Need some advice

[Anonymous]

I am 25 years old and found out yesterday my credit score was 563... I have been panicking about this since. I have 1 credit card that is showing a balance of 5,500 with a limit of 5,000. My current balance on the credit card is actually 4600 as I made a large payment last week. Will that help my score at all next month? I also have a late payment of 120 days, but all accounts are current. How much would it help if I paid all my debt off on the card and made on time payments from here on out? Sorry I just don't know what to do and I never ever thought my credit would be this bad I pay all my other bills on time. Please help!

[bdhu2001]

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@Anonymous wrote:
I am 25 years old and found out yesterday my credit score was 563... I have been panicking about this since. I have 1 credit card that is showing a balance of 5,500 with a limit of 5,000. My current balance on the credit card is actually 4600 as I made a large payment last week. Will that help my score at all next month? I also have a late payment of 120 days, but all accounts are current. How much would it help if I paid all my debt off on the card and made on time payments from here on out? Sorry I just don't know what to do and I never ever thought my credit would be this bad I pay all my other bills on time. Please help!

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• If you have the funds, pay your credit card down so that you have a balance of 10% or less.  
• How old is your 120 day late? Is 563 your true FICO score.  Where did you get it from?
• When you say you have 1 credit card showing a balance, is it your only card or do you have 1 card with a high balance?
• Can you be added as an AU on someone else's account?
• You need at least 3 credit cards, but only allow a balance of 10% or less to report on one card at a time.

Let's start with the above and then look at mix of credit.

[Anonymous]

The 120 day late is current (but hadn't reported that account is in good standing since I made the payment last week) and it's just the one card. I also have a store card with no balance and make all car loan and student loan payments on time and in full

[Anonymous]

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@Anonymous wrote:
I am 25 years old and found out yesterday my credit score was 563... I have been panicking about this since. I have 1 credit card that is showing a balance of 5,500 with a limit of 5,000. My current balance on the credit card is actually 4600 as I made a large payment last week. Will that help my score at all next month? I also have a late payment of 120 days, but all accounts are current. How much would it help if I paid all my debt off on the card and made on time payments from here on out? Sorry I just don't know what to do and I never ever thought my credit would be this bad I pay all my other bills on time. Please help!

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It would be highly advantageous to do so. How much in terms of points on your scores is anyones geuss, but my scores rose almost 50 points from paying down my two maxed out credit cards last december, and I'm up over a hundred points since august of 2014, just from keeping UTI down, adding a few more credit lines and keeping up on payments.

Where did you get your score from BTW?

[Anonymous]

It was actually on a denial letter from the discover it card, which is the only application I've had in years. Is that accurate?

[Anonymous]

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@Anonymous wrote:
It was actually on a denial letter from the discover it card, which is the only application I've had in years. Is that accurate?

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Yes, its accurate. What current revolving accounts do you have?