topic Re: Need Help!!! in Rebuilding Your Credit

Need Help!!!

Anonymous — Tue, 20 Nov 2012 00:46:27 GMT

I am desperatly trying to rebuild my credit. I have a 629 trans score. So far I have 2 capital one secured cards both with 300 dollar limit a credit one bankl card with 400 dollar limit, target guest card with 200 dollar limit, and a fingerhut account with 600 dollar dont ever show a balance always pif. I have 20 credit inquires, and 3500 in written off debt from past years some drop off next year around this time. Is there and pointers i can get to speed up the process a little bit. trying to buy a house and or a used car. I have no installement loans as of now. Dont even know if i would get approved.Thanks

Re: Need Help!!!

Anonymous — Tue, 20 Nov 2012 00:51:24 GMT

IDK IF THIS HELPS AT ALLTotal past due [?]Credit history [?] Accounts with negative indicators [?]

$1,273 past due on 2 accounts

6 Years

Total balance of Your revolving accounts [?]:1687 Your mortgages [?]NONE Your installment loans [?]3.362

$1,687
None
$3,362

Total number of Accounts [?] Accounts with balances [?] Accounts opened in past year [?] Recent inquiries [?] Collections [?] Public Records [?]

9
7
4
19
0
0

Re: Need Help!!!

Robertwd82 — Tue, 20 Nov 2012 06:16:58 GMT

Raising your secured cards limits to over 2000 each will definitely help. If you can get your score up to 650 you most likely qualify for Toyotas teir 3, which are usually the same rates as teir one or two.

Re: Need Help!!!

beb86 — Tue, 20 Nov 2012 06:23:32 GMT

@Anonymous wrote:
I am desperatly trying to rebuild my credit. I have a 629 trans score. So far I have 2 capital one secured cards both with 300 dollar limit a credit one bankl card with 400 dollar limit, target guest card with 200 dollar limit, and a fingerhut account with 600 dollar dont ever show a balance always pif. I have 20 credit inquires, and 3500 in written off debt from past years some drop off next year around this time. Is there and pointers i can get to speed up the process a little bit. trying to buy a house and or a used car. I have no installement loans as of now. Dont even know if i would get approved.Thanks

Keep your current balances low, let your INQ age off... They will stay on your CR for 2 years but only count towards FICO scoring for 12 months...if the COs are reporting a balance it is likely affecting your UTIL, so I would try a PFD and if that doesn't work I would start pay the debts off.

Welcome to myFICO and best of luck to you!!

Re: Need Help!!!

llecs — Tue, 20 Nov 2012 06:59:23 GMT

Your mix of credit is fine and you can easily hit 800 with what you have, minus baddie, low util, and history of course. I would not add any more credit prior to a home or car. If you want both, aim for the home first then the car.

Focus on the 4 baddies as viewed by FICO. Two of them have past due balances. If these are COs, then send PFDs. You also have $1687 in CC balances. This may be included in the two, but if not, pay it off ASAP. Paying it alone, even without a PFD if the debt is bad, will result in a FICO increase by quite a bit.

Let your new accounts age. 4 opened in the past year will have a significant score drain. Let them age and you'll see points return over the course of a year.

On your active and current CCs, pay all to $0 except one, and get the remaining to report a balance of less than 9% of the CL.