loans which you stated "I just recently started paying on time".  If this is true, then this would be the reason your score went from 520 to 485.  Did you know that 35% of our FICO scores comes from payment history?  Keep on time payments and your score will recover over time.  Good luck my friend!

Message 7 of 7
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