11-05-2012 06:01 PM
FICO® Score Bureau Report Date View Until
So my score started out at 567, went down to 564 because of an inquiry and then shot down to 546 because of a dispute I made online (Big mistake!!) It then went up to 548 with the addition of a $300 secured card, and just got an alert that it went up to 551 with the addition of my 4th $300 secured card. I am leaving these cards to grow and will not take on anymore credit cards unless the US Bank card bumps me to unsecured and I get some more unsecured offers in the future which will cause me to close the higher annual fee secured cards. I have 4 secured cards and saw no decline adding the accounts, probably due to the offset of utilization.
With the discovery of a new collection account potentially hitting my credit report in 30 days, I have decided to pay it off before it damages my progress. My utilization will go through the roof next month as I plan to pay this within the 30 days using my cards, at which time next month I will pay them all down to $0 in full. I have ceased my 401k contributions and will use that to fix this new debt discovery. I want to be credit-worthy in the next 2 years and I don't think I am asking much. My current living situation according to "should I buy a home" calculators says that if I plan to stay here for 6 years, buying a home would not be beneficial to me. I plan on saving every dollar after I am debt free and paying cash for a $120,000 home. Worst case scenario put down like $90k and finance some just for the credit portfolio purpose. I look forward to owning a home in around 10 years and have plenty of time being only 25 right now.