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New Member
leo14
Posts: 3
Registered: ‎12-21-2007

need credit score boost as planning to buy car this year and house next year

Hi Friends,
 
The situation i have so far:
Total of 5 CC were paid after charge off. On the CR it shows that Baddebt/Collection but when i click on each one of them it shows paid charge off and zero balance due. 1 of them showing as settlement accepted. 1 credit card showing 120+ days past due on account but its been paid off. Last activities on all of them were in 2005. I think only thing helping my score at this time is AEX card which i paid on time and never been late. Utilization is under 30% on that card and they just increase my limit to 20K as being valued customer. Also my college loan i am never been late.
 
I read some threads before stating the Chargeoffs stays on the CR for 7 years from last activity on the card. I am not sure how it will affect my score! Still shows red flags on my credit report even after it was paid off.
After i paid all above chargeoffs my credit score didnt improve at all. My goal is to reach atleast 720 by next year. My fico Equifax score at this moment is 663.
 
Very frustrated that the scores are not moving at all.
Please advice me on this! Appreciate everyones input on this!!
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007

Re: need credit score boost as planning to buy car this year and house next year

You are correct.  FICO scores paid COs and CAs the same as unpaid ones.
 
Bottom line: Do not expect to improve your score simply by paying off your CAs and COs.  That's not the way it works.
 
Moving this thread to Rebuilding Your Credit forum for more input.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Valued Contributor
slyhouse08
Posts: 2,340
Registered: ‎04-08-2008

Re: need credit score boost as planning to buy car this year and house next year

Do you have any other accounts????....I don't think you will see that much of an increase if you just maintain 1 CC...lower you UTL to 1-5%...for the biggest impact...
New Member
leo14
Posts: 3
Registered: ‎12-21-2007

Re: need credit score boost as planning to buy car this year and house next year

Apparently,
 
I just have one credit card as i am trying to stay away from cards and trying to clean up my old baddies.
 
Do you think i should get a Visa card? If i should do u think company will approve me with 663 CR score! Please advice and what other things i can do to higher my score in few months.
 
Again appreciate your time on this!!
Valued Contributor
slyhouse08
Posts: 2,340
Registered: ‎04-08-2008

Re: need credit score boost as planning to buy car this year and house next year

You score is right...it's your credit history...for a house I know..initially they want to see 3 strong 12 month old TL's...I was told to wait until August for my home loan...and do a new build...so about time November comes...I will have 3 strong 12+ month old TL's...I don't know what else car salesman look at for you application but scores...so you should be okay with that...but I think you need more TL's for the home loan..so next year..they would be 12 months old...
New Member
leo14
Posts: 3
Registered: ‎12-21-2007

Re: need credit score boost as planning to buy car this year and house next year

I just applied online for House Rebate Citi Credit Card. They didnt approve me for a master card. They said i will receive a letter in the mail in 30 days.
 
Do you know which visa card will be easy to get approved for? Which will help me rebuild my credit?
 
Thanks again!!
Valued Contributor
slyhouse08
Posts: 2,340
Registered: ‎04-08-2008

Re: need credit score boost as planning to buy car this year and house next year

What are all of you scores???...you might do better asking that in the CC forum???...you need to find EQ pullers in your state...try

www.whogavemecredit.com

Search your state...and see who pulls EQ...

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