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my TU FICO score is hurting because:
1.You have a serious delinquency or derogatory description on your credit report(6 accounts)
2. You recently missed a payment(currently mortgage reporting 120+ days past due, active collections)
3.You made heavy use of your available revolving credit(79%)
4.You have balances on accounts that are past due
my EQ FICO score is hurting because of the same thing except that
4. You have have multiple accounts with missed payements or derogatory descriptions
Now that I have found this board(really the best) I know that I first get rid of any new baddies, and then reduce my revolving credit to less than 10%. I plan to be current on all my accounts by 7/2010. After that, the only thing that can help is time.
Since I am REALLY middle class( Read: getting screwed at both ends), I do NOT qualify for any federal or bank programs to reduce my mortgage. I have an ARM that is fixed until 8/2013. I really doubt I will have any equity in my home by then but I want to get my FICO score up enough so if I need to I can tell BOA to kiss it. The bulk of my baddies are scheduled to fall off in 2014. After 2014, I will only have 3 30+(1/2008,3/2008,11/2009) and 120+ from the mortgage.
Here's the question: How much of an increase can I reasonably expect by 2013 provided I follow my plan? According to the FICO simulator, my best action would be to pay down my revolving credit for the next 24 months. If I do that, it simulates a 130-170 jump.
any input is greatly appreciated.
p.s. got a letter from Portfolio Recovery yesterday for account that was CHARGED OFF like 8 years ago. Of course, I just wrote FOAD at top. And to think before I found this board, I might paid it. Thanks everybody!!!
BUMP
The simulator is fairly accurate. Be sure to pull your CRs from somewhere frequently to check up on what's been removed, changed, etc. and follow that up with your two FICO score pulls to track your score progress. As things bump off, the positive and negative items on pages 2 and 3 of your FICO report will change up. That's a handy guide to see what impacts you the most. Depending on how hard you work, I bet you can get your scores beyond your goal within 6-9 months.
woo-hoo!!! thanks
To add, we can no longer get our EX FICO score, but when myFICO did sell all 3, my FICO scores were in the 520-550 range when I started. Within my first 2 months, all 3 FICO scores increased to at least 650. They then plateaued for a while then spiked last year to low to mid 700s (TU and EQ anyway) after starting repair 2 yrs earlier. Then I had a fell from grace after foolishly adding new CCs which killed my avg. age, but I'll be back. In short, it is very possible. I spent 4-6 hrs daily on here, spent easily $100+ on new reports and credit monitoring services each month for DW and I, but have since settled down. The education and this website goes a very long way.