WHAM!?

[Anonymous]

I feel like I've hit a brick wall in the quest to raise my credit scores. My last month of debt paydown didn't even nudge my scores and my utilization went from 44% to 28%. Nothing else changed at all other than more on time payments and debt on house and car payment went down, does it really get that slow once you break into the 700's? Do I need to try to increase my revolving credit? I only have a 4200 limit on 3 cards combined. Is it worth giving up an inquiry? I would really love to get rid of my super subprime CreditOne card, it's horrid, but my it is my oldest open account, and the others are HouseholdBank and Chase (former WaMu).

[Anonymous]

Just be patient it won't happen overnight just keep paying it down. Having a 28% utilization is still kinda high IMO I would try to get it down to about 10% then you may see a decent move on your score FICO hates debt...put too much on utilization go's up....FICO heads downhill. Pay the debt down and utilization go's down FICO go's up at least for me. Sometimes a carry a balance for a few months depending on my purchases but that's what FICO has done to me but everyone is different. Good Luck

[moondog7324]

Patience.... you're on the way to the 700 Club.  I would work to get your Utilization below 10%, and the cards you have, are you paying fees? That would be a factor in deciding whether to close them or not. I took a hit when I closed some subprime cards, but I was thinking longterm. I have my goals set for 2011 to reach the 700 Club, I can wait ( I have two chargeoffs that falloff in 2011).  I would quit paying for monitoring and scores and concentrate on debt reduction- good habits and the scores will rise. Keep up the good work!

[Anonymous]

My Chase and HSBC are no fee cards, but CreditOne is a 7 dollar a month fee on top of a 8.95 ach processing fee to pay them?! My EQ is 703 right now, and it didn't budge on the recent paydown, the score estimator was way off!

[jaysdad2k]

Do you have at least 2 years of payment history on Credit One?

It was/is my second oldest card, and I really hated paying them almost 15 bucks a month just to have the account. I waited until I had at least two years of payment history reported and pulled the plug in February. Nowadays, they have even higher administrative charges and interest from Day One on purchases. I am glad I dumped it.

It did its job, and it was time to retire it.

If you are over 700, maybe it is time to drop them. Everyone seems to agree that positive history will stay for 10 years.

Message Edited by jaysdad2k on 12-01-2009 05:39 PM

[moondog7324]

Did you wait until the new balances posted? I would dump that card- but that's just my opinion, and use that mo0ney to start a credit union savings account.

[Anonymous]

I've had it almost 3yrs!? The other two slightly less time, maybe by 5 or 6 months. Dumping the card now would send my Debt to Credit soaring back up, It's only an 800 limit but my total is only 4200 to begin with. As for waiting for the balances to post, they always post something, with the way the card charges the fee then updates my account always reports $7 even if I PIF.

I am a member of my local credit union, and my current auto loan is through them. CU's are the best! Wish I would have never closed down my first savings/checking accounts from highschool though, lived in Fairfax VA and they was with PenFed!?!? Had I only known this stuff a decade ago.

[MarineVietVet]

It's time to say bye bye to Credit One. $84 a year AF plus $8.95 to make a payment? You need to think long term as another poster mentioned. Dump this card and never give it a second thought. You might take a small, temporary hit if your utilization goes up but if you are not looking to apply for any new credit you will recover quickly enough.

Just my humble 2 cents.

[Anonymous]

Maybe I'm trying to do too much at one time. I would like to replace the CreditOne card (new credit) and perhaps BT my Chase card if I can get a decent 0% offer. That way I'd still be sitting on 5 open accounts but only 3 would have a balance instead of 4, Car, House, and new card. I hate wasting inquiries though and I'm in a sticky situation where it would be very beneficial to find a reliable four door vehicle as my wife and I are expecting in mid January. Did I mention I hate wasting inquiries? Sorry guys, guess I just need to vent a little.

[AndySoCal]

I would offer a couple of suggestions, First keep the Credit One account open until the new card is approved. Also I would keep the acount open until the balance on Credit One account has been paid or transferred.  You may want to look at creditcards.com the site tells you can get this with this kind of credit history and the terms that go with it. The site also defines what they mean by a "good credit history" or a "Fair credit history" etc at least you can gauge what would be availible to you.  Also, you may want to ask you credit union what the guidelines are to get approved for a credit card with them. The advantage there is you already have loan and an extblished credit history with them. I hope this helps