Will it EVER get better?

[Anonymous]

Here is a little history of me and my credit

I am currently 22 years old and I want to get my credit way up before my fiance and I move to Memphis in a few years and plan on getting a house within the next 3-5 years.  I have a charge-off on my report from a year or so back because I gave my mother a credit card and she became extremely delinquent.  She did pay it off, but my report says bad debt/collections.  My credit score is at 594 as of now and I have no idea how to bring it up faster.  I have 2 major credit cards and 3 store cards. Here is some info on those:

Visa card #1: credit limit is $3,380; $2409 is currently on there with 13% APR

Visa card #2: credit limit is $2030; $1852 is currently on there with 9% APR

Store card #1: credit limit is $350; $300 is currently on there

Store card #2: credit limit is $600; $390 is currently on there

I have another store card but that has been paid off.  I also have a car loan on the report, but it was totaled so it was paid by the insurance.

I know I need to pay them down some, but I have no idea where to start.  I also don't know if it will ever go up as high as I want it to be because of the delinquent account.   

[fishbjc]

Butterfinger:   Your utilization is keeping your score down.  You're looking pretty *maxed out*.  If you can get the balances paid to around 9%...you will see a nice jump.  Keep paying everything ON TIME.

Youre hovering now at about 77%....Fico doesn't like that.  Get those puppies paid down and you should be amazed.  Congratulations for having a long term plan.  Get yourself under control now and it's to the moon Alice, to the moon!

~~~~~~~~~~~~~~~~

CC Delinquency:  More information is needed.  Was it charged-off, how delinquent, balances, & with whom?

Message Edited by fishbjc on 01-20-2009 02:11 PM

[fishbjc]

I see it's a *charge off* on your account.  Who is the creditor? 

[Anonymous]

The charge off is from 1st financial bank.

[fishbjc]

YoYouurYour positive history will begin to repair the damage of that baddie on your report.  Keep paying everything on-time, get the utilization down to 9%.  I'm guessing that you will be in the 700 club by the time you app for a mortgage.

Send 1st Financial Bank a letter and explain what went wrong.  Since the account has been paid, they may be willing to give you a little *good will*.  Do some research here on g/w letters and start writing.  Keep writing.  Ask them to restore the account to *paid on time*.  See what happens.

Message Edited by fishbjc on 01-20-2009 02:45 PM