Valued Contributor
Posts: 2,487
Registered: ‎02-18-2010
Re: Looking to repair my credit score

Re: credit length and that SL:  the *derogatory* aspect will fall off at the 7 year mark.  After that, it's a closed account in good standing. 


Also, if you only have one credit card reporting, you may want to have 1-2 more.  Maybe wait until you have everything else cleaned up and you have opted out.  Then shop for a couple of cards that are appropriate to your scores at that point.  For ideal scoring, you want no more than half of your credit cards reporting a balance between 0-9%.  If you have 3 cards, you can have one reporting under 9% (for $500, that number is less than $45) and the rest reporting 0.  To keep them all active and reporting, you may want to rotate which one you use every month.  Credit cards generally report around when they issue a statement, and they usually have some grace period during which you aren't paying interest.  It is possible to get that 9% or less balance reporting by charging items that clear before the statement but within the grace period and then paying them off after the statement cuts, thus avoiding interest and getting the reporting results that you want.

Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around

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