Rebuild Plateau?

[Anonymous]

I have been trying to improve my scores over the past 6 months.  I started in the mid 500's and have gotten up to the low 600's.  I cannot think of anything else to do to improve.  I have paid off all charge offs in full, paid all collections (only 2 showing), and have not had any lates in the past 6 months.  I have 2 CC (Cap One $300 limit 6% utilization and Sears Auth User $2700 limit 7% utilization), 2 open auto loans, and deferred student loans.  I have tried to app for a auto loan (to lower the payment) with Cap One Navigator and the results were 10-18%.  Should I apply for a CC or would that just hurt my score?

[Egaffne2]

I would try to get those 2 collections and charged off accts off your report by sending goodwill letters. You got enough credit out there to build on just keep utilization low and pay on time. Getting another credit card will help you over time but I'm not sure if it's absolutely necessary. Maybe someone else with more experience can help out im pretty new to this too having just starting rebuilding 6 months ago. I have managed to get my score up 80 points in those months which I'm very pleased about.

[Anonymous]

You need time. Go into the garden & let your accounts grow...

[KJinNC]

Your main issues are the derogatory items, and time.

Your score will gradually improve if you just keep doing what you are doing.

Your score will shoot up if you can get the derogatory items removed. (Paying them off is good, but does not remove them.)

A charge-off is considered a very severe derogatory item and still counts heavily against you even if paid, though again, paying it helps.

Another card might help a little but it won't radically change the situation. If you need to refinance the auto loan in the short term, you could look into credit unions.

You are moving in the right direction. Starting is the hardest part. Congratulations on what you have done so far and good luck going forward!

[Anonymous]

If those are federal student loans, depending on your income it might not be necessary to have the loans deferred. I would look into the income-driven repayment plans , specifically REPAYE or Income-based repayment, IBR. The payments can be as low as $0 and there can be an interest subsidy (the government pays for all or part of the accruing interest). The best part is that if you can get them back into repayment they will contribute to improving your credit profile. Right now you're missing the opportunity to add a positive payment history on this tradeline(s).
Let me know if you need more information.
Good luck.