Need Big Help !!!!

[mk]

New to this board, our credit is in bad shape.  DH scores are 575,596,636 mine are 538,567,597.  We have about 13000. in CC, 20k in home loans, and 3k in auto loans together we make around 65k per year.  I am trying to pay down the CC we need a new auto and can't get a good loan.  What is the best way to get  the scores up ?  What is the average time if I could cut the CC in half within the next 4 months ?  Also, I have seen somewhere on here and now I can't find it where you can watch all 3 scores, is that possible ?  Is that something that I should do ?  Any other advice for this mess that I have gotten us in ?  Should I pay off some of the CC and then cancell the smaller ones ? I have 3 that are under 500.  limit.  Thanks. 

[Anonymous]

What other baddies are on your reports? 

[fishbjc]

More detail is needed.  Do you have collections?  BK?  Late Payments 30 days, 60 days, 90 days?  Any auto reposessions?

If you're looking to push your Fico's up, paying down debt is the quickest way.  Don't rush to cancel ANY cards because that can hurt your utilization.

Please list your balances and credit lines PER card so we can take a look.

It's always possible to get cli's in order to lower your util, but you really should get those cc's paid down!

[fishbjc]

New to this board, our credit is in bad shape.  DH scores are 575,596,636 mine are 538,567,597Not so bad, I've seen worse!.  We have about 13000what's your utilization?. in CC, 20k in home loans, and 3k in auto loans together we make around 65k per year.  I am trying to pay down the CC we need a new auto and can't get a good loanwe'll take care of that!.  What is the best way to get  the scores up Paying down debt?  What is the average time if I could cut the CC in half within the next 4 monthsNICE jump!!! ?  Also, I have seen somewhere on here and now I can't find it where you can watch all 3 scores, is that possible Score watch is EQ?  Is that something that I should do OH YEA ?  Any other advice for this mess that I have gotten us inBe patient, my scores went +105 almost overnight ?  Should I pay off some of the CC and then cancell the smaller onesNO, HANG ON ? I have 3 that are under 500.  limit.  Thanks.  You're Welcome!

Message Edited by fishbjc on 04-09-2008 12:05 PM

[Anonymous]

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mk wrote:

New to this board, our credit is in bad shape.  DH scores are 575,596,636 mine are 538,567,597.  We have about 13000. in CC, 20k in home loans, and 3k in auto loans together we make around 65k per year.  I am trying to pay down the CC we need a new auto and can't get a good loan.  What is the best way to get  the scores up ? 

 Pay down cc debt as much as possible, it is ideal to be between 1-9% Utiliz on revolving accts.

What is the average time if I could cut the CC in half within the next 4 months ? 

No way to know exactly!!  Too many variables affect your scores!!!

Also, I have seen somewhere on here and now I can't find it where you can watch all 3 scores, is that possible ?

You can get all three fico scores for around $48.00 thru this site, (-25% for month of april promo) or you can get TC monitoring with daily updates for $15.00 per mo.TC scores are only FAKO Scores and are useless because most lenders only use FICO Scores when determining credit-worthiness.But it is a cheaper way to monitor your credit reports for daily changes and affects.

  Is that something that I should do ?  Any other advice for this mess that I have gotten us in ? 

 Should I pay off some of the CC and then cancell the smaller ones ? I have 3 that are under 500.  limit.  Thanks. 

Cancelling cards can have a negative affect. It can affect average length of credit history and other important factors.

Make an itemized list of what you have, and you can receive better overall advise as to which steps to take first.

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[fishbjc]

I've been using Score Watch & checking TU monthly.  I'm more concerned about EQ...I want NFCU.

Getting that utilization down will bump you up, but Score Watch doesn't seem to pick up on those!  Annoying!

I got rid of a couple of baddies (30 day lates) and paid down util from 96 - 74 and gained about 50 points. 

No collections, no public records, no bk.  I also added a few new lines to help util.  Crown Jewelers comes to mind.  Lost 1 point for the inquiry....I'll take it.

[mk]

Ok, here are the baddies.

Cap1 limit 500. Balance 475.  60 days late

Chase close at granor's still owe 700. paying 100. per month

JCP limit 300. balance 275 30 days late

There are also 5 collections from Hospials bill all are paid but still on report.

Good Standing ones

Chase home loan - balance 20k

Credit 1 liimt 300 balance 275.

discover limti 7500 blance 7350

first usa balance - close never late

hsbc  limit 300 balance 225.

sears limit 3500 balance 3350.

I know that it is the CC that are killing us, but I really want to get this score UP.  And I also know that they only way is to pay them.  Any and all advise welcome. 

[Anonymous]

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mk wrote:

Ok, here are the baddies.

Cap1 limit 500. Balance 475.  60 days late

Try to pay down to 50-75$ ASAP then see if you can get them to accept GW to delete late pays ( How long have you had this acct - Don't let it hit 90 days late Big Derog )

Chase close at granor's still owe 700. paying 100. per month

Do you have any kind of agreement withe Chase that they won't sell bal to CA?? What are they reporting on CR???

JCP limit 300. balance 275 30 days late

Try to get balance down to 30-40$ ASAP then GW for lates to be removed.

There are also 5 collections from Hospials bill all are paid but still on report.

GW all paid CA's ask if they would be willing to delete!!

Good Standing ones

Chase home loan - balance 20k

Credit 1 liimt 300 balance 275.  Pay down balance to 30-40$ ASAP

discover limti 7500 blance 7350 Work on paying down balance as fast as possible

first usa balance - close never late

hsbc  limit 300 balance 225.  Pay down balance ASAP

sears limit 3500 balance 3350. Pay Down Balance ASAP

I know that it is the CC that are killing us, but I really want to get this score UP.  And I also know that they only way is to pay them.  Any and all advise welcome. 

High Utiliz is affecting you greatly, also try to get lates removed, don't pay late this can affect you for at least 2 yrs, and then not as much after. DONT GO 90 DAYS LATE  MAJOR DEROG. 

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