topic Re: Help desperately trying to raise credit limit in Rebuilding Your Credit

Help desperately trying to raise credit limit

Beauty28 — Tue, 27 May 2014 04:21:57 GMT

Hi I've been working in my credit for the last 8-9 months. I have secured cc limit $300 w Wells Fargo,belks $500.00,Ann Taylor $300.00 Macys $300.00 and Victoria Secret $350.00 and a secured loan for $ 3000.00 pay $98 per month,however I was at 610 and then old stuff crept up on me and was in collection which I paid off but it lowered my score when it hit my credit that it was in collection. I'm very confused and desperate to build credit score to about 650-680 in the next 3-4 months now my score is at 580.. ( hate that number) I desperately Need some advise what should I do next in order to be able to get a higher credit limit and buy a decent car?? Help please..

Re: Help desperately trying to raise credit limit

myjourney — Tue, 27 May 2014 04:26:10 GMT

The quickest way and best is to work on your CR's via GW and PFD's

Re: Help desperately trying to raise credit limit

azguy13 — Tue, 27 May 2014 04:31:32 GMT

Welcome to the forum.

In order to help you, we will need to know your entire credit profile. Mainly, what derogatory remarks you have (30, 60, 90,120 day lates) and anything in collections/tax liens.

Paying off collections accounts really doesn't do anything positive for your score. It simply updates the CRA that the account has been paid. In order to raise your score, you must have these accounts deleted off your report. I suggest you begin GW (goodwill) letters ASAP. Basically what you are doing is appealing to their good side and asking if they can delete the tradeline since you have paid them.

Honestly, it will be difficult to raise your score a minimum 70 points in 3-4 months. The only possible way will be for you to have all negative TLs deleted or ammended and to report between 1-9% utilization across all revolvng credit lines.

Also, where did you get the 580 from? Is that from a a different website? If it is from Myfico.com, which credit report did you pull? (transunion, experian, equifax)

Re: Help desperately trying to raise credit limit

Beauty28 — Tue, 27 May 2014 04:42:13 GMT

The score was pulled directly from the Experian site. Almost all negatives has been deleted except 3 and I have a repo on there that accrued last year. I had written GW letters and had most delinquent items deleted. I'm frustrated and getting a little depressed over the situation. I feel very trapped having so much to do and not good credit. Does anyone have any great copies of GW letters so I can copy from. Amy more advice and help would be greatly appreciated. I'm new to leaning about credit being that I was born outside of the US and in my country we never needed credit like in the US. What else can I do ?

Re: Help desperately trying to raise credit limit

myjourney — Tue, 27 May 2014 04:43:47 GMT

@Beauty28 wrote:
The score was pulled directly from the Experian site. Almost all negatives has been deleted except 3 and I have a repo on there that accrued last year. I had written GW letters and had most delinquent items deleted. I'm frustrated and getting a little depressed over the situation. I feel very trapped having so much to do and not good credit. Does anyone have any great copies of GW letters so I can copy from. Amy more advice and help would be greatly appreciated. I'm new to leaning about credit being that I was born outside of the US and in my country we never needed credit like in the US. What else can I do ?

EX is a FAKO score so don't put much merit into it

Re: Help desperately trying to raise credit limit

TiggerDat — Tue, 27 May 2014 04:57:03 GMT

It's fairly unlikely to get your score that high in such a short period with baddies on the report. Raising your limits might change your util and that might have an effect on your score. If you are close to your limits on these cards, the first thing you need to do is pay them down to 10% of the limits. With your score, lenders will be less likely to even give you limit increases until your payment history shows you can afford buying and paying off. Some companies don't mind you carrying a balance, but might mind giving you an increase if you are always at your limit. In order to get a higher limit you have to show the lender that you are less of a risk. You also need to let them age.

You might be able to get the collection removed if it says PIF by asking the collection company. Depending on when the account went into default at first you might be lucky and it will fall off after the 7 year mark of first default and not stay there from the last payment date. The default will hurt your score mostly for the first two years, but still impact it for 7 years, so anything you can do to get it removed would be the best strategy. It does require work and might mean you have to talk to a few people about it, even if the first person says no, call back and talk to someone different.

Don't apply for any credit at the moment, your scores are too low to get most good accounts. The inquiries will further hurt your score. Inquiries are the only thing that doesn't hurt my score at the moment! I have so many it can't reduce my score any further. If I didn't have all those inquiries, I would probably have a 750 right now, instead I have a 690.

Re: Help desperately trying to raise credit limit

Beauty28 — Tue, 27 May 2014 04:57:36 GMT

When you say Fako Score what exactly do you mean? Should I check on my Fico score and would that lower my score. I also have more then 6 inquires on my credit. I went a little overboard when I received my Macy's thinking I would get any card now but maybe the bal would be low. I may be trying to move too fast.

Re: Help desperately trying to raise credit limit

azguy13 — Tue, 27 May 2014 04:58:43 GMT

@myjourney wrote:
@Beauty28 wrote:
The score was pulled directly from the Experian site. Almost all negatives has been deleted except 3 and I have a repo on there that accrued last year. I had written GW letters and had most delinquent items deleted. I'm frustrated and getting a little depressed over the situation. I feel very trapped having so much to do and not good credit. Does anyone have any great copies of GW letters so I can copy from. Amy more advice and help would be greatly appreciated. I'm new to leaning about credit being that I was born outside of the US and in my country we never needed credit like in the US. What else can I do ?
EX is a FAKO score so don't put much merit into it

What ^^^He^^^ said.

While Experian IS one of the three major credit reporting agencies, their scoring model is not used by lenders. Lenders generally use one of the many FICO scoring models (there are many). So, since the algorithm that the experian website uses does not seem to be very similar to the ones we have access to here or even what lenders have access to, the score is meaningless and way off. Sadly, commercials never tell you that.

All you can do is to continue writing the GW letters until they comply. GW letters do not always work though, especially for such a recent repo.

Re: Help desperately trying to raise credit limit

Beauty28 — Tue, 27 May 2014 05:02:29 GMT

Thank you guys for your assistance I can take all the advice I can get. Really need to be educated about the best thing to do.

Re: Help desperately trying to raise credit limit

mongstradamus — Tue, 27 May 2014 05:04:53 GMT

@Beauty28 wrote:
Thank you guys for your assistance I can take all the advice I can get. Really need to be educated about the best thing to do.

With an bunch of baddies on your account the only thing you really can do is try to GW, or you will just have to wait for them to fall off. The best thing you can do now is just make sure you pay off the cards you have now, and don't apply for any new cards or ask for any cli that require an HP. Its going to take time, just have to be an little patient.

Re: Help desperately trying to raise credit limit

NICKI183 — Tue, 27 May 2014 05:22:47 GMT

This is really great advice!