@Anonymous wrote:
To be brief, my FICO is 570, the only things on my credit is a Macys credit card with a 100 dollar limit that was 180 days late and closed by creditor a year ago. All balances were paid off. Then I have about 36 inquires (car shopping without knowing the consequences) and a Wells Fargo Credit Card in good standing for 2 years, never late, 500 dollar limit, but maxed out and some deferred student loans until 2018. What kind of increase can I see in my FICO once I pay off my CC? I've paid it down to 50% utilization (250) but that wont update until next months statement (but it gives me time to completely pay it off). I'm looking to purchase a car quite soon, What kind of pointers would you suggest? and which is worse, my inquiries or my maxed card?. Thanks for your advice, I appreciate it!
The inquiries are definitely killing you. I think you may want to only have 1-2 inquiries within a 2 year period if you have to have them. Having so many inquiries for credit supposedly shows to creditors that you do not have enough cash flow to keep up with your expenses. Also it would be great if you dropped your utilization rate to under 30%. Mine was at 98% and once I dropped it to 28% my score jumped over 20pts.
Starting score 656 EQ (Nov'12 Lender Pull)Current Score: EX 770 EQ 771 TU 780
Goal Score: 820 across
*8/10/13
