How to raise your credit score fast?

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1913wildcats
 
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Joined: Mon Jun 14, 2010 1:37 pm
Location: TN

How to raise your credit score fast?

Postby 1913wildcats » Mon Jun 14, 2010 1:59 pm

I have decided to try and rebuild my credit score. The past three months I have just tried to pay down my cards as much as possible and not use them except to have low balances. I am going to explain my situation because I need any advice that can be given to raise my score fast. I know in credit you need the whole picture to give advice alot of times.

In April my credit score finally got into the 600's, May my score was a 608 and in June it went to 633.

I have a tax lien on my public record where my wife and I pay the IRS 1000.00 per month every month but it only reflects the beginning balance of the installment agreement. The good news is it is being paid down but the bad news is they do not report all our on time payments.

I have one collection that is over two years old so I only agreed to pay it if they DELETE it from my credit report and they declined so that is on there. I have read on here not to pay something over two years old.

I have several lates in the past from my student loan but am current at the moment. That I believe really hurt my credit score with some 90 day lates from a few years ago.

I had the Orchard Bank credit card (600 limit) and Two Capital One cards both 1500 limits. I had these three CC accounts for about two years or so. All cards were close to the limit until about (3-6 months ago).

I closed the Orchard Bank account and paid in full because it had a Annual Fee and I was approved for three cards with NO Annual Fees- a Sears(2500), Target (200) and Wal-Mart(600). I figured this would help my utilization rate and get a Annual Fee knocked off.

The Sears has been opened a few months and has 70.00 balance, Target has a 25.00 balance and Wal-Mart has less than 200.00 balance.

The Capital One cards are the ones I have a question on-

One card has a balance of 1170.00 and the other card has a balance of 748.00.

My question is of these five cards am I correct to keep paying the 748.00 balance card until I get below 30%(450 balance?) or would I be better to start working on the 1170.00 balance to get it under the 70% utilization rate quickly?

I plan to pay about 300.00 this month extra and trying to figure out the best course of action.


1913wildcats
 
Posts: 2
Joined: Mon Jun 14, 2010 1:37 pm
Location: TN

Postby 1913wildcats » Mon Jun 14, 2010 3:37 pm

My goal is to try and get in the 675 range within one year(from April)!

I am not even sure if that is possible with the public record but that is the goal I have set and am pushing to achieve.

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Cucumber
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Postby Cucumber » Thu Jun 17, 2010 5:57 pm

Um I think you gotta try and get both Cap One accounts to a lower utilization.

Let me get this right...

1170/1500 on one account
748/1500 on the other

The 1170 is hurting more. If I were you I would put all my efforts into paying that one down and then once it's at the same amount as the other, you can put equal efforts into them.

I know there is an article on this message board somewhere that said all it takes it one account with high utilization to mess things up. It doesn't matter if all the others had 0 bec FICO doesn't use an average on this. All it takes is one account to be high...
OBAMA
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