Advice For Moving Forward

[Anonymous]

Hi everyone,

About two months ago, my wife and I paid off all of our credit card debt (about $6k worth). Everything has reported as paid in full, except one account, and we are seeing some nice increases in our credit scores. My EQ raised from 534 to 636, but then dropped back down to 582 the next day while my TU is sitting at 605. My wifes EQ score is 574 and her TU is 646.

We currently only have two credit cards, with a $2000 limit/$0 balance in her name, with myself as a AU. Also, a $500 limit/$0 balance card in my name (the only card in my name), that still has not reported as being paid off and shows a high util %.

We also have two auto loans that were just opened in August and September respectively, but already reporting positively to our reports. The only other accounts we have are student loans through Sallie Mae, which are being paid and in good standing.

We want to buy a house come next year, but need to make some improvements to our scores so we can qualify for the best rates and loan programs, but am not sure how to do that. Should I be looking at secured credit cards? Just wait since we have paid off our CC debt?I have already removed or began disputing any mis-information from our reports, and tried goodwill letters to two creditors (Chase and GE Money Bank) for removal of late payments but both were declined...

Any advice would be great!!

[GoodCredBen]

just keep pushing the GW letters to get the lates removed (how old are they?)

Also - any collections at all? 

[Anonymous]

No collections reported on any of our credit reports.

The most recent lates are from the end of 2010, so less then a year old.

So, I should be re-sending the GW letters to the same companies again, even though they have written back saying they wouldn't make any changes? Should I be using a different letter, or just the same one sent over again?

Thanks!

[GoodCredBen]

Make sure that you make your GW letters VERY personal..... 

I change mine up a little every time.... 

But getting a cycle of 4 , send them out every monday and friday lol.... 

I was told to do this by someone.....

Needless to say i have sent out 50+ GW letters since i joined the forum. 

[Booner72]

I do not think you need to get a secured card since you already have two CC's that report.  If I were you, though, I would not let both report zero balances.  I would let one report zero, and the other I would let report 1-5% of it's limit.  FICO will ding you for not "using" your revolving accounts.

[Anonymous]

Thanks Booner and Benjamin!

The thing I wasn't sure about is whether an AU effected my credit report as much as a card that is actually mine, so thats where the secured card questions came from.

[Anonymous]

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@Booner72 wrote:

I do not think you need to get a secured card since you already have two CC's that report.  If I were you, though, I would not let both report zero balances.  I would let one report zero, and the other I would let report 1-5% of it's limit.  FICO will ding you for not "using" your revolving accounts.

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This is so true! Use the credit, but , do so responsibly! Only a small $ and pay it before the due date! I made the mistake of ensuring the balances on my cards were zero and I saw no increase in my scores for each month. So now i buy gas, a candy bar a lunch, etc and pay the balances to 5-10.

[Anonymous]

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@Anonymous_V wrote:

Make sure that you make your GW letters VERY personal..... 

I change mine up a little every time.... 

But getting a cycle of 4 , send them out every monday and friday lol.... 

I was told to do this by someone.....

Needless to say i have sent out 50+ GW letters since i joined the forum. 

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You (or anyone here) wouldn't happen to have some good contact info (fax, mailing address, email, etc) for: Chase, Sallie Mae, or GE Money Bank/PayPal?

Just curious, thanks!