Help in improving score please!!! New to forums :)

[jasonbourne6791]

Hi all.  I'm new the forums and need to boost up my score.  I just checked it today, and it's hovering around a 570.  I want to get it to around a 670 range and higher...here are my stats:

Credit card: $11,000  (I have enough to pay off around $9,000)

Closed Credit Card: $1,500 (should I pay the closed card first or worry about the current open cards?)

Federal Student Loans: $215,000 (I have a payment plan...obviously can't pay this off but it's there)

Car Loan: $3,800

Collection account $2500 (they wont delete on pay)

30 days past due: 6 times

60 days past due: 1 time

Any advice please? 

[fishbjc]

I'd pay off the highest interest first.  Fico likes cc to be around 9% for maximum point value.  Once you pay the $11k down to 9%, I would expect a nice jump.

Any lates on the student loans? 

Who is the collection agency?  Once we know, we can advise.  Some are easier to deal with.  Please provide with all stats.  (I see you were editing while I was typing)

Collection account $2500 (they wont delete on pay)

30 days past due: 6 times

60 days past due: 1 time

So you have offered a pay-for-delete?  Have they offered a settlement?  I'm assuming that the lates are being reported by the original creditor...it's a charge off and now a collection?

[jasonbourne6791]

Hello!  Thanks so much for the quick reply.  I have no lates on the student loans and they are currently under deferment

How much of a score jump will show by paying off the credit card loans to 9%?

The collection agency is maryland CCU.  I looked on other forums and they said that maryland ccu will not do delete on pay or remove for any reason unless it was a mistake on their part.

[fishbjc]

Is Maryland CCU a tax issue? 

Hard to tell on the Score Jump, but I'd say 30 points or more

I received +15 for paying down 2% and I'm still hovering around 20%.

Can someone add you as an Authorized User on one of their PIF accounts to help your utilization?  Can you get a credit line increase on any card?  If not, I'd get it down to 9% reporting on one card.

[JonStur]

At this point just pay your balance down and chill. If you can't get a PFD from the CA, then let it age unless you fear litigation of some sort. Pretty much the same applies to your lates. They are going to have to age, which they will, and your score will improve..

[jasonbourne6791]

it's actually a tuition issue.  I contacted the CCU early in the year as I was making payments, and they stated that it wouldn't hit my credit as long as I pay on time.  Then I spoke with someone else this week and they said nope, it appears 5 months into the issue.

So the fasted way to at least hit 620 is to pay down my current credit cards and just wait on the CCU?  

If I get my credit card debt to zero, will that drastically increase my score?  I hear the utilization is 35% of the score.

also, shall I write to the card companies for good will removal?  Are there any standard templates for such letters?

Thanks!