Increasing Vantage Score

[screwcredit]

Helllo I need help I just found out my Transunion vantage score is 569 and Equifax is 529 and Experian 598. The situation is I have 2 credit cards that are over the credit limited. Capital One $561 ($500) and Credit One $326($300). Will my credit score increase over 600 if I pay both credit cards off or pay down on both of them. I am looking to apply for a one bedroom apartment. I am trying to see how long will it take to for my credit score to update. Thanks,

[TheGardner]

Yes, it will improve your scores. Pay all cards off except for 1 card, leave like $5 on it for best results.

Also may want to look into and address whatever else is holding the scores down.

Good luck

[Anonymous]

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@screwcredit wrote:

Helllo I need help I just found out my Transunion vantage score is 569 and Equifax is 529 and Experian 598. The situation is I have 2 credit cards that are over the credit limited. Capital One $561 ($500) and Credit One $326($300). Will my credit score increase over 600 if I pay both credit cards off or pay down on both of them. I am looking to apply for a one bedroom apartment. I am trying to see how long will it take to for my credit score to update. Thanks,

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Vantage scores are FAKO's.

Yes definitely pay off those cards and see about getting a third and fourth secured or unsecured card(s), Once you achieve this you can deliver a knockout to CreditOne.

[Anonymous]

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@screwcredit wrote:

Helllo I need help I just found out my Transunion vantage score is 569 and Equifax is 529 and Experian 598. The situation is I have 2 credit cards that are over the credit limited. Capital One $561 ($500) and Credit One $326($300). Will my credit score increase over 600 if I pay both credit cards off or pay down on both of them. I am looking to apply for a one bedroom apartment. I am trying to see how long will it take to for my credit score to update. Thanks,

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I would absolutely pay off your cards, and like the poster above said, leave a $5 balance on one card. As far as this increasing your scores to over 600... ehh.. that is probably a stretch. You will most likely bump over 600 on EX, but TU and EQ may be hard to push over that hurdle, especially EQ. I could be wrong, but nonetheless.. pay them off asap! It'll look much better to an apartment complex if you're not over your limits. 

[screwcredit]

Thanks to everyone, I willl pay off all my credit cards and leave a balance of $5. Does inquiries and collection bring down your credit score? 

[TheGardner]

Yes and definitely yes.

Inquiries will lower your score the most for 6 months. As they age the impact is lessened over time. It's said after 1 year they no longer impact your score (I'm not so sure) .

Collection accounts are a major derogatory event on your reports. If the accounts update monthly it will inflict the most damage (a "new " Collection updated in the last 30 days hurts more than a 5 year old collections account). An old collection still hurts.. You may want to attempt pay for delete, many have had much success in cleaning up reports this way. If an update monthly you may want to pay even if it doesn't delete so it will stop updating and keeping your scores suppressed.

Good luck!

[Anonymous]

pay off the cards as soon as you can.  I wouldn't leave any balances on the cards if I were you. What I would do is pay it off and continue using the card for your regular day to day expenses and continue paying it off in full every month.

[TheGardner]

You need 1-9% reporting on one card or you will actually lose points..

[takeshi74]

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@screwcredit wrote:

Does inquiries and collection bring down your credit score? 

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Derogs tend to have a major impact.  Hit the Rebuilding subforum and see what you can do to address them.

Utilization also has a significant impact.  It's not just that your cards are overlimit.  30% is the generally recommended max but optimal is much lower.  With such low limits it's very easy to end up with high utilization.

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@screwcredit wrote:

I am trying to see how long will it take to for my credit score to update.

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Scores are based on the data in your reports.  Your scores will change when the reported balances are updated.  However, as long as you have derogs on your reports your improvements are likely to be limited.

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@screwcredit wrote:

Thanks to everyone, I willl pay off all my credit cards and leave a balance of $5.

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You never need to carry a balance to have a balance report for scoring purposes.  Determine when your cards report and adjust your reported balances before those dates.  Then pay the remaining balance in full after the balance reports.

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@screwcredit wrote:

Increasing Vantage Score

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Don't obsess over your VantageScore unless you're applying to a creditor that acutally uses it.