@Anonymous wrote:
Hi! I am new to this forum, so please excuse my ignorance to abbreviations.
I've been working on my credit for the past 2 years. I began with a credit score of 415 and today I am up to 580. Obviously I'd like to go higher. All of my lines of credit are paid on time and I pay my credit card balances in full each month BEFORE the cycle date. That way I always have 0% debt, but I'm still using my cards. To date I have 1 $500 Cap One card, 1 $1500 New Mill card, 1 $300 Kohl's card, 1 $350 VS Card, and 1 $1000 secured loan through my credit union. 4 hard inquiries. Will raising my credit limits increase my score?
I do have a some old medical collections on my credit. I paid 6 of them yesterday. Will having some of those paid off or come off my report raise my score, or only if all of them are off or paid? What would be a good next step in this situation?
I really appreciate any help or advice anyone can offer. Thanks!
Congrats so far on your progress.
IMO i would let one credit card report a very small balance of $10 or less monthly and alternate the cards as you see fit. For some reason FICO likes to see a small balance remaining for increased scores. Just make sure you keep it to only one credit card to report the balance and make sure you pay it in full after the statement hits as not to accrue interest charges.
As far as the medical collections being paid and unpaid will have no effect on your credit scores. The collection still remains and that is what has an impact on your credit scores. Since you have paid a few of them already IMO I would attempt a goodwill letter to have them removed and proceed with the HIPPA process. You can google HIPPA to see what has to be done and follow it completely.
Once the collections are either removed or fall off your reports you should see improvements in your scores.
Good Luck
May all your dreams and wishes become a reality!
