topic Re: improve my credit score in General Credit Topics

improve my credit score

Anonymous — Wed, 24 Oct 2012 12:54:05 GMT

hi guys looking for any kind of help here..i used freecreditreport.com and got a score of 661.

I have 3 credit cards that have around a 400 limit and the balances are around 300ish and one is a closed account with a balance of 1000 on it from when i was younger and stupid.. i also have a auto loan in my mothers name which i am a cosigner to help my credit..my score is a 661 and im looking to break the 700 mark..would paying off these credit cards do it for me?

Re: improve my credit score

llecs — Thu, 25 Oct 2012 16:36:01 GMT

If I read your post right...

CC#1 is at 300/400

CC#2 is at 300/400

and CC#3 is at 1000/400.

If that's the case, util is at 133%. Assuming you don't have anything else factoring into util like other CCs, other charged-off CCs, a HELOC, LOC, etc., and assuming FICO ranks util in the top one or two slots for things hurting your score the most, then I'd hazard a guess of 100-120 points gained with most on EQ if you pay CC#2 and CC#3 off and pay CC#1 to a balance of under $36, but above $0.

Now the score you posted is from FCR. That is not a FICO score and that score won't increase that much. Maybe 20-30 tops.

Re: improve my credit score

Shogun — Fri, 26 Oct 2012 11:53:53 GMT

Your util is absolutely tanking your score. Pay those down. Have you tried a PFD for the closed one?

Re: improve my credit score

Anonymous — Fri, 26 Oct 2012 12:44:45 GMT

let me rephrase this...

3 of them have 400 limits one has 1000 balance and is closed.. im making payments on all the cards i just got a better job making twice the money i was before so paying them down isnt as much as a deal..

im currently working with my credit unio to get a loan purely to pay these off being the intrest rate will be over 1/2 of what a credit card is..but im weary that ill not get approved for a 2200 personal loan having these cards..

Re: improve my credit score

Shogun — Fri, 26 Oct 2012 13:21:15 GMT

Snowball them, keep paying them, pay extra on one, whatever extra you can to get it paid off. Take that money and throw on the next one to pay it down. Lather, rinse and repeat. I did this and it motivated me to see how fast I could pay mine off.

Re: improve my credit score

Anonymous — Fri, 26 Oct 2012 14:06:55 GMT

why do you say to do that vs go to credit union

Re: improve my credit score

Shogun — Fri, 26 Oct 2012 15:11:51 GMT

There's nothing wrong with getting a loan from your CU. You stated you were afraid you wouldn't get the loan so I was giving you another option.

Re: improve my credit score

Anonymous — Fri, 26 Oct 2012 15:14:21 GMT

they pull TU at my credit union and my TU score is 669

Re: improve my credit score

Shogun — Fri, 26 Oct 2012 15:55:51 GMT

But where did you get your TU score from?

Re: improve my credit score

Anonymous — Fri, 26 Oct 2012 15:58:45 GMT

i just went on the www.transunion.com and got it from there..im pretty new at this lol

Re: improve my credit score

Shogun — Fri, 26 Oct 2012 16:23:23 GMT

Sorry, that score isn't real. We call those FAKOS, because they are not your true FICO score.

Re: improve my credit score

Anonymous — Fri, 26 Oct 2012 16:24:37 GMT

is there a way to get a true TU score then

Re: improve my credit score

Anonymous — Fri, 26 Oct 2012 19:28:00 GMT

so i got approved for my loan..but is doing this really going to help me since im paying off accounts and one that is closed

Re: improve my credit score

Shogun — Fri, 26 Oct 2012 20:41:58 GMT

It's going to help with your utility, and it's going to add a new positive TL. On the downside, you will take an initial hit from the Inquiry and on your AAoA due to a new account being listed. These initial hits will fade fairly quickly, it's only a temp thing, but goes positive toward your scores. Hope that was clear.

Re: improve my credit score

Shogun — Fri, 26 Oct 2012 20:43:18 GMT

Just saw your other post. Yes, there are some CUs and others that offer a TU score. You can get one model here, and another if you have a Walmart credit card. There are three major ones. TU98, TU04 and TU08.

Re: improve my credit score

guydiver — Mon, 29 Oct 2012 01:42:04 GMT

@Anonymous wrote:
so i got approved for my loan..but is doing this really going to help me since im paying off accounts and one that is closed

Your new loan will be an installment loan, no big factor in Fico scoring. Did they require you to close the paid off cards?