do not know what my biggest credit problems are

[Anonymous]

Thanks for any replies I have gotten on this thread.  If I can get my score back up close to 700. What would be anyone's advice or raising it more.  Should I apply for credit cards with this higher number to raise my available credit.  ( I have no desire to have more credit available, other than to raise my credit to a number that can enable me to get the best rates on the things I do need).  Any additional advice on this would be much appreciated.

[Anonymous]

The account type is revolving and it is shown as a home equity ine of credit..  I was wrong on one thing , I noticed that I was 30 days late twice. Both times it was in 2004. The dates were april and may 2004.

[fused]

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Richard9091 wrote:

The account type is revolving and it is shown as a home equity ine of credit..  I was wrong on one thing , I noticed that I was 30 days late twice. Both times it was in 2004. The dates were april and may 2004.

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This line of credit account is not affecting your scores because it's not factoring in FICOs revolving accounts utilization calculation percentages. The lates are more than 3 years old and are having little negative affect to your scores. The damage has been done by the maxed-out cards. Now that they are paid, I still think you are going to see a big jump in your scores. Credit limit increases are a great way to help keep util on your cards down. I would only go for CLIs if your credit card companies do not pull hard inqs. You are better off with no or fewer inqs when you app for another mortgage. Good Luck!

[Anonymous]

Thanks for all help.  I did not pay off the $2700 credit limit card.  I only paid it down to $1250.  Will it help me substantially to go ahead and pay it off.  My business is doing fairly well and I have stocks worth about $15,000.   I guess I have managed things wrong.  I wanted to have more cash and liquidity on hand in case of emergency.  This approach has kept my credit score fairly low because I have been using credit instead of my cash.  I just kept thinking if I made all my payments on time, then the score would go up.

[MidnightVoice]

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Richard9091 wrote:

.  I just kept thinking if I made all my payments on time, then the score would go up.

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That is what I thought for 5.5 years.

Then I learned all about the game, and esp Util

[Anonymous]

How often does Capital One report to the bureaus? both my credit cards are with them. 

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Richard9091 wrote:

Thanks for all help.  I did not pay off the $2700 credit limit card.  I only paid it down to $1250.  Will it help me substantially to go ahead and pay it off.  My business is doing fairly well and I have stocks worth about $15,000.   I guess I have managed things wrong.  I wanted to have more cash and liquidity on hand in case of emergency.  This approach has kept my credit score fairly low because I have been using credit instead of my cash.  I just kept thinking if I made all my payments on time, then the score would go up.

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For max FICO points allow a very small balance to report on your cards. This shows responsible usage and it's better than no usage. 5% of your credit limit on each card would suffice. 

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Richard9091 wrote:

How often does Capital One report to the bureaus? both my credit cards are with them. 

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Usually monthly. Make sure they are reporting your credit limit and not your high balance. Cap1 is reporting credit limits now, but some people are still saying otherwise.

[Anonymous]

How do you find out if credit card companies are going to a do a hard inq. or not?

[Anonymous]

Okay the way your cards are reporting, they are maxed out.  A maxed out card will hurt your scores as badly as a collection in your case Xs two.  Once the pay-downs hit the bureau you should see a significant increase. 

If you are talking about Cap1, they do not hard you for increases, however, depending on how long your cards have been maxed out they may not approve based on an internal scoring system.  Call the back door number

For Acct.Specialists: 800-889-9939

For Customer Service: 800-951-6951