Questions on Credit

[Anonymous]

Hello,

I'm new to Myco forum

I just purchased the product to seek better score,

In the past, never cared about the credit score i find now that was a big mistake

I'm 25 now, so I figured if i get myself started in good direction then I should be fine next few years a so..

I would really appreciate any comments or suggestion toward my credit standing.

My score is 650

My total revolving credit cards(4) balance is about 5500.00 out of 10000.00 limits

I make about 3000.00 a months after tax(finally got a decent job!!), and I could probably afford to used 1,200 of that to pay off those bills.  My question is that should i pay it down and pay off few of the lower limits credit card and not used them at all or is it good to use them once or twice a month to keep it active?

My target goal is 6 months to pay it all off. 

I also have a school loan about 15000.00 that is an installment loan.

And one other thing I notice is that on my credit report i saw a 1 late payment on my old credit card that i closed few years a ago.  is that disputeable?  I'm pretty good at making bill on time at least min.

I don't have any proof of that i paid since it's been a long time..

Anyways thanks for reading..

[Anonymous]

Welcome!
Ideally you want to have between 0% and 9% utilization on CC's to reap the biggest benefits for you fico score.
Anything on your credit report is disputable. I would definitely dispute the one late pay that you are talking about.
Sounds like you are on the right track and let us know how things go for you while you are working on building your score!

[Anonymous]

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ksmj4eva wrote:

Hello,

I'm new to Myco forum

I just purchased the product to seek better score,

In the past, never cared about the credit score i find now that was a big mistake

I'm 25 now, so I figured if i get myself started in good direction then I should be fine next few years a so..

I would really appreciate any comments or suggestion toward my credit standing.

My score is 650

My total revolving credit cards(4) balance is about 5500.00 out of 10000.00 limits

I make about 3000.00 a months after tax(finally got a decent job!!), and I could probably afford to used 1,200 of that to pay off those bills.  My question is that should i pay it down and pay off few of the lower limits credit card and not used them at all or is it good to use them once or twice a month to keep it active?

My target goal is 6 months to pay it all off. 

I also have a school loan about 15000.00 that is an installment loan.

And one other thing I notice is that on my credit report i saw a 1 late payment on my old credit card that i closed few years a ago.  is that disputeable?  I'm pretty good at making bill on time at least min.

I don't have any proof of that i paid since it's been a long time..

Anyways thanks for reading..

---

dispute the late payment as  never late.

Never close a CC  unless it is costing you money!  As credit said  get CC down to under 10% UTIL  for best scores....never let a CC be closed for non activity....use at least once a year  any small amount will due.

Thread for newbies  full of info.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=38534