confused i need help

Anonymous · ‎02-26-2008

Im sure you brilliant FicoheadsJ have answered this but im new to this “game” and need some help because although I've read a lot on the subject.. it’s a lot to digest. I refinanced some student loans in 2003 and as such the many loans I had with citybank are now showing closed on my reports. I did read where you cannot remove closed items but I do not know what else I can do to raise my score. I have 1800 in CC debt ( 2 CC’s) I’ve always pd on time. I have one car loan for $21,000 and I still have that student loan that is now with sallie may that is currently in deferment so its not late or anything… hopefully this is not to confusing.. Can anyone help me out?

Thanks

workonficonow

MidnightVoice · ‎02-26-2008

What are your real FICO scores (not FAKOs)?

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

Anonymous · ‎02-26-2008

my Fico scores are 611 on transunion 642 on equi and 614 on esp.. not the best i know but i really want to get it better. i'll do whatever it takes. i should also say that MYFICO says that if i just pay dow my CC balances that will raise my score by 100 pts on each, but that seems to good to be true... is it?

Anonymous · ‎02-26-2008

What is the credit limit on each CC, and what is the respective balance?

Anonymous · ‎02-26-2008

oh lets see i have two CC's one card has a balance of 1300 is has no limit and the other is a 500 dollor limit and i have a 250 dollar balance. that's really it no store cards no gas cards just the two there.

Anonymous · ‎02-26-2008

workonficonow wrote:

oh lets see i have two CC's one card has a balance of 1300 is has no limit and the other is a 500 dollor limit and i have a 250 dollar balance. that's really it no store cards no gas cards just the two there.

Now I'm confused ... I thought you had $1800 in CC debt? This adds up to $1550 ($1300 + $250).

Your high util is part of what's killing your score -- you have 50% util on one card ($250 balance on a $500 limit). Pay this down to 1% - 9% (under $45) and you'll see your score rise.

Anonymous · ‎02-26-2008

oh that was so a typo (sorry) but i think i get it. basically according to the math im over what "they" belive i should carry in debt.. at least i hope that is what you meant. its still crazy to think that just by doing this it will raise my scores by 80-100 pts. so should i pay the debt to $0 dollars or should i keep a small balance.. and if i pay it all at once how do i maintain the high score. I think im really strting to get into the fun of this....

thanks