- Green Member
- Posts: 3
- Joined: Sat Feb 15, 2014 6:18 pm
- Location: Los Angeles/CA
So I have a horrible credit score. Went from 730 to 597 with simply being a foolish college student with too many credit cards. Now I have a decent job and am trying to pay them off one by one and be on my way to being more responsible with finances
So here are the stats:
BOA Student Platinum $1,100/$1,400 ~5 years
Citi Divident Visa $3,000/$3,500~4 years
Discover $2,700/$3,000~2 years
Macys retail card $790/800 <--- limit dropped from 3K to 800
(+2 other retail card paid off in full)
I have 4 delinquents on my cards (medical bills + 2 VERY late card payments) that will just not go away. huge ding on my score
Now the relatively good news:
In two weeks I will have collected 3K in savings. Now, Do I pay off one single card, or divide it up between my cards? What's the best approach to this to help my score go up?
Im tempted to pay off my BOA and cancel it but know that i cant, since its my oldest card. however its still considered a student card although I have graduated >2 years ago and has a low limit/no perks. Is there a way for me to ask BOA to change it to a "regular" card with a potentially higher limit?
Speaking of limits, I had never asked for CL inquiries on any of my cards until today with my citi card. got denied which stinks since I need a higher limit for my business trips. (income 35K, single, 180 rent/month) Citi lady said this was not a hard inquiry and no credit score was checked. Will this hold true for my other cards? I need a higher balance because I travel 2x a month for work and would like to use one card solely for business purposes.
However I don't want to go around asking for credit line increases on all my cards if there is the chance that I can get dinged for it AND my credit line might possibly get slashed. I cant afford that right now.
Sorry for the lengthy post but thanks in advance!