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Contributor
antredd67
Posts: 83
Registered: ‎03-22-2007
0

My next strategy to help raise my fico score

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   I plan on paying down my debts $1000 a month for the next 6 months just to see how much my fico score will improve.  I have asked my wife to take me off as an authorized user on her recently open gas charge card, as well as closed my recently opened American Express Blue card  and Citibank Dividend card (which I didn't need with the higher credit limits I have with BofA and Providian). 
 
 Truecredit is saying that I have too many revolving cards, which is true, and I am trying to keep my oldest cards open with the higher credit limits and of course with the lowest UTi. I figure if I SLOWLY close my recently opened credit cards as my older cards age, as well as pay down my balances on the older cards $1000 a month, not apply for new credit, and not charge anything, I should see another 20-30 point rise in my scores by September.
 
  Again just paying down my balances $7,000 in February shot my scores up 25-30 points.  I don't think that will work again if I pay down $10,000 in credit card balances this month.  What do any of you think? Have any of your tried this strategy?


Message Edited by antredd67 on 04-02-2007 05:36 PM
New Contributor
yoreljm
Posts: 82
Registered: ‎03-31-2007
0

My plan was to open 4 accounts at once (3 revolving and o...

My plan was to open 4 accounts at once (3 revolving and one installment) and pay my chargeoff. I know my score will take a major hit, but hopefully over the next 6months to a year, my score will rise.
New Member
Credit_Author
Posts: 20
Registered: ‎03-13-2007
0

[quote]I plan on paying down my debts $1000 a month for t...

[ Edited ]
Paying your balances off to less than 33% utilization will dramatically impact your score as long as you are not opening new accounts or becoming delinquent on others. If you have the money, that's the easiest way to impact your scores quickly because it doesn't require any seasoning like a paid delinquent account.

Message Edited by Credit_Author on 04-03-2007 08:18 AM

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