Higher Credit Score Needed Asap

For just about anything you want to get off your chest about credit cards.
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CKB750
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Higher Credit Score Needed Asap

Postby CKB750 » Sat Jan 24, 2015 11:35 am

Hello everyone I've been following this forum for a while and I need your help I currently have a credit score between 615 to 640 I was denied a loan at a local credit union and I need to know what's the best route to take at this point to increase my credit score I have currently to first premier bank cards one capital one and one Merrick bankand the balances are high I also have a state tax lien that was also a part of my denial for the loan is it best that I pay off all my credit card balances and pay the state tax lien off what do you guys recommend that I do to get a higher credit score and to get better cards please help me I have the funds to pay off everything that I Need to pay thank you


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nismoZtuner
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Postby nismoZtuner » Sat Jan 24, 2015 4:39 pm

Simple pay off what you owe and wait till they report- usually 4-5 days after payment is due...score will increase and problem solved!
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
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CKB750
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Postby CKB750 » Sat Jan 24, 2015 7:10 pm

And which cards will I most likely have a better chance of getting approved for besides the ones that I stated above after everything is paid off I'm looking for a card that I will get approved for such as Chase freedom,Chase Sapphire, discover It Etc....

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CarefulBuilder14
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Postby CarefulBuilder14 » Sat Jan 24, 2015 7:33 pm

Definitely pay off the tax lien in full ASAP. Being behind on your taxes is a major red flag to creditors. How can they expect to be repaid on credit card debt when you haven't yet paid the government?

What are your current balances and credit limits? You just say you have high balances on your current cards.

I'd just get a low or no-fee secured card from a credit union, since you say you have money available. I don't think your odds of getting a prime rewards card are very good.
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ingramjuan
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Postby ingramjuan » Sat Jan 24, 2015 7:40 pm

You should defiantly pay everything off and don't apply for credit until you do. After the tax lien is paid off make sure they report that as closed and paid in full on your credit report.
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CKB750
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Postby CKB750 » Sat Jan 24, 2015 9:30 pm

I don't think the chances of getting a prime rewards card at this point are good right now myself..Well the tax lien is already been reported as a judgment so I will be paying that off next week.As for credit limits on those cards Capital one has a limit of $750,Merrick bank has a credit limit of $1400,and the (2) First premier cards has a limit of $850 and the other $950

CKB750
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Postby CKB750 » Sat Jan 24, 2015 9:48 pm

@ingramjuan I gonna bring all the CC balances to a 0 balance and pay off that tax lien.. I think I need a letter of declaration to send to all 3 credit bureaus

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lobbythis
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Postby lobbythis » Sat Jan 24, 2015 11:13 pm

You have horrible cards with extremely low limits and unpaid taxes.

No, you won't be getting anything major any time soon. That's just a silly dream at this point.

Be serious and pay everything off, especially with those low limits.

You've been on this board since 2012? Clearly you haven't learned much.

CKB750
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Postby CKB750 » Sun Jan 25, 2015 8:29 am

I'm not looking to apply for anything major anytime soon! I have Cash,I'm just trying to boost up my score by paying off the all the cards and the judgement..And yes I have been a member but I wasn't on this forum for a long time I'm catching up on things #LIFE

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InCreditWeTrust
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Postby InCreditWeTrust » Sun Jan 25, 2015 12:57 pm

CKB750 wrote:I'm not looking to apply for anything major anytime soon! I have Cash,I'm just trying to boost up my score by paying off the all the cards and the judgement..And yes I have been a member but I wasn't on this forum for a long time I'm catching up on things #LIFE


Keep in mind there are a number of factors that determine your credit score.

1) Credit Card Utilization % (General rule is stay less than 50%)
2) Derogatory Marks
3) Payment History (pay your bills on time)
4) Age of Credit History (The higher the age usually the better, this you have no control over*)
5) Credit Inquiries

The biggest thing you need to do is reduce your credit card utilization rate as others here have suggested. Second thing make sure to pay your bills on time. Overtime, you will see your credit score rise up. Note the first three factors have the highest impact on your credit score.


*Unless you cancel a credit card bringing down or up your average credit history depending on the age of card.



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