Hello all.I just heard about this website about a week ago and have found some very useful information and advice in your forums. Well, now it's my turn to ask for some advice...I'm about to purchase a home and I need to get my credit score to 650 and quickly (as in a few months timeframe. It is currently at 604. BTW, right now this is all dependent on the EQUIFAX score (kinda complicated so I won't waste your time) I made some pretty bad decisions when I was younger and got under on a few credit cards and eventually had to settle them. I am and have been on the right track for a while now and am trying to get over that 650 hump so I can get this house. So what I am asking for is how to go about paying the following credit cards to help my score jump up as high as possible. Here is what Equifax currently shows:CARD BALANCE CREDIT LIMITCap1 492 0 (Why doesn't it show my 500 max limit?)HSBC 1491 1500Dept store card 7094 7100 (normally pay about 200 a month)Keep in mind that I have about 350 extra to put into these cards on top of my regular payments. Which ones should I knock down first?Another question. I have a dispute over an old card that was sent to collections. I paid off collections but the card shows a balance of 1800 w/ a credit limit of 1000 yet it also shows up as a charge off. It looks like it will be coming off my credit report soon (that's what a supervisor told me... that they would have it removed because it was sent to collections and paid). I am also working on getting an assumption letter from the collection agency... just in case. Anyways, I had this card since June of '01 and it went sour on Oct '04. They stopped reporting CO in Jul of 06. Is there a possibility of this hurting my score by going away since I did have a good history from '01-'04?Ok, that's about it. For those that made it this far... thanks for taking the time to read this.-Mario
Thanks Brammy. Then maybe I should take that Capital One and pay it off completely first? Any advice on my second question about the old account that I'm disputing? will it help me or hurt me if it comes off?
I would just worry about it reporting a balance if it was paid. IF it is your oldest card, it could very well hurt you by being completly deleted thus reaging your credit history.As far as Cap one. If you pay it down below your current balance your high balnce will take the place of your creditl limit when figuring utilization.