Next steps?

[Anonymous]

I recently started rebuilding my credit. I have gone through and cleaned up all the negative info on all three reports  I have had a new credit card for the past 4 months and always pay on time and keep the balance very low. What should I do next? My score has gone from 470 on 4-16-10 to 646 currently.

[guiness56]

Impressive score jump!

Are the negatives still on your CR?  If so, start sending out GW letters.

What is your mix of credit?

[Anonymous]

Thank you,

Yes there are still negatives on all three reports. I have four things reporting paid collection currently. I've sent GW letters to all four in the past couple months but didn't have any luck.

My mix of credit currently is one credit card that I pay off every time I get a balance on it. Other than that I have 3 past paid off car loans that report paid never late, and a few old closed credit cards that report the same.

Do you think I need to open any additional accounts. I'm very hesitant to open anything else. My goal going forward is to use my credit card to show usage but not to buy anything on it that I don't already have the cash for.

[guiness56]

Yes, keep sending the GW letters.  Send them to someone else in the company.  I would even try the CEO.

If you did open another CC, you would not use it.  For optimum FICO scoring, use 1/2 of what you have.  Have them report at 9% or below each month.  Keep the other at 0.  You can switch them around occassionaly so you use both of them.

[Anonymous]

Thank you for your advice. I'll the GW letters another try. I hope with a little more hard work I can be in the 700 club some day soon

[Anonymous]

It's always a good idea to list the CA's the accounts are with.  Many ppl on these forums have had success with different CA's but can not offer any advice with a particular CA if you don't list them.  They can give you emails or phone numbers that can help you out.

[sgs10]

A nice score jump. Explain the situation that has caused for the negativity and make sure to write that u r trying for new credit and its diffcult to get because of the negative accounts. you will receive some good results. Dont lose hope and keep on trying. you r already on the path towards a better financial life.