Valued Member
Posts: 38
Registered: ‎10-05-2007
Re: Success Stories and Encouragement
Thank you for your message, congratulations.  I just subscribed to myfico, but actually this is my second time around.  My current scores are low.  Equifax (which I believe is the middle score) is currently at 627.  It's the lowest I've ever been.  Unfortunately (or fortunately) for me, there are no errors in my credit reports that I need to correct so that my credit score could go up as fast as it has for some. 
 
The reports on all my accounts are "paid as agreed" so no problem there either.  My problem is that I was unemployed for one year so I took out a $50,000 equity line.  An equity line reports as revolving credit and so my ratios show up as being very high.  I can't ask for an increase in my equity line, so to change the ratios, because again my debt to income ratios are high.  I can't even attempt to refinance, to roll in that equity line because my credit scores are currently so low.  I feel stuck in a rut and I'm kicking myself.  These scores really put me in the trash.
 
The worst part is that the equity line is interest only so there's no hope in the near future that the balance will go down.  I put myself in this situation.  I can't afford to send anymore to the equity line as I currently pay $688.00 in credit cards alone.   (this includes the $350.00 for the equity line and $221.00 for a credit card I used to pay off a student loan...it was a good rate 4.9%)
 
Any suggestions?  Or yes I just need to wait for a couple of more years.  I don't see how my scores will go up with all that utilization in my credit.  Help? 

Starting Score (1/26/10): EQ:620 TU:659 (2/17/10) Exp: 700 (2/18/10)
Current Score(6/02/10): EQ:658
Goal Score(12/31/10): EQ:670


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