Reply
New Member
Posts: 6
Registered: ‎05-14-2011
0

What should I do? Help!

[ Edited ]

Hey!

 

I am looking for some help on how to up my credit score.  My credit score is a low 665 with Transunion and 701 with Experian. 

 

My debt looks like the following:

 

Credit Card                                                      Balance                          Limit                 Interest Rate


1) American Express Premier Gold Card -     $0                                 ----                     0%

2) Fidelity 2% Amex Cash Back Card       -      $3,550                       $5,000               13.5%

3) US Bank Visa Card                                  -     $0                                $4,000               20%         - I would like to get rid of this card, but I am worried it will negatively effect me

4) BofA Mastercard Cash Back Card       -      $0                                $2,000               14.99%    - My first card opened; opened roughly 2.5 years ago

 

Also, I have a couple student loans totalling about $20,000.

 

 

How should I go about getting my credit score back up? Am I able to close my US Bank Visa Card without really hurting my credit score? I really want to get my score up above 750.  I am 23 years old. 

 

Thanks!

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
0

Re: What should I do? Help!

The biggest thing you can do now is pay down that balance on the AMEX card.  It is running at 70% utilization and that is not good.  Getting it down to report at 9% or under would give you the biggest boost.

 

Utilization is done for overall and by each card.  Since this is the only card you use your overall is around 31% which is still kind of high.

 

I would not close any of the cards.  Just leave them at a 0 balance. 

Established Member
Posts: 56
Registered: ‎02-15-2009
0

Re: What should I do? Help!

Guiness is absolutely right.


Starting Score: 487
Current Score: Equifax: 539
Experian: 567
Transunion: 584


Overall Goal Score: 700


Take the FICO Fitness Challenge
Moderator
Posts: 16,225
Registered: ‎07-14-2009
0

Re: What should I do? Help!


Billikens wrote:

Hey!

 

I am looking for some help on how to up my credit score.  My credit score is a low 665 with Transunion and 701 with Experian. 

 

My debt looks like the following:

 

Credit Card                                                      Balance                          Limit                 Interest Rate


1) American Express Premier Gold Card -     $0                                 ----                     0%

2) Fidelity 2% Amex Cash Back Card       -      $3,550                       $5,000               13.5%

3) US Bank Visa Card                                  -     $0                                $4,000               20%         - I would like to get rid of this card, but I am worried it will negatively effect me

4) BofA Mastercard Cash Back Card       -      $0                                $2,000               14.99%    - My first card opened; opened roughly 2.5 years ago

 

Also, I have a couple student loans totalling about $20,000.

 

 

How should I go about getting my credit score back up? Am I able to close my US Bank Visa Card without really hurting my credit score? I really want to get my score up above 750.  I am 23 years old. 

 

Thanks!


Hi Billikens and welcome to myFICO.

 

First of all may I ask where you got your scores? Could you possibly mean an Equifax score of 701 instead of Experian? No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU (PSECU) in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myFICO. I suggest you do an internet search for "myfico discount codes" to save a little money.

At one time you could also purchase your Transunion score at transunioncs.com but that site seems to have stopped doing that. Equifax will still sell you a FICO score but you have to look very hard to find it. You can get to it here: www.equifax.com/myfico-products.

 

I agree with the others that getting the utilization down on that Fidelity account as fast as possible will help you.

 

But FICO scores both overall and individual account utilization. Right now your overall utilization is 32% (3,550/11,000) and that in itself is prettty high. May I ask why you want to close the US Bank card? Does it have an AF (Annual Fee)? At this time I would probably leave it open because if you close the account you will lose it's $4,000 CL (Credit Limit) and that will increase your overall utilization to 51% (3,550/7,000).

 

Your score would almost surely suffer if you do that.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".



Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.