05-22-2013 12:51 PM
I have new credit only 2 months old. I have a car note that I have paid on time for over 2 years. I have 4 medical collections 2 are almost 2 years old the others are 5 years old. No other derogitory items other than a late car payment from 2008, that car was already paid off. Is it possiblle to increase the limit so that I may increase my credit score? I have 800 on a secured card with my credit union. Do you think adding 500 to it will increase my score? Thanks. I need to increase my score by at least 20 points.
05-22-2013 08:00 PM
How is the balance on that CC?
FICO scores off the utilization of a revolving acct. So, if you have a $0 balance on a $800 CC, then you have 0% util. If you add $500 to it, then you have a $1300 CL CC, but you still will have 0% util. Your FICO wouldn't improve any because util didn't improve. Make sense? However, if you are carrying balances on your CCs and/or have other accounts with a balance factoring into util (e.g. a CO'd CC, a HELOC, or something like that), then increasing any CL or paying down debt (preferably) could increase your FICO. Depends on the changes.
I'd focus on the baddies.