Rebuilding Your Credit

[720ismygoal]

Hi all,

I have been paying all my credit cards with not lates at all, since 2010. i have two CO with HSBC and First premier, but they are all paid in full(they're two years old) walmart fico score reads: 680, and currently UTI is 37%. when do you all think i will reach the 700 club?

Thanks!

[MamboItaliano]

Zero out the balance of all cards except for one card. Then get your util% to 5%-9% on that last remaining card. Going from 37% util to what I've outlined should get you to that point. 

Please post your results when you're balances update. Good luck. 

[hateAshbury]

getting your utilization down as noted above will help out, but I think those chargeoffs are going to need some aging before you see 700. I'm guessing you'll get there within the year, but it likely will take 7-8 months, not 3 or 4

[MamboItaliano]

I dunno, hateAshbury. Moving from a 37% to optimal util may span those 20 points. Now, AFTER the util optimize, nothing is going to change until you get those CO's off. But I think 700 is attainable by just optimizing util here.

Who knows? 

[rootpooty]

its highly possible reaching 700 by lowering your util like others suggested. you stated no lates since 2010. how old are the charge offs and are there any lates on your reports? is there a specific card your wanting or just wanting to get 700 and do the happy dance?

[K_J]

I was able to get 23 points by paying down to 1% util, I though everyone's situation is different I think you should see a score boost once your util is below 9%.