jay33 wrote:First off I have to say this site is great. Wish I got on here sooner!So my 3 scores are between 575 and 615. All my baddies are old and I have been current on my outstanding debt. Student loans have been current for 3 years and car loan for a year and a half. Currently in a debt consolidation plan (paying collection accounts). One for an apt. And two for credit cards. I've been paying the collections through a debt consolidator for a year. It doesn't really seem like my score is going up though. I'm currently disputing two items on report. Dropped EQ 18 points.Certain TLs are removed from the scoring model when they are in dispute. Depending on the outcome of the dispute, you could gain these points back.total debt with stu loan, car, and baddies approx. 23 K. Salary is little over 60K. What is the best way to raise my score given my current position?Do you have any revolving credit? If not, I'd say add some. If you do, what is your current utilization?Should I stay with the debt consolidator?I'm getting a bonus this year, should I use that to pay off most of my collections?Paying collections will NOT help your score. A collection is a collection, paid or unpaid. You want to negotiate a PFD with them. PFD= Pay for Delete. If you can get them removed, then they'll help your score.I'm looking for the best way for my score to rise so I can get a decent IR on a house. Looking to buy in a year or so.Got any thoughts for a FICO Rookie?Cheers
jay33 wrote:Thanks for the info.I currently do not have any revolving credit. I get card offers in the mail but they are for those pay a deposit for a credit card (usually $30 - $90) deals. I've been weary of those becuase I've been told they do not look good when people pull your report (for mortgage or auto). Am I wrong here?Secured cards are fine if they report to the CRA and don't have outrageous fees. BoA has a secured card which I just applied for, have to send in my deposit. BoA pulled EX on me. You can find others over on the CC Forum. Also Crown Jewelers will usually approve without a credit pull. CL is normally $1500. You have to make a downpayment with each purchase to begin with. They report to EX and TU. Have to buy something before they report.I've thought about doing that too. do they require the full amount for a PFD? Do I have some negotiating room here?Depends on how old the debts are and if they are in or out of SOL. If you've been making payments then they are within SOL, less of a chance. But some companies are hurting and be willing to accept say $100 today as opposed to $200 over the next 12 months.
jay33 wrote: My fiance has B of A cards. Should I just get on her CCs? How would this effect my/her FICO score? How would it effect her interest rates? Her score is in the upper 600s and she has pretty good rates. Should I just get the cards myself?