General Credit Topics

[bobbybrooks14]

hi guys looking for any kind of help here..i used freecreditreport.com and  got a score of 661.

I have 3 credit cards that have around a 400 limit and the balances are around 300ish and one is a closed account with a balance of 1000 on it from when i was younger and stupid.. i also have a auto loan in my mothers name which i am a cosigner to help my credit..my score is a 661 and im looking to break the 700 mark..would paying off these credit cards do it for me?

[llecs]

If I read your post right...

CC#1 is at 300/400

CC#2 is at 300/400

and CC#3 is at 1000/400.

If that's the case, util is at 133%. Assuming you don't have anything else factoring into util like other CCs, other charged-off CCs, a HELOC, LOC, etc., and assuming FICO ranks util in the top one or two slots for things hurting your score the most, then I'd hazard a guess of 100-120 points gained with most on EQ if you pay CC#2 and CC#3 off and pay CC#1 to a balance of under $36, but above $0.

Now the score you posted is from FCR. That is not a FICO score and that score won't increase that much. Maybe 20-30 tops.

[Shogun]

Your util is absolutely tanking your score.  Pay those down.   Have you tried a PFD for the closed one?

[bobbybrooks14]

let me rephrase this...

3 of them have 400 limits one has 1000 balance and is closed.. im making payments on all the cards i just got a better job making twice the money i was before so paying them down isnt as much as a deal..

im currently working with my credit unio to get a loan purely to pay these off being the intrest rate will be over 1/2 of what a credit card is..but im weary that ill not get approved for a 2200 personal loan having these cards..

[Shogun]

Snowball them, keep paying them, pay extra on one, whatever extra you can to get it paid off.  Take that money and throw on the next one to pay it down.  Lather, rinse and repeat.   I did this and it motivated me to see how fast I could pay mine off.

[bobbybrooks14]

why do you say to do that vs go to credit union

[Shogun]

There's nothing wrong with getting a loan from your CU.  You stated you were afraid you wouldn't get the loan so I was giving you another option.

[bobbybrooks14]

they pull TU at my credit union and my TU score is 669

[Shogun]

But where did you get your TU score from?  

[bobbybrooks14]

i just went on the www.transunion.com and got it from there..im pretty new at this lol