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i recently downloaded my Equifax credit report, which had my score at 628, OUCH
This report shows:
1. 4 accounts that were 60 days late-all have been paid. (JC penny, Wells Fargo Financial card, & Sears all in 2007, and Capital One and First Premier from 2003 to 2005. Total revolving debt is 23% of my credit limit.
2. 2 collections-to a dental office and timeshare-both paid
3. As co-signer on my sons student loan--payments were missed by him from June thru August of 2009. Since then, I I've taken responsibility thru SLFC by having them make automatic loan payments from my credit union account. So this is listed as a recent missed payment, with the past year. Total debt to SLFC totals approximately $19,000.
4. A short credit history of over 12 years, with an average age of 6 years.
5. Numerous late pays
Besides paying my accounts on time and reducing my revolving debt to under 10% of my credit line, what other actions should i take to boost my FICO to over 700 in as short a time as possible. I need your help!
I'd GW every open account that you have about any lates. I'd call your CC companies and ask them for lower rates and CLIs, but only if they agree to base it on your history with their company and not on pull of your credit report. I'd GW those 2 paid collections. I'd see about having those lates for your son's account removed if possible (although I wouldn't hold my breath on that, cause it's a student loan company). Anything within the last 2 years is going to impact your score the most.