No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
OP...one other thing I meant to point out. Two of your open accounts are secured, I suppose it is with savings. The idea of how a secured credit card helps your score is as follows. You get a 1000 dollar credit card secured by 1000 dollars in savings. You then use the card and pay it off before the due date every month. The cards credit limit and low balance helps your utilization and shows that you can handle credit well. If however, your utilization is at or near 100% on the secure cards, they are hurting your utilization and showing as 2 more maxed out accounts. You would be better off surrendering enough of the securing funds to pay the rest of it off, which of course will lower the limits. Don't close them, just surrender enough to where you can keep the reported utilization at or near 0. In your case, the secured cards are hurting your score, when they should be helping it....edit:: I just saw that I read one of them wrong, only one card is nearly maxed out, but that card is more a drag on your score than a help.
The debts are still in the SOL. The Chapter 7 was discharged, but the Chapter 13 was dismissed. I can pay those balances down within 3 months, just had some unexpected charges. I know the 100% is hurting and needs to be fixed. Will that help my score the quickest, or paying collections? As for Capital One, that is what it is doing. Transunion shows open, but Experian shows closed. However, it shows payment history, with the balance never going down. What should I do about that? I have just paid $300 last week and will pay another $300 on Friday to PIF this account.
See links of pictures from Capital One
https://ibb.co/ZcjvXRn (Transunion)
https://ibb.co/WHNdrmR (Experion)
@jeboles wrote:The debts are still in the SOL. The Chapter 7 was discharged, but the Chapter 13 was dismissed. I can pay those balances down within 3 months, just had some unexpected charges. I know the 100% is hurting and needs to be fixed. Will that help my score the quickest, or paying collections? As for Capital One, that is what it is doing. Transunion shows open, but Experian shows closed. However, it shows payment history, with the balance never going down. What should I do about that? I have just paid $300 last week and will pay another $300 on Friday to PIF this account.
See links of pictures from Capital One
https://ibb.co/ZcjvXRn (Transunion)
https://ibb.co/WHNdrmR (Experion)
I will try to answer the question about what will give you the quickest increase to your credit score, but it is not the same thing as what would be the best think to work on. Utilization is absolutely the one that will gain you the most points the quickest. It is also the least important thing to concentrate on. You see, most factors that make up a score has long lasting effects, a missed payment will be on the report for 7 years. A collection will as well. Utilization does not have that same effect. If having high utilization is dragging your score down by 100 points, and you pay every single card off except for a small balance on one card, you will recoup every single one of those 100 points, even if it is the first time in 20 years that your utilization was low. If you let the utilization return to the very high levels the next month you will lose the 100 points again. Utilization is very important if you are fixing to apply for something major like a mortgage, but due to the lack of previous history effecting it, the effects, both good and bad can be looked at as temporary. Credit Utilization makes up I think, 30% of your score, and it will always be the way to get higher scores immediately...well, as soon as the new balances report...but because of this, for long term credit score success, it is the least important factor, because you can take an action to regain every lost point due to utilization at any time. The other factors that drag a score down can not be fixed by just paying them down or off. Collections, Delinquincies, repossessions, judgements, etc. will be a drag on your score for 7 years even if they are payed in full unless the creditor accepts a PFD or removes it for some reason.
My reason for wanting to increase my score rapidly is to qualify for a mortgage. Will paying off collections result also in a score increase or will it take time for them to drop to increase the score.
Well, good news is I don't have much left to pay, maybe around $1,600 from all my collections / charges off. I'll work on them and report back in a couple of months.
Any collections not reporting monthly leave alone until after your mortgage pulls unless you can get a PFD.
Well, that leaves Verizon and Capital One. Already half way paid off Capital One. Will try to do PFD with Verizon tomorrow.
@jeboles wrote:Well, that leaves Verizon and Capital One. Already half way paid off Capital One. Will try to do PFD with Verizon tomorrow.
These 2 are OCs not collection agencies. Can try with verizon as Cap-1 does update monthly and will not do PFD. Reason I said to leave collections not updating alone is if they update they will drop Fico, also some may not need to be paid off before closing your lender will tell you what needs to be taken care of prior to closing.