cancel
Showing results for 
Search instead for 
Did you mean: 

Help with Credit Score Increase

tag
SHAI
Regular Contributor

Help with Credit Score Increase

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.


Starting Score: September/2012 TU-496, EQ-456, EX??
Current Score: April/2013 TU-680, EQ-661,


Goal Score: 700 across the boards

Take the FICO Fitness Challenge
Message 1 of 6
5 REPLIES 5
mauve
Valued Contributor

Re: Help with Credit Score Increase

Yes.


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


Take the myFICO Fitness Challenge
Message 2 of 6
MarineVietVet
Moderator Emeritus

Re: Help with Credit Score Increase


@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".

Message 3 of 6
SHAI
Regular Contributor

Re: Help with Credit Score Increase

I will have the utlization under 9% by mid February. Both collections are less than a year old.


Starting Score: September/2012 TU-496, EQ-456, EX??
Current Score: April/2013 TU-680, EQ-661,


Goal Score: 700 across the boards

Take the FICO Fitness Challenge
Message 4 of 6
MarineVietVet
Moderator Emeritus

Re: Help with Credit Score Increase


@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.  Smiley Sad

 

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".

Message 5 of 6
llecs
Moderator Emeritus

Re: Help with Credit Score Increase

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.

Message 6 of 6
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.