topic Re: Will it EVER get better? in General Credit Topics

Will it EVER get better?

Anonymous — Tue, 20 Jan 2009 19:44:39 GMT

Here is a little history of me and my credit

I am currently 22 years old and I want to get my credit way up before my fiance and I move to Memphis in a few years and plan on getting a house within the next 3-5 years. I have a charge-off on my report from a year or so back because I gave my mother a credit card and she became extremely delinquent. She did pay it off, but my report says bad debt/collections. My credit score is at 594 as of now and I have no idea how to bring it up faster. I have 2 major credit cards and 3 store cards. Here is some info on those:

Visa card #1: credit limit is $3,380; $2409 is currently on there with 13% APR

Visa card #2: credit limit is $2030; $1852 is currently on there with 9% APR

Store card #1: credit limit is $350; $300 is currently on there

Store card #2: credit limit is $600; $390 is currently on there

I have another store card but that has been paid off. I also have a car loan on the report, but it was totaled so it was paid by the insurance.

I know I need to pay them down some, but I have no idea where to start. I also don't know if it will ever go up as high as I want it to be because of the delinquent account.

Re: Will it EVER get better?

fishbjc — Tue, 20 Jan 2009 22:11:41 GMT

Butterfinger: Your utilization is keeping your score down. You're looking pretty *maxed out*. If you can get the balances paid to around 9%...you will see a nice jump. Keep paying everything ON TIME.

Youre hovering now at about 77%....Fico doesn't like that. Get those puppies paid down and you should be amazed. Congratulations for having a long term plan. Get yourself under control now and it's to the moon Alice, to the moon!

~~~~~~~~~~~~~~~~

CC Delinquency: More information is needed. Was it charged-off, how delinquent, balances, & with whom?

Message Edited by fishbjc on 01-20-2009 02:11 PM

Re: Will it EVER get better?

fishbjc — Tue, 20 Jan 2009 22:12:55 GMT

I see it's a *charge off* on your account. Who is the creditor?

Re: Will it EVER get better?

Anonymous — Tue, 20 Jan 2009 22:22:57 GMT

The charge off is from 1st financial bank.

Re: Will it EVER get better?

fishbjc — Tue, 20 Jan 2009 22:45:45 GMT

YoYouurYour positive history will begin to repair the damage of that baddie on your report. Keep paying everything on-time, get the utilization down to 9%. I'm guessing that you will be in the 700 club by the time you app for a mortgage.

Send 1st Financial Bank a letter and explain what went wrong. Since the account has been paid, they may be willing to give you a little *good will*. Do some research here on g/w letters and start writing. Keep writing. Ask them to restore the account to *paid on time*. See what happens.

Message Edited by fishbjc on 01-20-2009 02:45 PM