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Question about CC utilization and FICOs

creditgirl
Regular Contributor

Question about CC utilization and FICOs

Okay, I have BAD credit. Really bad.  Like 527 bad.  Both my children were born with considerable health issues that took away my ability to work, so the credit went south.  I have a plan for bringing it up with PFD and GW letters in January when I have extra $$.  For now, I have started to bring it up by getting a new CC. My question is if my score will see a jump if I use the card and pay it down under 9%?  The card is only $300 and I know it will help some, but how long does it take to see an increase?
 
I have already done alot of the legwork for paying off some old collections, etc. through the PFDs (thanks a million to the people on this board!) and figure I will get at least some of them to say yes.  I just feel SO bad knowing that my score is SO low! 
 
I'm kind of afraid it's lower than 527 because when I check it on this site  a couple of weeks ago, it was 454, TU said 527.  I don't know if opening the credit card account would have taken it up that far??
 
Any help would be greatly appreciated!
 
FICO 9/1/07 FICO 9/26/07
TU--534 TU--538
EX---552 EX---562
EQ---454 EQ---454
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1 REPLY 1
SpecFile
Valued Contributor

Re: Question about CC utilization and FICOs

First of all let me say don't ever give up.  You are not the only one with poor credit.  You have obviously realized that you need to do something to turn things around.  There are some really knowledgable people on this site that can provide you with advice that is invaluable.
 
Read, Read and Read some more.  Take what you learn and apply it to your financial situation.  You will see the rewards and will feel confident in the fact that you have taken control of your finances and not the other way around.
 
I don't know everything there is to know about credit but I sure have learned a lot from these forums and am blessed to have found some really great people who know what they are talking about.
 
Good luck to you and your search for knowledge. 
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