topic Re: Rebuilding Process & I've got a few Questions .... in Rebuilding Your Credit

Rebuilding Process & I've got a few Questions ....

Anonymous — Thu, 13 Feb 2014 19:33:54 GMT

Open/Closed Baddie Accounts

I have 3 baddies on my report that are at $0 and closed (that I'm trying to GW for removal)

I have 4 baddies that are NOT at $0 that I have recently sent PFD's to ... so I'm awaiting the outcome

Current GOOD Open Accounts

ONE mortgage (Wells Fargo) ... current NEVER LATE

ONE auto loan (Chase) ... current NEVER LATE

ONE credit card (Capital One) ... current but 30 days late ONE TIME 3 years ago (paid as agreed since)

....plus several accounts thats reporting Good History but were CLOSED by creditor due to inactivity (I also closed a couple myself BEFORE I understood how credit scoring worked)

QUESTION QUESTION QUESTION

What are some things I can do to RAISE my credit score? (besides the obvious of the GW & PFD mentioned above)

Should I attempt to OPEN a NEW credit line? (such as another credit card)

GOAL GOAL GOAL

My goal is to get approved for a NEW mortgage sometime in the NEAR FUTURE!!

P.S. My current SCORES are listed in my *signatur*

THANKS IN ADVANCE

Re: Rebuilding Process & I've got a few Questions ....

gdale6 — Thu, 13 Feb 2014 22:02:51 GMT

Without more info it would be hard to tell you but in general the way to raise a score quickly is to control utilization as its 30% of score and payment history is 35% so the less that shows you owe relative to your CLs the higher your score will be, same with payment history the more negative stuff you get removed the higher the score will be. I see you only have 1 bankcard open, you need 3 to maximize your FICOs so here is an area you could address with more accounts. By your score in sig I would say you are going to have to go the secured card BoA has one and it graduates to unsecured as well. Good luck

Re: Rebuilding Process & I've got a few Questions ....

Anonymous — Thu, 13 Feb 2014 23:40:54 GMT

gdale6:
Ok, so I should have 3 credit cards?
Say for instance I apply for and get approved for 2 additional credit cards, should I USE these cards (like have them report a balance -10%) ... OR just the fact that I have 2 additional credit cards will HELP my score??

LOL, hope I didn't confuse you with this question