What do I do now?

[itzateach]

I am paying off all my debt around October 15. Other than a Comcast collection that came out of the blue from supposedly 2 1/2 years ago and I am vigorously fighting (it was removed from Equifax, but hopped onto Experian) the only other things left on my report are 5-6 accounts related to my ch 7 bankruptcy almost 6 years ago. They are scheduled to start dropping off from June 09 to Nov 09. I assume I will gain some points then (but will lose their history). If my utilization is 0 will getting any other accounts help at all or is it just up to time now? I have a healthy mix of mortgages (about 9 on there - the current one will read 308,000). I have an auto loan (installment). I have 2 credit cards (cap one, Credit union Visa), home depot, lowes that will all show 0 as a balance.

Right now my scores before payoff are 625, 633, and 640. According to the simulator once the payoff takes place they should jump from 701-740. Any suggestions?

Lori

[llecs]

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itzateach wrote:

I am paying off all my debt around October 15. Other than a Comcast collection that came out of the blue from supposedly 2 1/2 years ago and I am vigorously fighting (it was removed from Equifax, but hopped onto Experian) the only other things left on my report are 5-6 accounts related to my ch 7 bankruptcy almost 6 years ago. They are scheduled to start dropping off from June 09 to Nov 09. I assume I will gain some points then (but will lose their history). If my utilization is 0 will getting any other accounts help at all or is it just up to time now? I have a healthy mix of mortgages (about 9 on there - the current one will read 308,000). I have an auto loan (installment). I have 2 credit cards (cap one, Credit union Visa), home depot, lowes that will all show 0 as a balance.

Right now my scores before payoff are 625, 633, and 640. According to the simulator once the payoff takes place they should jump from 701-740. Any suggestions?

Lori

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Adding new accounts will only hurt your score at this point. I'd wait, unless you need the new credit. Your mix is perfect. Time, utilization, and the CA are the only things you can control now.

[Anonymous]

Agreed.  Having mortgage, auto, and a few cc's (plus store cards) is just the right mix. 

[itzateach]

Do they consider home depot and lowes dept store credit or installment? If they are considered installment, maybe I should apply for like a Sears card to add to the mix???

Thanks,

Lori

[llecs]

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itzateach wrote:

Do they consider home depot and lowes dept store credit or installment? If they are considered installment, maybe I should apply for like a Sears card to add to the mix???

Thanks,

Lori

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HD, Lowes and Sears are all considered store charge cards if they don't have a Visa logo on it. If I had to chose from the three, I'd say HD.