How to increase my score ASAP??

[Anonymous]

Hi guys, I really need some knowledgeable inputs right now. I am in the process of purchasing a Co-Op and the bank is checking my credit score to give me a rate on mortgage loan, it came out to be in the higher 600s, I was shocked because 1-2 months ago when I was checking my credit score I had 700 something, then I realized that one of my credit card was closed due to no payments, the reason why I didn't pay the total balance of $62 (fees added, it was originally a $20 balance) So I paid it off and told the rep that I've never received the bill which was true! So the rep put a note for the credit bureau for my excuse, I don't know if this is going to help to raise back up my score. Do you guys know what I can do or who to contact to find out when my score will be back up? At least to 700. This is really hurting my mortgage rate Thanks for the help!

[llecs]

Welcome to the forums!

The fastest way to increase your score is to pay down all of your CCs to $0 and let one report a balance.

Looks like the creditor put a charge-off on your reports. How is it reporting now?

Do you have any lates or other baddies?

[Anonymous]

Thanks for the welcome! This is a fast paced/informative forum I found.

All my CC have $0 balance, no debt, no late payments..etc. The creditor (Bloomingdale's) put a charge-off 1-2 months ago, and the bank checked my credit score last week, and the score's still the same. How long does it usually take to bring back up my credit? 

[llecs]

I would tackle Bloomies. From what I have read, DSNB is great on working with you on COs. I haven't read about Bloomingdales, but Macys is operated by the same. It would be worth calling them to see if you could re-establish the account with a full payment. I bet they'll work with you. Plus the Bloomies CO may be negatively factoring into utilization. If this is cleared out, you may see a decent bump in score.

Other than letting one CC report a small balance to tweak your score by a few points and TIME, there's nothing else you can do but wait.

[Anonymous]

Cool! What is DSNB by th way? I just called Bloomies again to made sure that the put a note to discharge with the Bureau, and they said yes, there will be NO damage to my credit score but the wait time would be 30-60 days. They didn't give me a hard time at all maybe it's because I am a designer for Macy's Inc. Thanks !

[llecs]

DSNB = Department Stores National Bank, I believe. They are the backers for Macys and Bloomies store cards.

[Anonymous]

wow, cool! But do you think I should contact DSNB just to make sure everything will be okay?

[llecs]

I would wait. Pull your reports from somewhere next month to see if they are reporting. If so, make sure it doesn't say "charged-off" or "settled" anywhere. Also make sure there are no lates. If not, then you'd have a great tradeline reporting. Also, Bloomies could reopen your account if you want them to.

[Anonymous]

I will, like you said make sure it doesn't say charged off or settled on the report. But the bank would be the one who will pull the credit report (for the home loan).

It was a Bloomingdales card + Visa card under 1 card. They closed my Visa account w/o telling me until I called last month. The Visa card was the card that I didn't pay but now it's closed. I really don't need that Visa part anyways. But closing an CC would also hurt my credit right? It's too late anyways...Should I have them reopen my Visa card (same card #)?

[haulingthescoreup]

By the way, make sure that all your cards are reporting $0, not just that you pay them promptly when the statement comes. It's the figure on the statement that is reporting to the credit bureaus and used for scoring, not the balance remaining on the due date.

If you have balances showing on your credit reports, pay off your cards several days before their statements are due to post. That might bump your scores as well.