@Meflyman wrote:
Hi,
First, thanks for everything that all of you post--so helpful in so many ways. My credit scores currently are as follows: EX--645, TR -- 597, Equifax - 594. I just sold a car and would like to use the proceeds to boost my credit. I have 3 collections--an old ATT that reports to all 3 bureaus, and 2 medical collections. I have an AmEx that's always paid off and the following: Capital One - 3500 limit, 3000 balance; comenity bank card - 700 limit, 150 balance, Credit one card with a 400 limit and 150 balance; open sky secured card with a 300 limit and 100 balance; wells fargo card with 1000 limit and 800 balance. Last, I have student loans. One with a balance of $600 and one with a balance of $2000. I was paid $4000 for the car. Any ideas? All are much appreciated! I should mention that my goal is to boost my credit score.
Thanks in advance.
If the collections are old, I would ignore them. From what I see, your biggest problem is utilization. Pay down Cap 1 and Wells first. Student loans are counted as installment loans and don't affect utilization. I would then pay down and possibly close your subprime/secured cards AFTER you've raised your scores and replaced these with regular cards. My 2 pence.
