need credit score boost as planning to buy car this year and house next year
The situation i have so far:
Total of 5 CC were paid after charge off. On the CR it shows that Baddebt/Collection but when i click on each one of them it shows paid charge off and zero balance due. 1 of them showing as settlement accepted. 1 credit card showing 120+ days past due on account but its been paid off. Last activities on all of them were in 2005. I think only thing helping my score at this time is AEX card which i paid on time and never been late. Utilization is under 30% on that card and they just increase my limit to 20K as being valued customer. Also my college loan i am never been late.
I read some threads before stating the Chargeoffs stays on the CR for 7 years from last activity on the card. I am not sure how it will affect my score! Still shows red flags on my credit report even after it was paid off.
After i paid all above chargeoffs my credit score didnt improve at all. My goal is to reach atleast 720 by next year. My fico Equifax score at this moment is 663.
Very frustrated that the scores are not moving at all.
Please advice me on this! Appreciate everyones input on this!!
Re: need credit score boost as planning to buy car this year and house next year
You score is right...it's your credit history...for a house I know..initially they want to see 3 strong 12 month old TL's...I was told to wait until August for my home loan...and do a new build...so about time November comes...I will have 3 strong 12+ month old TL's...I don't know what else car salesman look at for you application but scores...so you should be okay with that...but I think you need more TL's for the home loan..so next year..they would be 12 months old...