dont know where to start! please help!

CreditDrama85 · ‎08-29-2007

I started working to improve my credit a few months ago. my main problem seems to be that i took on too much, too rapidly when first est. credit. in an effort to raise my score, what is more important?

-reducing the no. of accts with balances?

-reducing my overall acct utli? or individual acct util?

-closing newer accts i don't need to add more points to my length of credit history?

also, if i have some cards like citi report my cl--will that help my overall util and balance off accts that are overlimit?

HELP!

also, i have 3 cap 1 accts. does it make sense to try and merge any? is that even possible?

Anonymous · ‎08-29-2007

Closing the acct will not make you avg account history longer.

Best way to increase score is Never be late and reduce UTL.

Combining cards can be tricky-
In you current situation let them ride until you have the UTL down.

I feel Overall UTL makes a bigger FICO affect than individual TL's-.
They also hit you for too many accts with balances (50% of accounts)

Message Edited by Timothy on 08-29-2007 09:44 PM

CreditDrama85 · ‎08-29-2007

hmm, ok! thanks for your help

Anonymous · ‎08-29-2007

CreditDrama85 wrote:
I started working to improve my credit a few months ago. my main problem seems to be that i took on too much, too rapidly when first est. credit. in an effort to raise my score, what is more important?

-reducing the no. of accts with balances?

-reducing my overall acct utli? or individual acct util?

-closing newer accts i don't need to add more points to my length of credit history?

also, if i have some cards like citi report my cl--will that help my overall util and balance off accts that are overlimit?

HELP!

also, i have 3 cap 1 accts. does it make sense to try and merge any? is that even possible?

Cap1 CC can hurt total UTIL as they do not show CL. They only show high bal & makes it look as though you are maxed out.