Welcome to the forum. Getting more credit to try to fix problems isn't a sound approach and generally just leads to more problems. With suppressed scores and charge offs on your reports, you're not likely to see any increases on your current accounts and any new approvals you might land are going to likely be for amounts that aren't helpful enough to make an impact, and/or come with predatory interest rates. Not to mention your scores will tumble further for adding accounts.
Your scores are being penalized the most by the charged off accounts. Until they are paid in full, they are being scored at 100% utilization so getting those paid in full would be first on my list. Next would be to get your individual card utilization under 29% and aim to get your overall (aggregate) utilization under 9%.
@Missy2008 wrote:Hello,
New to Forums and currently looking for accountability and any advise to re-enforce me here. Currently I've been making slow movement throughout the years and cannot seem to make much lead way. I always make sure to pay all accounts on time and in good standing but only have been approved for low card offers and with using them is keeping my score way down.
I'm currently in the process of rebuilding after lossing work. I had 2 cards with Capital One go into charge off after trying to work with them 4 months and currently on a payment plan for one and paying off the other that's still being reported on my credit as a charge off.
I have 4 other low cards (2) Credit Ones - 40% utilization, (1) Discover - paid , and (1) TCU - 50% utilization; card with only my Discover card really doing anything to increase my limit to help show anything. I'm honestly not sure where to start as my credit score is struggling and I'm just trying to figure out where to start trying to keep working at this to make since. I'm currently on track to payoff one card every 2 months but really need some advise to move the meter while doing so as my cards are low balances and have nothing really to help push it up.
Credit One cards are a complete waste of time and digging my way but its still no increase limit to even speak about. I was thinging about trying for another Any Reason (Line of Credit) to payoff one of my higher balanced cards but not sure if its the rite option as it will only free up a balance. It would help my score but what would I need to do to start building to gain some actual cards worth trying for as I've been reverting back to the same boat after trying for 4 years now.
No collections / 2 charged off Capital One cards being paid off
Mortgage, Car Loan, Credit Cards, Student Loans
Credit scores are all low 600+ which can't seem to make leadway even with paying everything down.
Any help will be greatful!
1. It's a marathon, not a sprint. It's going to take time.
2. You're not going to be able to "move the meter" rapidly.
3. It's great that you can pay off one card every 2 months. That will help.
4. I don't know what TCU is but I assume it's a credit union. You might be able to pick up a couple of quick points by paying that one down from 50% to 48%.
5. Concentrate on getting the Credit One cards paid, and don't use them again.
6. See if you can supplement your income or cut expenses.
7. You can send occasional verification letters to the credit bureaus, on the chargeoffs. Sometimes you might get lucky and get it taken off your report.
