Re: Holding Pattern -- Thoughts?

Minnie · ‎01-14-2010

I'm certainly not complaining about my FICO score of 650 (recovered from 550 or so a couple of years ago, with much help from this forum), however, at this point, I seem to be stuck. With the exception of one 30-day late 11 months ago (kick myself), I haven't had any baddies in over two years. I've paid off a car loan and taken out a new one. I have zero balance on four store credit cards and no major credit cards (afraid to apply!). Student loans out the wazoo, of course, but no lates in over two years on those either.

I would like to know if there is anything I can do at this point to boost my score or am I just waiting it out? Suggestions? Thanks!

newstart2010 · ‎01-14-2010

Have you tried to GW the company you have the 30 late payment with? Maybe they are willing to remove it since you history has been great, and you can explain you have been working so hard on fixing things.

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Jazzzy · ‎01-14-2010

@Minnie wrote:
I'm certainly not complaining about my FICO score of 650 (recovered from 550 or so a couple of years ago, with much help from this forum), however, at this point, I seem to be stuck. With the exception of one 30-day late 11 months ago (kick myself), I haven't had any baddies in over two years. I've paid off a car loan and taken out a new one. I have zero balance on four store credit cards and no major credit cards (afraid to apply!). Student loans out the wazoo, of course, but no lates in over two years on those either.

I would like to know if there is anything I can do at this point to boost my score or am I just waiting it out? Suggestions? Thanks!

You may want to do some reading on the Credit Card forum. They may have some ideas on whether or not you would qualify for a major credit card...even a secured one would work at this point in your credit life. FICO wants to see you with a bank credit card, and that might help your scores.

You've done a great job bringing it up 100 points.

Minnie · ‎01-16-2010

I sucked it up and applied for the Orchard Bank Mastercard. I was approved and the inquiry seems to have generated a small bump in my score. Don't know if that is coincidence or not. It's just a couple of points...hopefully, having a bank card after not having one for several years will help the score to improve more once it begins reporting. I hope....thank you for the push! I was afraid to go there....

Jazzzy · ‎01-16-2010

@Minnie wrote:
I sucked it up and applied for the Orchard Bank Mastercard. I was approved and the inquiry seems to have generated a small bump in my score. Don't know if that is coincidence or not. It's just a couple of points...hopefully, having a bank card after not having one for several years will help the score to improve more once it begins reporting. I hope....thank you for the push! I was afraid to go there....

Way to go!

Handle it carefully and your scores will grow.

Junejer · ‎01-16-2010

Congratulations, Minnie. Have you tried to keep a really small balance on one of your cards (like 1%)? That might also help to bump you score a little bit.