Get that Baddie off your account as soon as possible a temporary drop is better than you having it on your information longer, I wouldn't worry about adding more money rather than just taking great care of your card and raising your AAoA's. I would wait a minimum one year before Refinancing and if you can do so with a CU as they tend to offer lower rates. I'm not sure about store cards I would just ask the store itself but you can always put a small amount on them to keep them active 5 dollars or so and just pay it off every month if you want help in best way to do that we can help too! Good luck on the build it won't be easy trust me I know but the point is you are starting now and it's never to late to start!
@Girlzilla88 wrote:Get that Baddie off your account as soon as possible a temporary drop is better than you having it on your information longer, I wouldn't worry about adding more money rather than just taking great care of your card and raising your AAoA's. I would wait a minimum one year before Refinancing and if you can do so with a CU as they tend to offer lower rates. I'm not sure about store cards I would just ask the store itself but you can always put a small amount on them to keep them active 5 dollars or so and just pay it off every month if you want help in best way to do that we can help too! Good luck on the build it won't be easy trust me I know but the point is you are starting now and it's never to late to start!
I respectfully disagree. If a collection is deleted there is no drop temp. There will be a major score increase if its the only collection.
@Anonymous wrote:Hi! I'm fairly young and am trying to rebuild my credit. I have 1 collection from a cap one recieved on my 18th birthday maxed out the $300 limit and now I owe like 480? (PRA- recently updated policy to delete within 30 days of paid/settled) which lead to bad credit. ( How long ago was the charge off?) I currently have a few positives on my account- car loan with 11k balance, been making more than the payment it is 9 months old, Discover It Secured with a $200 limit that is 5 months old (Your getting close to graduation. You'll get a CLI after graduating), Kohls $300 because I shop there often enough for my kids it is worth it, as well as Old Navy $250 both these store cards are 2 months. I carry usually a $15 total balance each month so my utilization is at 3%. My score has gone up nearly 100 points. I'm sitting at 610.
My collection is 2 years old- if I pay it off and get it deleted would my score jump or drop because the loss of an account? JUMP!
Should I add more money to my Discover card before it is eligible to graduate? (If you got more give more) I don't want to end up with a card that's useless with no CLI etc
I was looking into refinancing my car as I am currently paying 29.99%- I will probably wait another 6-9 months before applying for any more credit.How often do I need to use the store cards so they don't close them? I was thinking once every 3-4 months.
Once that collection drops off you may get enough of a score boost to peek around at pre-quals. Especially with a CU or your bank. It would help us with what is your FICO score. Is that 610 a FICO from Disco?
@Anonymous wrote:my "original" debt they purchased was 584- my credit limit was only 300 and I offered 200, they countered with 411 lol and I told them I would not pay a cent over the original limit of $300. I demanded a settlement agreement letter be emailed to me. It took a lot of back and forth on the phone with a supervisor to get it emailed and saved to my desktop as my proof it's ok settled/pif.
Paid it- now gotta wait for it to be PIF and then the tradeline deleted. And hopefully a score jump.
My discover fico is actualy 633, I'm going with the lower Credit Karma 608. Experian pulls a 615. The original charge off was 2015. I am still debating the addtl limit on the discover because what if i don't graduate?
As far as your store cards from a post above once every 6 months is pretty good. Personally I would not add more money to Discover, if you dont graduate when expected then that might be the time to reconsider.
