Need help on how to raise my score? *UPDATED*

[guiness56]

Since your utilization counts so much toward your FICO, even with the negatives, you should see an increase.

[MarineVietVet]

I can't add much to the conversation except this. Once you get those CC's paid down/off you must have the discipline to leave them alone. I don't mean never use them again because inactivity could cause account closures. Use them sparingly to show usage and only for amounts that you could pay off the same day if needed. If you run the balances back up (and I've done this more than once) you'll find yourself in the same position once again.

Good luck to you.

From a BK years ago to:
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
3/10 EQ- 800

You can do the same thing with hard work

Credit Scoring 101
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[Anonymous]

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@Anonymous wrote:

I am trying to do some credit repair myself and raise my score and from what I have read and understand I believe my biggest issue is my uti.  Here is the info on my accounts and the baddies that I currently have.

open up a secure credit account and make a large deposit, it adds credit to debt ratio.

JC Penny’s - $2700 balance ($3000 CL)

HSBC Direct Merchants - $372 ($400 CL)

Macy’s - $100 balance ($200 CL)

Orchard – $0 balance ($300 CL – not reporting yet it’s a new card)

i have the orchard classic, thinking of getting rid of it after the 1st year. the annual fee is outrageous for a low limit card. best off opening a couple secured card accounts that has no AF! even though i have a few already.

AU Sears (Closed account) $730 balance ($800 CL) – I requested to be removed as AU and waiting for CR to update.

I have a few baddies….

(1) 30 day late on auto loan from 12/09 (sent a GW letter, but haven't heard anything) 

(1) charge off

(1) collection

BK filed 12/03

I do have another charge off that I am disputing because it should say “IIB”.  I have about 5 accounts that are listed as "IIB", but should be falling off starting in 8/10 per TU CR.

Can anyone give advice on where I should start to get my scores up?  

EQ – 577 (fico)

TU – 566 (fico)

Thanks in advance!!

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[Anonymous]

I just paid off HSBC ($389) yay!!  So, now I am trying to figure what my uti will be after my CR is updated with the $389 pay off and also once I am removed  as AU on Sears account.   Do I take the balance divided by the available credit x 100?   So, if I am doing this right mine would be 38% after everything is updated on my CR?   

JC Penny’s - $2700 balance ($3000 CL)

HSBC Direct Merchants - $372 ($400 CL)

Macy’s - $100 balance ($200 CL)

Orchard – $0 balance ($300 CL – not reporting yet it’s a new card) cancelled this card ($59 annual...no thanks!)

AU Sears (Closed account) $730 balance ($800 CL) – I requested to be removed as AU and waiting for CR to update. hoping a get a Score Alert in the next coupld of days saying this was removed.

[llecs]

To calculate util, you take the reported balance and divide it into the reported CL and multiply it by 100 to convert into a percentage. FICO looks at individual util and overall util.

2700/3000 = 90%

372/400 = 93%

100/200 = 50%

730/800 = 91.25%

Totals: 3902/4400 = 88.68%

The Orchard Bank CC (and any closed CC with a $0 balance) stops counting into util once the CC reports "closed". CCs that are closed with a balance continue to factor into util for as long as a balance reports (and is being updated regularly). So, assuming this Orchard first reports as "open", even if for only one month, then your overall util would be a tad lower at 83%..but that's temporary if even at all.

Now that you PIF the HSBC (congrats...make sure you leave it open if you want it to continue to help util), your overall picture would look like:

2700/3000 = 90%

0/400 = 0%

100/200 = 50%

730/800 = 91.25%

Totals: 3530/4400 = 75.11%

Going from 88% to 75% may not increase your FICO scores on the util alone, but FICO does like to see $0 balances and once it reports, you might see a small bump.

ETA...

Once your Sears AU is removed, then your overall util slightly lowers to 72% w/ total balances of $2800 and a total CL of $3900.

[Anonymous]

Thank you for explaining that llecs....and for doing the calculations for me.    

[Anonymous]

I got a SW alert today and my score increased 16 points from paying off one of my CC that was pretty much maxed out... paid $389/$400 credit limit  

[Anonymous]

Beautiful! 

Now consider paying that Macy's off.  FICO likes to see less than half your accounts reporting a balance, so two accounts with zero balance will be a score helper.  And, of course, keep up the good work paying down the utility on the rest of the cards - I guess that's just JCPenneys.

Nice work!

[Anonymous]

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@Anonymous wrote:

Beautiful! 

Now consider paying that Macy's off.  FICO likes to see less than half your accounts reporting a balance, so two accounts with zero balance will be a score helper.  And, of course, keep up the good work paying down the utility on the rest of the cards - I guess that's just JCPenneys.

Nice work!

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Thank you! 

Macy's is next on my list and then going to start working on JC Penneys. Oh and DH is an AU on Direct Merchants and he got a 9 point increase.