Newb to boards....In need of some help

[Anonymous]

I decided to come to myfico.com today out of curiousity. I am 21 and have just started establishing a credit history 17 months ago. I have worked for a major credit card company for approx 2 years, and seeing people's credit day in and day out has made me think of my own scores. Despite working for the company, I figured as long as I was paying my accounts on time, that was the big thing. Well, when checking all 3 FICO scores I was a suprised.

Currently I am at these scores:
TU:597
EQ:586
EX:581

I do have a MAJOR util problem....currently @ 95%. I am planning to pay off quite a few of my accounts within the next month. According to my reports, I currently have 12 open accounts (8 CC - 6 as prim 2 as au, 3 Student Loans, and 1 Car Loan). All of these accounts have been paid on time monthly, and have no 30-60-90+.

CC Accounts w balances (open dates in parenthesis):
Targ (08/07): $452 cl-$500
Citi (04/07): $972 cl-$1000
Citi (02/07): $960 cl-$1000
Citi (12/06): $960 cl-$1000
Citi (11/06): $959 cl-$1000
Citi (06/07): $948 cl-$1000
-----Also 2 AU accts-----
Citi (11/07): $473 cl-$500
Citi (11/07): $460 cl-$500

Student Loan Balances
$3500 (07/07)
$2167 (12/06)
$489 (01/07)

Car Loan
$11042 (10/06)

My current plan is to have all of the credit cards paid off within the next month or so, depending on how soon I get my tax return back. I will then start working in paying down my car loan. I am also considering removing myself as an authorized user. I do not know whether doing that will help. I am also considering closing a few accounts, but I am not sure if that will be beneficial either. Other than that, I have no idea what I should do to help increase my score. I am currently engaged, and I hope to be able to buy a home in about 2 years. I think it is definitely time to buckle down and get my scores up as much as possible. If anyone has some advice it would be MUCH apprecicated!

Message Edited by whatsername on 03-11-2008 05:27 PM

[ngerasimatos]

With 3% down you can get approved for an FHA home loan regardless of your credit scores, so don't worry about that situation.

Now, on to your credit. Pay off the credit cards. Pay off the credit cards. Oh, and pay off the credit cards.

You will then see your scores rise substantially.

[Anonymous]

As for the AU account..........whenever FICO 08 takes effect.......AU will no longer be counted when calculating score. Removing those may help your util.

Paying util down will gain you some good points.

It is suggested to NOT close accounts.

Only thing to help your score if you have no baddies........is pay down your cc's......keep making on time payments......pay installment balances down.......sit back and let your accounts age.

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whatsername wrote:
I decided to come to myfico.com today out of curiousity. I am 21 and have just started establishing a credit history 17 months ago. I have worked for a major credit card company for approx 2 years, and seeing people's credit day in and day out has made me think of my own scores. Despite working for the company, I figured as long as I was paying my accounts on time, that was the big thing. Well, when checking all 3 FICO scores I was a suprised.

Currently I am at these scores:
TU:597
EQ:586
EX:581

I do have a MAJOR util problem....currently @ 95%. I am planning to pay off quite a few of my accounts within the next month. According to my reports, I currently have 12 open accounts (8 CC - 6 as prim 2 as au, 3 Student Loans, and 1 Car Loan). All of these accounts have been paid on time monthly, and have no 30-60-90+.

CC Accounts w balances (open dates in parenthesis):
Targ (08/07): $452 cl-$500
Citi (04/07): $972 cl-$1000
Citi (02/07): $960 cl-$1000
Citi (12/06): $960 cl-$1000
Citi (11/06): $959 cl-$1000
Citi (06/07): $948 cl-$1000
-----Also 2 AU accts-----
Citi (11/07): $473 cl-$500
Citi (11/07): $460 cl-$500

Student Loan Balances
$3500 (07/07)
$2167 (12/06)
$489 (01/07)

Car Loan
$11042 (10/06)

My current plan is to have all of the credit cards paid off within the next month or so, depending on how soon I get my tax return back. I will then start working in paying down my car loan. I am also considering removing myself as an authorized user. I do not know whether doing that will help. I am also considering closing a few accounts, but I am not sure if that will be beneficial either. Other than that, I have no idea what I should do to help increase my score. I am currently engaged, and I hope to be able to buy a home in about 2 years. I think it is definitely time to buckle down and get my scores up as much as possible. If anyone has some advice it would be MUCH apprecicated!

Message Edited by whatsername on 03-11-2008 05:27 PM

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Message Edited by sidewinder on 03-11-2008 06:05 PM

[Anonymous]

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ngerasimatos wrote:

With 3% down you can get approved for an FHA home loan regardless of your credit scores, so don't worry about that situation.

FHA does not require a certain score, however some lenders are setting minimum score requirements before they will do a FHA loan.

[Junejer]

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@Anonymous wrote:
I decided to come to myfico.com today out of curiousity. I am 21 and have just started establishing a credit history 17 months ago. I have worked for a major credit card company for approx 2 years, and seeing people's credit day in and day out has made me think of my own scores. Despite working for the company, I figured as long as I was paying my accounts on time, that was the big thing. Well, when checking all 3 FICO scores I was a suprised.

Currently I am at these scores:
TU:597
EQ:586
EX:581

@I do have a MAJOR util problem....currently @ 95%. I am planning to pay off quite a few of my accounts within the next month. According to my reports, I currently have 12 open accounts (8 CC - 6 as prim 2 as au, 3 Student Loans, and 1 Car Loan). All of these accounts have been paid on time monthly, and have no 30-60-90+.

CC Accounts w balances (open dates in parenthesis):
Targ (08/07): $452 cl-$500
Citi (04/07): $972 cl-$1000
Citi (02/07): $960 cl-$1000
Citi (12/06): $960 cl-$1000
Citi (11/06): $959 cl-$1000
Citi (06/07): $948 cl-$1000
-----Also 2 AU accts-----
Citi (11/07): $473 cl-$500
Citi (11/07): $460 cl-$500

Student Loan Balances
$3500 (07/07)
$2167 (12/06)
$489 (01/07)

Car Loan
$11042 (10/06)

My current plan is to have all of the credit cards paid off within the next month or so, depending on how soon I get my tax return back. I will then start working in paying down my car loan. I am also considering removing myself as an authorized user. I do not know whether doing that will help. I am also considering closing a few accounts, but I am not sure if that will be beneficial either. Other than that, I have no idea what I should do to help increase my score. I am currently engaged, and I hope to be able to buy a home in about 2 years. I think it is definitely time to buckle down and get my scores up as much as possible. If anyone has some advice it would be MUCH apprecicated!

Message Edited by whatsername on 03-11-2008 05:27 PM

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What's up whatsername? Welcome to the forum. Please read Credit Scoring 101 in the stickied threads, if you haven't already done so.

There are a few words of advice that I would give you, given your current situation.

1) Get rid of the AU accounts post-haste. They are doing you no good. Utilization is high and they are new. They are the antithesis of why one wants AU accounts.

2) You currently have 10 open accounts (not including the AU accounts that you are getting rid of), four of which are installment-type accounts. So, those will show a balance for a while. The best thing that you can do is get utilization down under 10% overall on the revolving debt.

3) Don't allow any more than four of those CCs to report a balance monthly. I would even suggest only one or two at a very low utility. This is not to say that you cannot use the cards, just don't allow them to report a balance. Pay the balance in full a few days BEFORE the statement cuts.

4) Allow time to work on your side and never be late for any payment for any reason. If you do that, by the time you are ready to settle down and buy that house, your scores will be in the 700s and you'll have nothing to worry about (except your down-payment).

GL