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hello there i am 38 years old and i need help in raising my credit score. my fico score through credit karma transunion 563, equifax 594
exp 543. i have 2 credit cards american express and capital one. i also have a car loan with bridgecrest and i also have a loan with onemain and another loan with acceptance now.
american express is max out at $3000
capital one credit limt is 1500 and i am at 1490
car loan will be paid off in august 2020
acceptance now loan will be paid off in august 2020
onemain should be paid of in nov of 2022.
now that i am making more money i am ready to start paying down the credit cards maybe send them 500 to 800 a month untill its paid off. i am trying to see in what way should go to raise my score asap. my goal is to start looking into buying my first home next year. plase help. thank you.
I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?
EX2 + 3 Bureau report for $1 at Experian or CreditCheckTotal (part of Experian). Cancel in 7 days or less to avoid the reoccurring charge.
TU4 WyHy quarterly score. Not sure on membership requirement. Maybe hard pull TU?
EQ5 Get a savings account with DCU. Soft pull EQ to be a member. Free monthly score.
Paying your cards down will give you the fastest credit boost.
A tip completely based on finances (this has no effect on scoring): if you are carrying a balance and paying interest, make your payment as soon as possible after your statement cuts instead of on the due date. The reason is credit cards use the "average daily balance" method to calculate interest charges so the sooner you pay the lower your average daily balance will be and the less interest you will pay.
@Anonymous wrote:hello there i am 38 years old and i need help in raising my credit score. my fico score through credit karma transunion 563, equifax 594
exp 543.
If I missed I'm sorry. But I don't see where the score model was addressed. Credit Karma does not provide FICO scores. They provide Vantage 3, used by less than 10% of lenders. Not sure where you're pulling your EX score.
But several have mentioned where you can get FICO scores. You may find they are close or could be far apart. You should probably start there and get a true picture of your FICO scores. But the information provided above is sound and reducing your UTL will definitely improve your scores because you're maxed on CC. For scoring, bringing each card's UTL below each known threshold should produce positive results (88.9%, 68.9%, 48.9%, 28.9%, 8.9%).
Not sure what Onemain is but if it's not an installment loan, keep in mind you'll likely lose some points if all installment loans are paid off. But as often stated, finances over scores.
Good Luck!
@Anonymous wrote:hello there i am 38 years old and i need help in raising my credit score. my fico score through credit karma transunion 563, equifax 594
exp 543. i have 2 credit cards american express and capital one. i also have a car loan with bridgecrest and i also have a loan with onemain and another loan with acceptance now.
american express is max out at $3000
capital one credit limt is 1500 and i am at 1490
car loan will be paid off in august 2020
acceptance now loan will be paid off in august 2020
onemain should be paid of in nov of 2022.
now that i am making more money i am ready to start paying down the credit cards maybe send them 500 to 800 a month untill its paid off. i am trying to see in what way should go to raise my score asap. my goal is to start looking into buying my first home next year. plase help. thank you.
Also if you plan on buying a home? ..Do not apply for any credit 1 year prior to applying for a mortgage.
Also you will want to pay your debt down as close to zero as possible.
Good Luck!
Thank you very much for your input !!!