Reply
Regular Contributor
liz9100
Posts: 119
Registered: ‎01-24-2008
0

Which will raise my score quicker

This is what I have which is better to pay first off.
 
2 visa             500.00
3 student loans 4000.
2 store credits 2100.
1 jewerly store 180. just got this not reporting
1 auto loan 7000.
1 home loan 10,000
3-4 collection accounts 600.00 1200.00  500.00
 
Which one should I pay down and off first. I need to raise my score around 75 points everything is maxed out.
 
I wrote my balance down for better advise from everyone...
 
I will be sending letter to everyone I can.
Everyone above 610...
Super Contributor
marty56
Posts: 5,696
Registered: ‎10-06-2007
0

Re: Which will raise my score quicker

[ Edited ]
I would go after the collections and try a PFD.  They are dragging your score down.  I dont have any experinece with collections  but there are many people here who do so they would be better to ask.
 
Once you get those collections resolved, I woul;d pay off they CCs next.


Message Edited by marty56 on 03-07-2008 04:17 AM
11/28/2014 FICO: EQ: 796 EX:788 TU:803
Regular Contributor
liz9100
Posts: 119
Registered: ‎01-24-2008
0

Re: Which will raise my score quicker

Thanks I will send out the letter and hope something really good happens with those letters. I can't stand my score now it drives me crazy.
Everyone above 610...
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Which will raise my score quicker


liz9100 wrote:
This is what I have which is better to pay first off.
2 visa 500.00
3 student loans 4000.
2 store credits 2100.
1 jewerly store 180. just got this not reporting
1 auto loan 7000.
1 home loan 10,000
3-4 collection accounts 600.00 1200.00 500.00
Which one should I pay down and off first. I need to raise my score around 75 points everything is maxed out.
I wrote my balance down for better advise from everyone...
I will be sending letter to everyone I can.



Since you did ask how you can raise your scores the fastest, I'm going to offer an alternative plan: Pay down your CC's fast. It's the high util (utilization; balance owed divided by credit limit) that is killing your scores.

I think that what you have posted are the amounts owed, not the credit limits, right? Don't worry about the student loans and car loan for now, other than make sure to keep paying them on time. So that leaves:

2 visa 500.00
2 store credits 2100.
1 jewelry store 180. just got this not reporting
1 home loan 10,000

I left the home loan on there for now --is this a home equity loan, with regular payments and an end date? Or is this a home equity line of credit, where you can use part of it, pay it off, use it again, and so forth?

If it's a home equity loan, then treat it like the student loans and car loan for now, and just keep paying on time. If it's a home equity line of credit (HELOC) with a credit limit of $10K, it's being treated like a credit card for scoring purposes.

So for scoring tactics, the first thing to do is to get each card (and HELOC, if it is one) under 50% of its credit limit. That's going to be a scramble on the HELOC, so you might have to grit your teeth and tackle it last. After everything is under 50%, then go ahead and get as many as possible under 10%. I would start with the smaller cards first, because it will take less money to pay them down.

You might want to look at a part-time job to help get you through this. Working the window at Mickey D's isn't very glam, but it's an extra source of income that you might be able to do on weekends or something. But if you have young children or elderly family to take care of, and no one else to cover for you, they come first.

It used to be that when someone posted with your situation (all maxed-out cards), we told them to take their cards out of their wallets and put them away. My only worry now is that with the credit crunch, they might close your cards on you if you just pay them down or off and don't use them, and you do need the util. So after you get each one to under 50%, take turns putting something on each that you absolutely must buy, and that you would pay for in cash if you didn't have credit (which you don't have right now, only debt.) So maybe a tank of gas or a grocery run, and then keep paying each card down.

My bigger concern is that you might find that some of the cards starting dropping your balance each time to pay to a little above your new balance, keeping you maxed-out. This fun tactic is called "chasing balances," and as best as I can tell, it's a sign that they've decided to close the card. I don't know if there's a thing that you can do about it if this happens, but if it does, call them and ask what's going on, and can you still use the card. Whatever they say, don't let it be closed with a balance still showing. Once you have the money to pay it in full, do so and close it yourself before they can. It doesn't affect your scores one way or another, but it looks better on your reports if it says "closed by consumer."

I'm sorry this is so long, and to end on such a gloomy note, but I'm afraid that with all of your credit maxed out, at least one of your card companies is going to shut you down. :smileysad: Good luck.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Moderator Emeritus
ByrdMan
Posts: 7,970
Registered: ‎12-19-2007
0

Re: Which will raise my score quicker



liz9100 wrote:
This is what I have which is better to pay first off.
 
2 visa             500.00
3 student loans 4000.
2 store credits 2100.
1 jewerly store 180. just got this not reporting
1 auto loan 7000.
1 home loan 10,000
3-4 collection accounts 600.00 1200.00  500.00
 
Which one should I pay down and off first. I need to raise my score around 75 points everything is maxed out.
 
I wrote my balance down for better advise from everyone...
 
I will be sending letter to everyone I can.



Hi Liz, to break the tie, so to speak, I agree with HTSU. If you want points fast, the uti route with CCs is the way to go.
___________________________________________________________________
Do what is true in spite of the consequences--your future is only as true as you are.
Regular Contributor
liz9100
Posts: 119
Registered: ‎01-24-2008
0

Re: Which will raise my score quicker

I will pay off all the credit card accounts first. Don't need a second job just need to say no when i go shoping with the kids.
Everyone above 610...
Moderator Emeritus
fused
Posts: 16,373
Registered: ‎03-12-2007
0

Re: Which will raise my score quicker

I agree with hauling and byrdman, pay the CCs first.
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}