I could use some advice

[Stang01]

Hi,

I just joined myfico and what a great place it is. So much great information in one place :-)

10 Months ago my TU was 563 and my EQ was 556 EX I dont have (I placed it under a security freeze and forgot the pin) anyway.....I needed a second car for my job (Independent courier)

and I couldn't get credit anywhere so I went to a place called Drive Time ,they've got their own bank and do their own financing......22% is what I'm paying now :-( but it was my only option at that time.

However, Drive Time was reporting the payments I made to all 3 agencies and my score went up. In December I pulled my credit and found out that my TU was at 603 and my EQ at 585 so I decided to try to apply for a credit card and doing a little research online I came across this site and found out about the BK credit cards post :-)  and now I got my Tribute MC and CreditoneBank Visa, my score went up in less then a month from 603TU to 637TU and 585EQ to 598EQ :-)

Now this is where I need some advice ; I went to a local Credit Union and opened an account and I guess since they pulled my credit (EQ) it went down from 598 to 594 but they told me that I could refi my car loan at a rate of 8.75  with a score of 620 EQ (I hope it'll go up to 620 in the next 3 months)

So what do you think I sould do ? Should I wait for my score to get up to 620 and do the refi ? I'm not sure how that is going to affect my credit score, is it going to stay the same or go down after the refi?

Please help

Thank you very much for your help

[Anonymous]

Welcome Stang! Do you have any baddies on your reports that you might be able to have taken off? Sometimes 1 or 2 of those could put you over the top. If not, I would probably do my best until you hit that 620 Cujo

[tryingtogetitrightnow]

Once you get to 620, definitely refi for the 8.75%. You'll notice the amount you're paying in interest every month go down so much. Good Luck!

[Anonymous]

Pay the CC down to 5% of the credit line-

---

Stang01 wrote:

Hi,

I just joined myfico and what a great place it is. So much great information in one place :-)

10 Months ago my TU was 563 and my EQ was 556 EX I dont have (I placed it under a security freeze and forgot the pin) anyway.....I needed a second car for my job (Independent courier)

and I couldn't get credit anywhere so I went to a place called Drive Time ,they've got their own bank and do their own financing......22% is what I'm paying now :-( but it was my only option at that time.

However, Drive Time was reporting the payments I made to all 3 agencies and my score went up. In December I pulled my credit and found out that my TU was at 603 and my EQ at 585 so I decided to try to apply for a credit card and doing a little research online I came across this site and found out about the BK credit cards post :-)  and now I got my Tribute MC and CreditoneBank Visa, my score went up in less then a month from 603TU to 637TU and 585EQ to 598EQ :-)

Now this is where I need some advice ; I went to a local Credit Union and opened an account and I guess since they pulled my credit (EQ) it went down from 598 to 594 but they told me that I could refi my car loan at a rate of 8.75  with a score of 620 EQ (I hope it'll go up to 620 in the next 3 months)

So what do you think I sould do ? Should I wait for my score to get up to 620 and do the refi ? I'm not sure how that is going to affect my credit score, is it going to stay the same or go down after the refi?

Please help

Thank you very much for your help

---

[Stang01]

My Credit One Bank CC is got a limit of $200 and I curently have a balance of $80

The Tribute MC is got a limit of $300 and I curently have a balance of $123

I try to keep the balance below 50% but to still show some transactions ....so a lower balance would help?

[Anonymous]

Yep-

Pay them both off 100% 

Just let the AF post on CreditOne-

Easily be 40 to 100 points.

	Cl	Bal	UTL	New bal	UTL
CreditOne	200	80	40%	5.75	3%
Tribute	300	123	41%	0	0%
	500	203	41%	5.75	1%

---

Stang01 wrote:

My Credit One Bank CC is got a limit of $200 and I curently have a balance of $80

The Tribute MC is got a limit of $300 and I curently have a balance of $123

I try to keep the balance below 50% but to still show some transactions ....so a lower balance would help?

---

[Stang01]

Thanks for the help guys ,

I think I know why my EQ is lower then TU , for some reason it shows this:

You currently have a combined Revolving/Open Account balance of $405.*

and I know for a fact that I don't , the combined balance of both cc is 203 and the Tribute cc is not even showing on any credit agencies yet

I did have a Wells Fargo CC in 2004 and it went into collection and since it was a pre-paid cc and I had optioned to have the insurance in case of not being able to make the payments 'cause of losing a job or something like that the insurance should of taken care of the diference which was about $50 once the money that I prepaid kicked in ......

So I'm not sure if for some reason it is showing that cc as revolving credit ..whch it shouldn't !?!?

That Wells Fargo CC comes up 3 times on my EQ and 4 times on my TU I did dispute it and it's in the process now.

Any other tips on how to improve my credit ?

I was thinking of maybe adding another cc or something....I have 2 cc's ...would another one help my credit ?

Myfico is great...without this website, I'd still be nowhere THX GUYS

[Anonymous]

You may also be able to talk to the lender at the bank. Sometimes you can request that they pull your credit with a particular agency. Just request that they pull your credit from TU instead of EQ since you are already above the 620 mark with TU. All he can do is say "No."