Do i need to apply for New Credit?

[Anonymous]

Ok so I only have a revolving account balance of $214.00. I have a secured Master card and i just fininshed paying off my secured loan. Both were giving to me by my creidt union. My score is 664 from EQ. I have 2 collection accounts that were reported early this month but were renewed because I disputed them. Not sure why. Installment Loans - All I have is about $30,232.00 for my school and auto.

Is there anything here i need to do to increase my score? Will paying off this balance loser my score or raise it?

Confused

Thanks

Greg

[Anonymous]

Hi Greg. In paying off your installment loans, IMHO you may loose points as you are reducing the trade mix that FICO likes to see. Types of credit used, accounts for 10% of your FICO scores. I can't comment on student loans, but paying off the car would probably result in a score drop. It did for me, when I did.

You might benefit from getting 2 more cc's. But the immediate impact might be a score drop. But getting some history on them, with perfect pay history and low utils, would raise your scores within 6 months or so.

Are the scores you posted true FICO scores?

The 2 collections are hurting you. Start working to get those deleted from your cr's. In fact, work on those first, before you apply for any additional credit. Those collections alone could get you denials.

It might be a good idea to post the details of the collections so we can help suggest a course of action for you.

[Anonymous]

yes these are true Fico scored pulled down from myfico.com

My collections are

Arrow Financial - Mervyns Card - 800.00

Port Folio RC - MBNA $2700.00

Port Folio is scheduled to be removed by 09/08 with another CRA. Also I believe Arrow Finacial is being removed around the same time..

So do i need to pay these off?