Realistic?

[Anonymous]

My score is 573. Currently I have 6 cc with 90% of my limit being used. Is it realistic to work on my score (pay down cc) and hope to raise my score to 700 by 12/08? ( next year). If so, what other things can I do to help raise? I've paid my bills on time for over 2 years

[Anonymous]

You should be able to raise your score substantially. However we cannot say 700 or 750, but we can say that if you pay it down to anywhere form 1% to 9% of your credit line on each of the cards and you do it right now, then in 12 month of paying in full and using up to 9% every month will get you scores up high. Discounting anything else that might contribute to your score as long as you don't apply for new credit. You should be right on track.

[Anonymous]

so if i follow that plan, what could be a realistic score

[Anonymous]

700 to 750 should be up there. 800's are with at least 12 years of history. so it's hard to say really

[Anonymous]

Hi nofear18,

It's hard to say.  FICO doesn't reveal the exact equation that they use to calculate your score, and there are some changes to the equation that are about to happen.  It could get in the 700s, but it may only go up 20 points.   While some posters post stories about getting their credit up 150 points within a year, some posters post stories about how they're disappointed that the score only went up 20 points.

I would continue to pay your bills on time and don't add anything else to your credit card balances.  Continue to pay your credit card balances and try to get your balances between 1 - 9%.  Better yet, get them down to 0.  

If you have student loans and/or a car loan, try to pay down that balance as well (do double or triple payments if you can).  That will reduce your debt utilization rate.

DON'T CLOSE ANY OF YOUR CCs!  That will actually hurt your credit score if you do.

Make sure that you have no accounts in collections or "charged off". 

[fused]

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nofear18 wrote:

My score is 573. Currently I have 6 cc with 90% of my limit being used. Is it realistic to work on my score (pay down cc) and hope to raise my score to 700 by 12/08? ( next year). If so, what other things can I do to help raise? I've paid my bills on time for over 2 years

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Do you have any negatives items on your reports...old late payments, charge-offs, collections, etc? I agree with the others about paying down your CCs to 1-9% util.

[Anonymous]

Yes I do have old bad accounts from the past.I have worked on paying them off, but I still owe on 2. My dola are as follows: 6/02,9/05,11/00,3/02,6/02,4/02,4/02,4/01,5/01,11/03 (disputed)10/02,11/01,7/01 (disputed) 9/02. I have paid all except 2 off. I have disputed several last month and have not heard anything yet. I know that all this takes time. Its like a diet, you just need to keep pluggin away. But its also like a diet in the way that you like to see results. Where I have paid off accounts, and paid off a judgement ( In the last 2 months), my score has not budged. Sorry, but I'm begining to think that no matter what I do, I'll never be able to get away from the past. For me, its very disheartening. I have paid ALL my bills ON TIME for over 2 years, so trying to "rebuild" my credit has done ....really, nothing. And paying old accounts just changes the dola. Can't win for trying. Thats  kind of why, while I know no one can give me a "definate" answer, I'd like to have a realistic answer so I can have a goal. Right now my credit is in the poor range. What is the " average" or "good" range? If I can at least get there, I'd feel like I accomplished something. Right now, I have 6 cc with balances near the limits. So I am going to pay those down within the next 2 months. I just need something good to happen. Thanks for listening

[Anonymous]

it sounds like you are really on the right track. i would suggest, based on what i've learned so far, that you send GW letters to the people you have paid in full. I might also suggest that you PFD the ones you are still paying on if you have the money. If you could get some of those removed then you will most likely see a nice little jump in your score. and remember, the older they are, the less heavily they weigh into your score, so the getting those newer ones PFD'd will be more beneficial to your score. hang in there!!

[Anonymous]

Before paying old debts did you use PFD?? Have you send GW letters?

[Anonymous]

Hi nofear! I'm fairly new here, 3 weeks ago I paid in full all of my cc balances. sears$1,300, jcpenny$1,500, gembcarecredit $1,000, lowesvisa$5,000, cap1$3,000. I now have 0 balance on all. Guess what, my score has not budged! I think for me is that I have some lates on them and that is what's hurting my score. I only have 1 inq. all my scores are hoovering around 600-640 fako's. go figure! I think it just takes time so I am waiting it out. I don't need any credit right now so when the time is right I will apply for a nice prime card and watch my scores jump