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What Do You Suggest to Raise Credit Score

amfetamyne
Member

What Do You Suggest to Raise Credit Score

Hello! So...I'm feeling a bit despondent about this whole process. I'm trying to recover from some bad choices early in my credit career and from effects of COVID on my income but I'm still doing my best to pay down debt and drive my scores up...Like, I desperately want to raise my credit scores across all bureaus and all types...

 

Current:

EX - 590

EQ - 597

TU - 608

 

Current Credit comprised of 40 accounts. Only one account has been past due this year: Capital One Auto (4x 30-late but current for the last 3 mos)

I have only one CC (out of 11) with a balance $349/$500 (70% Util)

 

Six old accounts are in collections where I'm actively paying one off

No public records

7 inquiries since December 2020

 

So my question is...where are there points where I can make immediate change to my scores to improve them, aside from the obvious (paying my bills on time)? Thanks in advance for any assistance you can render. Much appreciated!!

 

My goal is to see my scores be in the 700 range ASAP.

 

 

Started from the bottom...




Starting Score: 573
Current Score: 594
Goal Score: 750


Take the myFICO Fitness Challenge
6 REPLIES 6
SouthJamaica
Super Contributor

Re: What Do You Suggest to Raise Credit Score


@amfetamyne wrote:

Hello! So...I'm feeling a bit despondent about this whole process. I'm trying to recover from some bad choices early in my credit career and from effects of COVID on my income but I'm still doing my best to pay down debt and drive my scores up...Like, I desperately want to raise my credit scores across all bureaus and all types...

 

Current:

EX - 590

EQ - 597

TU - 608

 

Current Credit comprised of 40 accounts. Only one account has been past due this year: Capital One Auto (4x 30-late but current for the last 3 mos)

I have only one CC (out of 11) with a balance $349/$500 (70% Util)

 

Six old accounts are in collections where I'm actively paying one off

No public records

7 inquiries since December 2020

 

So my question is...where are there points where I can make immediate change to my scores to improve them, aside from the obvious (paying my bills on time)? Thanks in advance for any assistance you can render. Much appreciated!!

 

My goal is to see my scores be in the 700 range ASAP.

 

 


1. You can get an immediate boost by paying the one open credit card with a balance, which has a $500 limit, down from $349 to $140.

 

2.  If you have closed credit card accounts with balances, pay those balances down.  The more you pay them down, the better. With those you might want to try the snowball method:

Pay off smallest balance first, then next smallest, and so on.

3.  Any open loans, just pay them on time.

 


Total revolving limits 698000 (605000 reporting) FICO 8: EQ 721 TU 742 EX 715

Message 2 of 7
amfetamyne
Member

Re: What Do You Suggest to Raise Credit Score

Thanks for that quick response @SouthJamaica !

 

I was thinking about paying tht card off completely but I thought I read somewhere here that having all credit cards with zero balances would actually hurt my credit scores. Looks like you're suggesting getting utilization just below 30%/

Started from the bottom...




Starting Score: 573
Current Score: 594
Goal Score: 750


Take the myFICO Fitness Challenge
Message 3 of 7
amfetamyne
Member

Re: What Do You Suggest to Raise Credit Score

Also, as far as the closed accounts, aside from the satisfaction of knowing I've retired the debt, does paying them really help my credit score, especially if they are older accounts?

Started from the bottom...




Starting Score: 573
Current Score: 594
Goal Score: 750


Take the myFICO Fitness Challenge
Message 4 of 7
RSX
Valued Contributor

Re: What Do You Suggest to Raise Credit Score

yes - if they have a balance, they are holding back your scores

 

get them to a $0 balance and you will start to see your scores rise over time

 

Dec 16/2019. EX. 721. EQ. 723. TU 746
Dec 29/2020 EX. 729 EQ. 723 TU 746
Sept 9/2021 EX. 734 EQ. 737 TU 746
Inq. EX 5 EQ 2 TU 5 - - CC 4x24, 3x12, 0x6
Amex BCP $32k - Apple GS $19k - BMW/Elan $9k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Boundless $10k - Chase United Club Infinite $26k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $23k - HSBC Gold - $13k - Penfed Gold - $12.5k - USBank Cash+ -$24k - HSBC LOC - $13.5k - PenFed LOC - $20k
Message 5 of 7
SouthJamaica
Super Contributor

Re: What Do You Suggest to Raise Credit Score


@amfetamyne wrote:

Thanks for that quick response @SouthJamaica !

 

I was thinking about paying tht card off completely but I thought I read somewhere here that having all credit cards with zero balances would actually hurt my credit scores. Looks like you're suggesting getting utilization just below 30%/


Yes 28% takes you out of the penalty box.  That's for individual open revolving accounts. If you were to have it at $20 or $30 that would be fine too. But the main thing is to get it down to 28% or less.

 

But if you have closed revolving accounts with balances, there's no easy answer there.  The limits are no longer counted in your aggregate revolving utilization, but the balances are. So they are a total drain on your aggregate revolving utilization.  There are no quick fixes there except to pay them off.  It's possible that if you get them each paid down to 28% of the original limit that will help, but I don't know that.

 

 

 


Total revolving limits 698000 (605000 reporting) FICO 8: EQ 721 TU 742 EX 715

Message 6 of 7
SouthJamaica
Super Contributor

Re: What Do You Suggest to Raise Credit Score


@amfetamyne wrote:

Also, as far as the closed accounts, aside from the satisfaction of knowing I've retired the debt, does paying them really help my credit score, especially if they are older accounts?


Absolutely.  It doesn't matter how old they are. They are screwing up your scores terribly.


Total revolving limits 698000 (605000 reporting) FICO 8: EQ 721 TU 742 EX 715

Message 7 of 7
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