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i had a foreclosure three years ago with some revolving debt that charged off and shows bad debt. I have since restablished with a truck loan and show a good history of 15 months no lates. I have no other credit cards or installment loans in my name. I am on three credit cards as an authorized user but the balances are close to the limit. If these balances get paid down, will this help my score to go up? I have old collections for medical on there since 04/08 and 09/09. The revolving credit cards are from 03/08, and 04/07. What can I do to get my scores up. My Equifax scores is a 574. Thanks Shaun
Removing yourself as an AU from those nearly maxed cards would give you your quickest score increase.
@Anonymous wrote:i had a foreclosure three years ago with some revolving debt that charged off and shows bad debt. I have since restablished with a truck loan and show a good history of 15 months no lates. I have no other credit cards or installment loans in my name. I am on three credit cards as an authorized user but the balances are close to the limit. If these balances get paid down, will this help my score to go up? I have old collections for medical on there since 04/08 and 09/09. The revolving credit cards are from 03/08, and 04/07. What can I do to get my scores up. My Equifax scores is a 574. Thanks Shaun
As for the other stuff. Are the CO's paid-in-full?
You may want to look into some secured cards 2-3, to help establish your own AAoA, and insure you keep your util% down.
But again, the first thing I would do, is remove myself as an AU from maxed accounts the high util is only hurting your score.
Ok, what if the balances are paid down on the account that I am an authorized user on-will this help me at all? The accounts have been opened for sometime. I am trying to buy a home and cannot open any new lines. The collections are not paid off because they are so old and I was told not to pay right now because it will drop my score.