improve my credit score

[Ms-Thang38]

current scores 603, 612, 619

I need to improve my scores.  I have CO card, mortgage, and 2 car loans all of these are paid on time.  I have a few items in collections also...what do i need to do in order to get my score up or what CC would you suggest applying for?

[Caardvark]

Welcome to the forums!

You will need to provide quite a bit more info in order for others to make recommendations. For instance:

• What is the credit limit of your CO card and what is the current balance?
• How old is the CO card?
• How old is the mortgage and car loans?
• Any late payments on the above accounts?
• How many items in collections? What are their amounts? How long ago have they been in collections? Who are the collection agencies? What is the DOFD?

Once you provide this info, it will be a lot easier to offer relevant guidance.

[Anonymous]

The number one thing to work on are those collections, as every month they update as unpaid they are tanking your scores. Start a plan to start paying those off by PFD if possible; if not then a paid collection showing is better than an unpaid one.

Check the Discover prequal site regularly as your scores increase to see if you get any prequal offers. Even the secured card is a great card to get, as it graduates to unsecured if you take care of your account.

Time will also be your best friend; a steady stream of positive payment history will keep your scores climbing after you take care of the collections. GL!

[Caardvark]

Scooter is not wrong in that those collections are very likely what's hurting you the most. However, I disagree with the recommendation to start paying those off UNTIL you've studied these forums a bit more and provided the info I mentioned earlier. There are a number of reasons why you may be better off not paying them. For example, they may be old and getting ready to fall off your reports soon. Or, there are glaring errors that would enable you to dispute them and have them removed. Those are just two of many reasons you should take a deep breath, ask questions, and learn before you reach out to the CA.

Furthermore, until you are armed with the knowledge, you could actually do harm by reaching out to them now. For instance, if the statute of limitations has passed you could very easily restart the clock if you reach out before knowing what you should or should not say.

[Anonymous]

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@Caardvark wrote:

Scooter is not wrong in that those collections are very likely what's hurting you the most. However, I disagree with the recommendation to start paying those off UNTIL you've studied these forums a bit more and provided the info I mentioned earlier. There are a number of reasons why you may be better off not paying them. For example, they may be old and getting ready to fall off your reports soon. Or, there are glaring errors that would enable you to dispute them and have them removed. Those are just two of many reasons you should take a deep breath, ask questions, and learn before you reach out to the CA.

Furthermore, until you are armed with the knowledge, you could actually do harm by reaching out to them now. For instance, if the statute of limitations has passed you could very easily restart the clock if you reach out before knowing what you should or should not say.

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I defer to Caardvark's wisdom, as he pointed out some very important points to consider. In my rush to give my opinion I failed to think about these possibilities. Good catch, Caardvark!

[DIYcredit]

I disagree with  the unpaid collections updating the monthly balance and tanking your scores.I think the the presence of any collections and date the collections reported to the credit bureaus is what will have a serious negative effect a Fico score, nothing to do with the balances and is not calculated into utilization.Although paid collections will look better to a lender,but will not affect Fico score.