Improving score

[Anonymous]

Im looking for suggestions to build my credit by the end of the year to at least 690. My credit was a 680 at the beginning of the year but dropped tremendously in march because i had to max my credit cards out to pay my bills while in the hospital, i have 5 cc and 3 store cards, I need some solutions to help get my credit score back.up, I have some student loans and I had a secure loan which I paid off in like 3 months and it decreased my score 7 points, I.still have one open and will pay this one off over time. Please help im so depressed about my credit, I feel horrible. Current score:520 eqi 558 trans 567 expar due

[Anonymous]

The solution is simple. Pay off the cards.

[Anonymous]

I have paid off two and is making payments on time but score is not going up

[Anonymous]

It will go up. Pay them all down to zero, except one and let that one report a small balance.

[Anonymous]

Oh okay...I.will do that..thanks alot

[Anonymous]

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@Anonymous wrote:
Im looking for suggestions to build my credit by the end of the year to at least 690. My credit was a 680 at the beginning of the year but dropped tremendously in march because i had to max my credit cards out to pay my bills while in the hospital, i have 5 cc and 3 store cards, I need some solutions to help get my credit score back.up, I have some student loans and I had a secure loan which I paid off in like 3 months and it decreased my score 7 points, I.still have one open and will pay this one off over time. Please help im so depressed about my credit, I feel horrible. Current score:520 eqi 558 trans 567 expar due

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@Anonymous,

Welcome to MYFICO.  Don't be depressed as you have taken the 1st step to address the situation.  Can you list the cards, their balances and APRs?  Also, do you have any money to pay them off?

Are you just making minimum payments?

[Anonymous]

I have Capital One secure 1000, Capital One platium 1500, First premier 500 (I hate this card but my first cc) First premier platium 500 Bank Card 1500 Victoria secret 500 The Limited 500 and Express 500, all my cards except First premier has been.open less than 6 months but ive never had one missed payment and when I.was in the hospital I was making minimum payment, my utilization went from 17% to 99% now I have paid off both capital one and paying off the rest twice-three times a month and I have a steady job my income is 2700 a month but I just got promoted and will be making 3900 a month, I will like to increase the balance on.both capital one cards to at least 5000 and close first premier they give cl increases once a year, and I also have the fingerhut accout 500 which was opened in April and have paid off 150 of the balance so far.

[Anonymous]

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@Anonymous wrote:
I have Capital One secure 1000, Capital One platium 1500, First premier 500 (I hate this card but my first cc) First premier platium 500 Bank Card 1500 Victoria secret 500 The Limited 500 and Express 500, all my cards except First premier has been.open less than 6 months but ive never had one missed payment and when I.was in the hospital I was making minimum payment, my utilization went from 17% to 99% now I have paid off both capital one and paying off the rest twice-three times a month and I have a steady job my income is 2700 a month but I just got promoted and will be making 3900 a month, I will like to increase the balance on.both capital one cards to at least 5000 and close first premier they give cl increases once a year, and I also have the fingerhut accout 500 which was opened in April and have paid off 150 of the balance so far.

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Ok.. The cause of your score going down is the 99% utilization.  Once, you get it to below 30%, you should see an imporvement in your score.  Once you see that, apply for the Venture or Venture one from CAP 1 as those cards are giving huge limits.

Then close out the First Premier cards.  They will remain on your reports for 10 years.  So keep at it and pay the balance of quickly...

[Anonymous]

Girlygirl - you're definitely on the right track to reverse that score. Keep doing what you're doing and take the suggestions from CAP and Y-I-M and you'll be fine really soon. And, please don't be depressed. Congrats on the promotion!

[SouthJamaica]

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@Anonymous wrote:
Im looking for suggestions to build my credit by the end of the year to at least 690. My credit was a 680 at the beginning of the year but dropped tremendously in march because i had to max my credit cards out to pay my bills while in the hospital, i have 5 cc and 3 store cards, I need some solutions to help get my credit score back.up, I have some student loans and I had a secure loan which I paid off in like 3 months and it decreased my score 7 points, I.still have one open and will pay this one off over time. Please help im so depressed about my credit, I feel horrible. Current score:520 eqi 558 trans 567 expar due

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1. First, take heart that the utilization component of the scores "has no memory'; i.e. once you've got good utilization numbers, the bad utilization numbers are forgotten.

2. My approach would be to do the following:

(a) make no new applications for cards

(b) make no credit limit increase applications that would result in a hard inquiry

(c) make any credit limit increase applications that do not result in hard inquiries

(d) pay all which are over 50% utilization down to 49%

(e) when all your cards are 49%, start paying them all down to 29%

(f) when all are under 29% pay them down to 9%

(g) when all are under 9% pay some to zero, leave one or two at 1 to 9%

(h) bear in mind that utilization is almost always based on posted balance, so try to

steer your payments towards cards with closest statement dates, and your charges towards those that with

most distant statement dates