Help me fix my credit (and a couple questions)

[Anonymous]

Hello all, I am new here, and I'm hoping for any suggestions that I can get. My Equifax score is 592. I have no credit cards (thankfully!). I'm assuming that most of my score is because I have about $23,000 in student loan debt (across several loans, two that are SELF loans and two that are Sallie Mae loans.)

I also have something on my credit from an old Best Buy credit card that was racked up, went to collections, and then paid off in full and closed. I'm not sure if anything has to be done with this. Under descriptions it says: * Account closed by credit grantor * Account transferred or sold Current Status says 120+ days past due Date of late activity is January 2005 This account should be closed, not considered '120 days past due.' Should I dispute this, or is that normal?

I'm assuming to get my credit score up, I should just pay these student loans down. I don't really have anything else there affecting my credit. Hopefully all the late payment type stuff will drop off soon. Any suggestions?

Message Edited by siberianlocust on 09-26-2007 02:58 PM

[SmartCookie]

hi and welcome!

There are many things you can do to start improving your credit.  Make sure you read the Start Here 101 FAQ  http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654  

You can try what is called a GW letter on the BestBuy card unless it is due to drop off very soon, which I don't think it is. 

Keep your loans paid up without fail.

Get all 3 CRs cleaned up as much as you can over the next few months, then carefuly pick a credit card that you can get approved on with a decent enough limit, and that works for you.  Good mix of credit is good for your scores.

The FAQ link is fabulous, please read it and go back to it as necessary.  Feel free to post more questions though of course.