EQ up 8 points...

[soundview00]

Thanks for everyones help. I checked my CR this weekend and found my EQ score went up 8 points. I now have a EQ FICO score of 628. My TU score is still lingering at 606, but I'm certain that it will go up as well. Currently, I have no changes on my CR,ie: collections, public records, etc. The only thing that changes month to month is the fact that I am paying off a $500.00 loan that I got from my CU. I managed this loan very closely by utilizing a very low percentage of the loan. I read on this site that a small utilization percentage is the best thing to do. I am very excited about this upward momentum that I am on, and hope to reach my mark of 700 by the end of the year. Again, thanks to all for your help and guidence.

subscribed to creditwath which is very helpful and informative.

TU :  Jan 17, 2009 => 589   May 17, 2009 => 609   July 4, 2009 => 609

EQ:  Jan 17, 2009 => 590   May 17, 2009 => 620   July 4, 2009 => 628

EX:   Don't know yet.

[BungalowMo]

Congrats!  It does take time!  Is this your only positive TL?  That loan? 

Do you have any neg's keeping you from moving up?

[soundview00]

Yes it is. I haven't tried to get any other loan or a CC since February or March, which was the same time that I got the $500.00 loan. I've been reluctant to push my luck. I also have some collections and public records stuff on my report, but they are things that will drop off in a few years. Trust me, I could wait a few years if it would benefit my score. From what I have read from my CR, the main thing that has always hurt me was paying my bills on time or at all. I'm not trying to gain high points in a short time, I'm trying to get hight scores by demonstrating responsible management...which is something that hurt me in the past. Another thing, when I use the 'Best Action' simulator; it says that I should get a CC to consolidate bills, but doing so may or maynot help my score - any tips on how to handle this. Should I get a CC or just continue the path that I am traveling. Thanks.

[BungalowMo]

I'd never get a cc to consolidate unless I was getting a 0% int card on bal x-fers.  Not many of us are in a position to do that, so I'd let that idea fall in a drawer somewhere. 

Do you have a checking acct with a bank you've got history with?

[soundview00]

Yeah, I have a checking and savings account with my CU. They are really great. I'm kinda' thinking about getting a CC through them, but again, I'm not sure if my score would fall due to opening a new revolving account. I guess that I have to try and see what happends. I won't apply for a new CC until the full loan is paid off and shows as paid off for a few months.

[BungalowMo]

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@soundview00 wrote:
Yeah, I have a checking and savings account with my CU. They are really great. I'm kinda' thinking about getting a CC through them, but again, I'm not sure if my score would fall due to opening a new revolving account. I guess that I have to try and see what happends. I won't apply for a new CC until the full loan is paid off and shows as paid off for a few months.

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Actually, from what I've read, the cc thru a CU is the way to go! What was your loan for & what is left on the pmt?  How long have you had it??

[soundview00]

The loan was only for $500.00 which isn't much, but at the time I needed something that I could use and make monthly payments on to show good payment history. I could pay of the $150.00 balance off today, but I'm trying to drag it out long enough to show a good payment history. The minimum monthly payment is only $20.00, but I pay more than that. I had the loan since March.

[BungalowMo]

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@soundview00 wrote:

The loan was only for $500.00 which isn't much, but at the time I needed something that I could use and make monthly payments on to show good payment history. I could pay of the $150.00 balance off today, but I'm trying to drag it out long enough to show a good payment history. The minimum monthly payment is only $20.00, but I pay more than that. I had the loan since March.

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Even though the loan was fairly small...the credit building process is done with slow, deliberate steps.  Your first step made perfect sense.

Is this loan through your CU?  If so, I bet they would give you the CC too.  The FICO scoring system likes to see a good balance of accts.  Loans, cc's etc.  Maybe go into the CU & speak with one of their financial folks & let them know what you're trying to do (basically build a good credit history) and ask them what they think.  What would they suggest to be the best to do.  Get the cc now?  Wait til the loan is paid?? 

They are the ones that can help you out & will be in the best position to steer you in the right direction.

You're doing the right thing.  Educating yourself first...then taking the necessary steps!  Good for you!!

[soundview00]

To be honest with you, I applied for a NSCC with my CU back in March when I got the loan. Although the loan was approved, the CC was not. As you can see, my FICO score was below the limit that NFCU would offer me a CC which is 609. Now that I am higher now than a few months ago, I'm willing to bet that I'd get approved once my loan balance is paid off.

[soundview00]

I have a question: Is a FICO score of 650 good or still bad. Thanks.