*New* Trying to Repair Credit and lease a car in 7 months

[MoneyRight2015]

I am new to the forum and I am trying to lease a car in about 7-8 months and i am working very diligently to clear my poor credit score.

Here are my scores  and back ground info:

EQUIFAX 584

TRANSUNION 583

EXPERIAN 580

I have one collection account that is slated to come off 1/2015 (only reported on Transunion)

i have recently received a past due on my student loan account of 30 days and it has since been brought current. (how can i get this removed if possible?)

My cards are over 80% usage 

I have the following cards

Credit One Bank $600

Capital One $750

Capital One $750 (i have 2 capital 1 cards)

Amazon $660

Kay Jewler $1500

I am in the works to pay 1000 a month to get my cards out of the red starting next month. I also am unsure when will be a good time to start seeding for better cards and or to cancel anhy of my curren cards. 

I want to take out a car loan in July 2015 and I am unsure if i will be able to purchase a car I want for a reasonable amount. 

Any help to get my score to 680 by this summer? Is it even possible?

Thanks everyone for there help in advance 

[Anonymous]

First step is to get every card under 80% - preferably under 50% if possible, then PIF individual cards until you get to the last one, and pay that one down to <10% of its limit. That will give you the maximum benefit of your revolving accounts.

A 680 score is certainly possible - many people here have reported such rises, but without knowing the 'full picture'....? 

[Burned2manybridgesB4]

Where'd ya get the scores from?

Any previous auto loans on your CR's?

[Whitneyy]

Hello.

For the collection thats due to fall off in January, I think you should try with an Early Exclusion from Transunion for that one. 

[MoneyRight2015]

I got the scores from myfico.com also yes i did have have a car note before which was paid of in 2010. Unfortunately i was late a few times when i had this account and also paid the balance off after it was reported defaulted. will this hurt me?

[MoneyRight2015]

thanks everyone for your help. I did not request an early exclusion since January is now here! I have disputed a couple things on my credit report and have begun to pay down my debt. The collection has now fallen off my credit report. 

My current scores are as follow

Equifax 610

Transuinon 635

Experian 621

I feel as though I am moving in the right direction and could possible see 680 by the summer!

[Anonymous]

Those are some good increases for only a couple of months. Continue paying down your cards and you should be near your goal by the summer!

[cartwrna]

I'd say get those lates removed and you would be at 680, there what are really hurting you! The collection falling off helped you some but it shouldn't of really been hurting your score a lot due to age. Assuming you've paid your cards down quite a bit?

[cartwrna]

Also if you can try to get that car note straightened out using goodwill letters. When you go for a lease, they will most likely pull an auto enhanced score. It's based a lot off of previous auto loans and other installment accounts.

[MoneyRight2015]

Hi Everyone,

So I wanted to provide an update and also pose another question.

I have been able to pull my score up to the following:

Equifax 616

TransUnion 655

Experian 626

I am paying off a chunk of credit card debt this month and hoping to see how this impacts my credit card utilization. I will pay off all outstanding credit card balance by next month. 

As i have been doing a bit more research and fear that my FICO Auto enhanced score might be very low. When i first bought a car about 10 years ago i was young and a mess with my payments. A ton of payments on my then 72 month car note were over 30 days past due. I even made the final payment a few months after the 72 months. 

SMH I know i totally was not thinking about purchasing a car again. 

I am afraid that even with my FICO score increasing that will not be enough to get a car note or lease on a new car. I  have been playing around with financing again but I am much more responsible now than I was 4 years ago. 

Will I be able to lease/rent a car? I am feeling very doubtful. 

Also how long does an auto lease/loan stay on your credit report once it has been paid off?

HELP PLEASE!