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I'm trying to increase my credit score to 650 or above by August of this year. My current situation is below"
1st Premier credit card $250 limit $230 balance
Capital One credit card $250 limit $208 balance
Comcast Collection $475
Sprint Collection $268
If I pay off my collections and decrease the balance on my credit cards is it possible to increase my score.
Yes.
@SHAI wrote:I'm trying to increase my credit score to 650 or above by August of this year. My current situation is below"
1st Premier credit card $250 limit $230 balance
Capital One credit card $250 limit $208 balance
Comcast Collection $475
Sprint Collection $268
If I pay off my collections and decrease the balance on my credit cards is it possible to increase my score.
To be honest I'm not sure you can raise your score that much by August but you can certainly get it higher than what it is now.
Just paying those collections won't help your score but it'd always good to pay off debt. How old are these collections?
FICO scoring looks at both overall and individual revolving utilization. Right now your overall utilization is 88% which is very, very high. The individual utilization for FP is 92% and Cap 1 is 83%. Both of these percentages are much too high. The fastest way to raise your score it to lower the utilization on both cards and overall to less than 9% as quickly as possible.
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
I will have the utlization under 9% by mid February. Both collections are less than a year old.
@SHAI wrote:I will have the utlization under 9% by mid February. Both collections are less than a year old.
That is a real score killer.
Here is an excellent thread talking about What steps Do I Take?
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
You'd certainly want to try PFDs on those two collections. If they hit $0, your FICO scores will not change. If deleted via a PFD, you could see a very significant gain and have the debt paid.