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Heading towards a 300 credit scrore!!!

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disdreamin
Valued Contributor

Re: Heading towards a o credit scrore


@sixfour1 wrote:

I found the culprit, some company found and old charge off for a Bosh Car Credit that was 1200 they have attached some fees to it so that it sits at 128% ulitilization. This and the fact that with only a 1000 dollar credit limit on both cards that I was using just to harvest points. There was no room to put my monthly expenses. But thats cool, I just need to find someone who will let me do a 100,000 dollar secure card. :_)


Or you could just use the 100k to pay off everything instead? I mean, it's just a thought and if you did that you wouldn't have to play the FICO games anymore. You said you weren't going to use credit in your original post, so why would you want a new secured card?

Message 11 of 15
Duriel
Frequent Contributor

Re: Heading towards a o credit scrore

Let one card report a small balance and pay the rest off if you can. Look for pay for delete options on any derogatory information (collections etc) or wait for them to fall off.

 

I've been there. Getting frustrated is just going to stress you out. You can and many of us have got by without having decent credit. Credit cards are neat and all but mostly I like being able to live anywhere I want (within my income) and not pay double digits interest on car loans. 


Message 12 of 15
sixfour1
Established Member

Re: Heading towards a o credit scrore

I would love to not use credit, and I couuld do this. Pay off everything with the exception of my mortage (wich I do plan to eventually pay off), but the reality is I have to have a credit score. I am two years from retiring and I plan to open a small side hustle (everything requires a c5redit check).   So even if I do quit using credit i don't want it stuck at a low score should "I have to" use it.


Starting Score: 568
Current Score: 684
Goal Score: 700


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Message 13 of 15
Horseshoez
Valued Contributor

Re: Heading towards a o credit scrore


@sixfour1 wrote:

I would love to not use credit, and I couuld do this. Pay off everything with the exception of my mortage (wich I do plan to eventually pay off), but the reality is I have to have a credit score. I am two years from retiring and I plan to open a small side hustle (everything requires a c5redit check).   So even if I do quit using credit i don't want it stuck at a low score should "I have to" use it.


I'm curious, why would you love to not use credit?  You and I are probably of a similar age (I'm already at retirement age but need to work until the end of the decade before I can afford to retire); while I lived without credit of any sort during my 2105-2020 Chapter 13 bankruptcy, I have absolutely zero desire to ever go back to being credit free.  Why?  There are just too many advantages to using credit, not the least of which are the rewards, and being able to travel, rent cars and hotel rooms without jumping through hoops with a debit card.

I categorically refuse to do AZEO!
Message 14 of 15
disdreamin
Valued Contributor

Re: Heading towards a o credit scrore


@sixfour1 wrote:

I would love to not use credit, and I couuld do this. Pay off everything with the exception of my mortage (wich I do plan to eventually pay off), but the reality is I have to have a credit score. I am two years from retiring and I plan to open a small side hustle (everything requires a c5redit check).   So even if I do quit using credit i don't want it stuck at a low score should "I have to" use it.


I was just responding to your original post where you said you weren't going to use credit. As far as cards, you don't have to use them much at all to have a good credit score. A little charge here and there so the banks don't close them, and the just PIF. If you want to optimize your score just do AZEO for a month.

A paid down mortgage will help, especially if the balance compared to the original loan amount is low. Note that if the mortgage is your only installment loan paying it off fully may actually reduce your score. My score dropped ~20 points when I paid off all installment loans.

 

As far as being stuck with a low score, I think time is typically your friend. The longer your clean credit history, it seems the higher the scores, at least in my experience.

Message 15 of 15
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