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Big thing hurting the score is the high util (you're nearly maxed out on both cards). Rough rule of thumb is to keep the balances (on the high side) below 30% of limit. I think the quickest bump you'll see is paying both cards off in full, taking your util down to 0. Wait a cycle to see the change in scores and go from there.
I tough thing is that the balances are low, so to stay under the 30% util mark, you either need to only buy "small" things, a trip to grocery store, gas station, etc, or, make sure you actually have the cash first, buy on the cc and then immediately send in the payment to the CC. That way you're flowing purchases through the card (so they dont' close it), but keeping the utils low. Doing this, alternating between the cards, today, groceries on card 1, tomorrow gas on card 2, etc, and interleving payments of the balances has helped me greatly when I had cards with small balances. Also, going to the cards online sites to track the balances like a hawk to prevent overlimits and lates (which shouldn't happen if you're under 30% util rule) . Doing so got me increases without having to request them.
I also carry, Capital One, HSBC (2 of them), First Savings (2 of them), and Continental Finance. All started with the super low limits, but all have been increased at least once, some twice, without me requesting the increases.
Good Luck!
Remember when you PIF you must do that before the statement date to avoid finance charges. So if you are using your cc monthly and PIF every month, do it right away. We use our cards for a tank of gas or what not, and then PIF about a week later. So it is always PIF before the cc cuts the statement and we pay nothing for using the card.
UpandUp, congrats on your increased FICO score!! How did you get it up so fast?
@UpandUp wrote:Big thing hurting the score is the high util (you're nearly maxed out on both cards). Rough rule of thumb is to keep the balances (on the high side) below 30% of limit. I think the quickest bump you'll see is paying both cards off in full, taking your util down to 0. Wait a cycle to see the change in scores and go from there.
I tough thing is that the balances are low, so to stay under the 30% util mark, you either need to only buy "small" things, a trip to grocery store, gas station, etc, or, make sure you actually have the cash first, buy on the cc and then immediately send in the payment to the CC. That way you're flowing purchases through the card (so they dont' close it), but keeping the utils low. Doing this, alternating between the cards, today, groceries on card 1, tomorrow gas on card 2, etc, and interleving payments of the balances has helped me greatly when I had cards with small balances. Also, going to the cards online sites to track the balances like a hawk to prevent overlimits and lates (which shouldn't happen if you're under 30% util rule) . Doing so got me increases without having to request them.
I also carry, Capital One, HSBC (2 of them), First Savings (2 of them), and Continental Finance. All started with the super low limits, but all have been increased at least once, some twice, without me requesting the increases.
Good Luck!
Hi moch76
As you know each person's situation is different, but for me the lay of the land was essentially
1. (5) credit cards maxed or nearly maxed out
2. (2) medical collections
3. (13) non medical collections
4. (1) car paid off redeemed repossesion
5. (1) charged off credit card
6. (1) charged off bank account
7. (1) 30 day late credit card
I systematically attacked each of these by:
1. seperate the medical and non medical collections (created a spread sheet with all relevant info)
2. began the HIPPA process for the medical collections (both were ultimately removed)
3. began the PFD process for the other collections, (some fell off during the DV process, the ones that settled were for less than the amount they claimed I owed). Only (2) would not play ball after repeated attempts. They are old, so hurting less and will drop off within 6mo to a year, so leaving them alone.
4. good willed the (30) day late. didn't get them to budge, but I periodically send in updated GWs as people say it takes several times to get results
5. And most importantly, I brought my CC util within 30% rule. Actually I was finally able to pay them all off and saw tremendous leaps in my credit score after a cycle of balance updates by the cc companies.
The dropping off of collection accounts moved my score only minimally in general. Also, most of my collections were pretty old. The biggest gains for me came from getting a handle on the CC util.
Good Luck!
I fully agree here (which is why I monitor my cards via cc company's online tools). The key here is once you get the cc util under control, use them as a tool for the purpose of fixing the credit, and not as an extension of your income. (hope I'm not being to preachy)
For me, the things I buy with the CC are things I was going to/ needed to buy anyway, like gas for example. Then the money that's in my bank account that I would have used for the gas I send to CC company (online bill pay makes this a very smooth process). That way, I'm not buying on the credit card and then using the cash in my bank account for additional purchases.
At first I was pretty strict with myself, if I bought 50 bucks in gas on the CC, I initiated an online bill pay to the CC comany for 50 bucks within a day or two. Once you get the hang of it you of course don't need to be that "on top of it", maybe monthly or semi monthly timed around pay periods as an example. But for sure, get it in before the cc's update the balances. This saves interest (you don't want that gas to cost %25 more) and prevents the score from taking a hit.
Good Luck!