Where do I start when raising score??? HELP!

[Anonymous]

Hi,

I'm new to this forum BUT I have read many posts to see if I could answer my own questions... Well, here goes... I'm trying to raise my FICO score and Im unsure where to start... I checked my credit and it's horrible!  TU-485 EX-486 EQ-518  Yeah, drop your jaw here...   I only have 2 accounts open... A student loan, only $50 a month, current, and an installment account for furniture, $110 a month, current, both never late...  the rest of my debt is about 12K all mostly charged off CC's from 5 yrs ago or collection accounts...no repos or bankrupts. I read that paying on items that you owe won't raise your score and I was given the advice to let them just "fall off"... somehow I don't think that is accurate.  Also, because of my low score, I am unable to get an unsecured credit card.  I do have a credit card under one of my parents where I am an authorized user but I dont think that affects my credit at all...

I want to clean this up and get back on track while Im young ( Im 24 ) and financially stable and  before I get married.  Im currently engaged but I dont want to affect my future husbands credit stability.   Can anyone give me some advice on what to do and where to start???  Any advice would help!!!

[Anonymous]

Hi SavAnce  welcome. I will give you some links to look at. You do not need to memorize anything!!!

Because you have CO (chargoffs) with CAs   I will give you the easy read SOL. I will also give you link for the difference between SOL and CRTP

newbie guide...full of info.

CRTP and SOL

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=17466

The best way to remember which is which...Sol (state)  CRTP federal

SOL by state

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

My advice to new people is Always know your SOL before doing anything!!!!! you do not want to be sued.

By the way, your post is perfect. Direct!!!

Ask as many questions as you need. Take your time & be sure that what you do is what is best for you.

Let us know what you SOL is & we will go from there.

Message Edited by HappyDays on 12-04-2007 08:57 PM

Message Edited by HappyDays on 12-04-2007 08:58 PM

[Anonymous]

Do you have a local credit union?

Take $1000 down to them open a savings account ($50) and immediately ask to open a secured CC.

Credit Unions WILL do this.

[Anonymous]

Thanks for the fast reply!  I live in Wisconsin, and the SOL 6 is years.  I have a regular bank account now but I will take your advice and open up a secured card with a credit union.  Im assuming that will be reported on my credit report.  Is that all you needed to know or did I forget something?

Message Edited by SavAnce on 12-04-2007 10:07 PM

[My_dog_FICO]

In order for you to have positive action on your CRs you need to have two open lines of credit for at least 3 months(reported to CRAs).  Open CLs include credit cards, auto/personal loans, mortgages, student loans, etc. 

Message Edited by My_dog_FICO on 12-05-2007 07:16 AM