Advice on improving FICO score

[Anonymous]

Okay... Here goes nothing...

    I'm new to this site and trying to drastically increase my credit score by August. We are planning to buy a new SUV and do not want a ridiculous interest rate. I'm throwing everything out on the line, so here it goes... BTW. At one point, we were SERIOUSLY hurting for money & this is what that resulted in...

     I'm 23 years old, so I don't have a looooong credit history.

     I have one installment loan. It is a joint account for a 2011 Kia Forte. We DESPERATELY needed a second car.

     We currently owe $14,542.26. We have like an 18% interest rate. I KNOW. IT'S TERRIBLE. I pay $399.42 a month. 

     I have 11 revolving accounts that are credit cards. (6) Individual, (4) Authorized, (1) Joint

     They are all MAXXXXXED except (2) Chase is reporting 91/300 & Capaital One 400/750. All the credit lines are below $750, except my Discover which is $5200.

      This is a joint account with me & my mom but she has nothing to do with it as long and I pay it every month.

      BTW. I HAVE NEVER HAD A LATE PAYMENT ON ANY CARD. I'VE MADE SURE TO AT LEAST PAY THE MINIMUM EVERY MONTH.

     I onviously know that this is where I should start. I'm paying down another card thursday, 96/320 to bring it to 30%

     I have (6) collections listed. WAAAIITTT.... LET ME EXPLAIN.

     VERIZON - $321   PLANNING TO PAY THIS OFF NEXT MONTH IN FULL.

     T-MOBILE - $1,410    IN DISPUTE, WAS DELETED FROM TRANSUNION

     COMED - $416     IN DISPUTE, WAS DELETED FROM TRANSUNION

     MEDICAL - $165    GOING TO PAY OFF IN FULL THIS MONTH

     ATT - ( A FRIEND SCREWED ME REAL BAD) $1,832

      * ATT* This is listed twice between (2) agencies but the second reports me owing $2,361

    SOMEONE PLEASE GIVE ME SOME ADVICE!

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Starting Score: 512 02/12/13
Current Score: EX FICO 512, TU 580
Goal Score: 620 by 08/13

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[ando35]

My advice would be to not pay them unless they give you something in writing saying they won't continue to report it at all on your credit report.

[DaBears]

Hi and welcome to the forums. I would suggest getting most of your CC's down to a 9% Util. Having very high Util affects your fico scores. you should see some of an increase with some of the baddies getting deleted. From what I am seeing its your Util % that is really hurting your scores. Im sure some of the Moderators could agree if not, then i need more coffee lol. Good luck with your credit rebuilding journey!!!!

[Anonymous]

That's exactly what my husbad just said. He said I should follow up with them by writing pay for delete letters and just wait and see what they reply with.

[Anonymous]

We've decided that our first step is to pay down the credit cards. I want to start with 30% on each and make my way down from there. I also did cut up all my cards for the time being, so I'm not tempted to use them. We've paid them off time and time again, but It's almost like they're screaming "USE MEE!!" whenever I open my wallet. lol

[Joteism]

I think that's a great plan. Definitely pay those credit cards down, as the collections aren't going anywhere (unless they're really close to 7 yrs old...)

And when you do get around to paying the collections, absolutely PFD. There are great sample letters on this forum or just type one up yourself.

Good luck!