credit issues.. HELP I AM FALLING AND I CAN NOT GET UP..........

[Anonymous]

Hello

I really need some advice with my this credit issues. I  would like to know how fast does it take to move your credit score? As we speak my credit score is low .. I have 4 credit cards in which 2 of them I have paid on time but two  of them I have not paid on time. 

I am trying to buy a new car but I have been told that my credit score is not high enough to get a great interest rate. I am at the max on all my credit cards..

What should I do:

1. Pay off all the credit cards and close the accounts out ?

2. Pay some money on the credit cards to bring the balance owe down?

3. Just do not worry about paying on the credit cards at all?

4. Apply for another credit card and try to paid that on time?

NEED HELP ,.........KOOKIE

[Anonymous]

If you are able to try to get your cards down to less than 50%. That will raise your score. Do not close accounts once you have paid them off. That lowers your ratios of amount of credit available to amount used.

[Anonymous]

kookie,

Have you checked your FICO scores on MyFico? If so, what are they?

Pay down your CCs to the extent possible. Don't close them, yet.

You could apply for another card, but your FICOs will dictate whether you can get another card. If you can pay all your CCs down to under 50% util, do it. If you can pay all your CCs down to under 30% util, then do that. If you can pay all your CCs down to $0 balances, then do that.

I'm just spitballing here 'cause I don't know the balances and limits of the CCs.

[Anonymous]

Paying off the cards is far and away the biggest, fastest lever you have to pull to raise FICO.

To be honest, you really need to worry about your existing debt before you take on new debt. If you're maxed out on your CCs and you can't pay them on time, what is your situation going to be when you have to pay all four CCs and a car note? Not trying to be criticizing or nitpicky, just food for thought...

[Anonymous]

If you scan the boards a little more you would see that lowering cc from max to under at least uder 30% on an individual as well as overall level will be the fastest fico boost. Keep in mind this could still be a 30-60 day process depending on when the ccc decides to report your payment and it is finally posted. But don't get discouraged if you provide the info that Noah_Bodie asked about we maybe able to suggest some improvement tips better for you. I have only participated since last month but I had read the forums prior and picked up fico knowledge and a healthy fico behavior which is helping me to drastically change my score. Check your fico scores if you can on myfico so you get true fico scores and not other derivatives of it and tell us in general wht you see on your profile. Knowledge is power! If you stay in touch we can try to get you up and stay up!!

[Anonymous]

First and foremost, I would not advise taking on more debt if you cannot afford your monthly minimums on your current debt.  Think hard about what you can do to pay your bills every month without getting further in the hole.

Second, I would focus on paying at least the minimum on every credit card ON TIME for the next few months.  The timeliness will affect you more than reducing the total balance.

Third, pay more than the minimums so you can improve your ratio.  Ideally, pay off the credit cards entirely.  Pay them off starting with the highest interest card first... but always pay the minimums for all cards (and on time!). 

Lastly, the fastest way to improve your credit score is actually to find someone else who has a credit card with a long history and no late payments.  Get them to add you as an authorized user.  When their credit card reports an update to the credit bureaus it will be added to your credit as well and therefore improve your score.  This does put the kind friend/family member at risk of having you use the credit so please respect their kindness and don't even let them give you the account number let alone the credit card.

Hope this helps!  It took me 4 years to go from 690 to 816 so I study hard on how to keep it there.  You can too!

[lavender35]

Curios - is that really true?  I have NOT been openning any cc accounts due to the fact that I have been trying to RAISE my score.  I did not know that if I was part of an authorized acct - which a  family member was trying to get me to do, that that would help.

[Anonymous]

It can but you are tied into what they do with that card. Their spending habits will now affect your score and someone stateed in another post that they got removed and score went down another said it stayed the same. Once you add something to your profile it does become part of your hx.

On the flip side of that if they are responsible and have excellent credit and the cc they are trying to put you on reports authorized users to all three bureaus and it is no cost to you (since people actually pay for this service)

The choice is yours! Just don't forget that you still have to work on the issues you have on your report! Still pay bills on time

Try to pay more than the minimum

keep cc balances to a minimum

Good Luck!