Ok - if that is a revolving account then you are currently at 95% utilization if that is your only revolving account. I'd work on paying that down and opening at least one secured card with either Capital One or your bank. You can pay off all the installment loans you want but from my experience, they aren't weighed very heavily in your score, so you'll see minimal impact. Optimal utilization would be with 2-3 revolving accounts, with one at <9% and the others at 0%.
You should see significant impacts with any lower utilization on the revolving account you have open.
What does the rest of the report look like? Any baddies? Charge-offs? Open collections? Late payments?
By the way - I was where you guys are a while back - kept paying on things with no difference in my scores and couldn't figure out why. I did a lot of research and finally figured out the right way to pay on things. I wish I would have found this forum then or my scores would be a lot better than they are now!
@TonyaLynn wrote:
@seattletravels wrote:Ok - if that is a revolving account then you are currently at 95% utilization if that is your only revolving account. I'd work on paying that down and opening at least one secured card with either Capital One or your bank. You can pay off all the installment loans you want but from my experience, they aren't weighed very heavily in your score, so you'll see minimal impact. Optimal utilization would be with 2-3 revolving accounts, with one at <9% and the others at 0%.So your saying I should pay Badcock almost all the way down and have a CC or 2 with no balance?
You should see significant impacts with any lower utilization on the revolving account you have open. Thanks I will pay that off then and be done with it.
What does the rest of the report look like? Any baddies? Charge-offs? Open collections? Late payments?There is 5 medicals in collections and we have lates on BofA CC which is no longer open but paid off.
I'm not sure what your financial situation looks like - but if you have the money to pay the medical collections - you might try offering a PFD to have those removed. If the BOA is paid off - they might be open to a GW as well.
I've never had to do a PFD, so I can't really help you there. I've received positive responses from a few GW. I was just honest, explained why I was late and mentioned that I was in the mortgage process and was having a hard time getting a good interest rate because of the derogatory remarks on their tradeline. 
I was approved for an Orchard Bank unsecured card with a $300 limit with a score of 530 ish. The card is in the mail. I'm also leaning towards applying for a Capital One Secured M/Cbecause I can deposit $300 for a $3k credit limit and if I maintain my acct in good standing I can get CLIs and graduate to an unsecured card.
A high balance close to the credit limit can hurt your score. It's best to maintain a balance no more than 30% of the limit to help build up your score.
You can do a settlement on a PFD. Just make sure you get the agreement in writting, either faxed, snail mail or email.
Kel, unless Cap 1 has recently changed their policy, the only way to get a 3k limit on a secured card is to add 3k to secure that limit. The minimum credit limit is 200, so if you get approved to deposit 49, 99, or 200 you'll get a minimum limit of 200. Anything above 200 is a direct reflection of the money that you put in the acct to secure it.
Starting Score: 576 EQ 1-12-13
@seattletravels wrote:I've never had to do a PFD, so I can't really help you there. I've received positive responses from a few GW. I was just honest, explained why I was late and mentioned that I was in the mortgage process and was having a hard time getting a good interest rate because of the derogatory remarks on their tradeline.
Is there an example of a gw floating around here or would you happen to have one?
Thanks