Credit Score 599 = Credit Card Now?

[Anonymous]

Here is my information:

Current Credit Score is 599 (Equifax).

I have $18K in school loans (Opened in Fall of 2000.. still going to school)

Capital 1 balance is now under $1500. (Opened 2001)

RC Wiley is now under $2K. (Opened 2002)

Question:

Will getting a credit card help improve my scores right away?

Or..

Should I wait until the Capital 1 and RC Wiley are paid off before applying for a credit card?

[Anonymous]

---

SoCal56 wrote:

Here is my information:

Current Credit Score is 599 (Equifax).

I have $18K in school loans (Opened in Fall of 2000.. still going to school)

Capital 1 balance is now under $1500. (Opened 2001)

RC Wiley is now under $2K. (Opened 2002)

Question:

Will getting a credit card help improve my scores right away?

Or..

Should I wait until the Capital 1 and RC Wiley are paid off before applying for a credit card?

---

What are the CLs on your two cards?

What are your baddies?

[Anonymous]

Credit Limits:

Capital 1 - was $1000

RC Wiley - was $750

That and my school loans, are all I have on my credit report right now.

[heirophant]

Simple truth is, yes, it will probably improve your score, but why are your balances so high?  Will a new CC only be a temporary fix?  You need to look at your finances and see if you can handle another CC.  Also, with a 599, something had to have gone downhill.  18K in student loans in good standing will be good for your credit, especially 8 years.

[Anonymous]

perhaps you tu and ex scores are better, but w/599 i suggest doing repair (if needed), letting acounts age, and paying balances. i say this because likely anything you get w/a 599 won't be something you want to have long term.

[heirophant]

I agree, pay down your balances and keep them low.  Fix whatever spending habits got you in this mess, then apply.  You might be suprised at what you get with low utilization, even with scores in the low 600's.

[heirophant]

I notice the balances larger than the limits on your cards.  Were they charged off?

[Anonymous]

---

SoCal56 wrote:

Credit Limits:

Capital 1 - was $1000

RC Wiley - was $750

That and my school loans, are all I have on my credit report right now.

---

I don't understand.  You said the balances on these are $1500 and $2000.  Are they over the limit?

It doesn't matter what the credit limits were.  What are they now?

[Anonymous]

Thank you all for the quick responses..

I had several accounts that were delinquent, which i paid off recently.. they were small amounts.. (medical bills, old bounced checks, etc.) my school loans are in good standing.. i think what hurt me was i consolidated them 2 years ago, without knowing that it would inadvertantly reduce the life of my credit history negatively..

I don't need a credit card, but i've read that it can help improve your credit score.. my plan was to apply for a low CL CC.. (something with a $300 CL) and use less than 30% to help boast my scores quicker..

For RC Wiley - I've been paying them regularly, twice a month, since end of last Nov.

For Capital 1 - I started making payments last month..

Any other tips you all may have to help me boast my scores quicker and consistently, will be truly appreciated.

Thanks again..

[Anonymous]

---

SoCal56 wrote:

Thank you all for the quick responses..

I had several accounts that were delinquent, which i paid off recently.. they were small amounts.. (medical bills, old bounced checks, etc.) my school loans are in good standing.. i think what hurt me was i consolidated them 2 years ago, without knowing that it would inadvertantly reduce the life of my credit history negatively..

I don't need a credit card, but i've read that it can help improve your credit score.. my plan was to apply for a low CL CC.. (something with a $300 CL) and use less than 30% to help boast my scores quicker..

For RC Wiley - I've been paying them regularly, twice a month, since end of last Nov.

For Capital 1 - I started making payments last month..

Any other tips you all may have to help me boast my scores quicker and consistently, will be truly appreciated.

Thanks again..

---

OK, that makes more sense.  When you just say you have these cards, nobody here knows that they're closed with a balance and/or charged off.  Now your score makes more sense.

It may be difficult getting another CC with those baddies on your reports, especially given that they have balances.  IMO, the best course of action is to keep paying the old cards down/off, and then look into getting new cards once that's taken care of.