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Old 10-15-2008, 12:12 PM
 
Location: Wichita,Kansas
2,731 posts, read 6,151,034 times
Reputation: 1343

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I would like other experiences with this.
Havent looked at my score recently but i would guess in the 570 range.
I have 3 credit cards that are maxed(low credit lines)
A car loan im never late on.
Some bad stuff but most of it is over 4-5 years old.
I understand what i need to do to improve the score but how quickly..
Can you see a score improve?
I would like to get a Dell account,Best Buy,What range do you normally..
Recieve offers that are not sub-prime?
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Old 10-15-2008, 02:19 PM
 
Location: Hampton Roads, Virginia
1,123 posts, read 4,862,736 times
Reputation: 689
My answer 6 mo ago would be different than today !
The first thing you need to do is pull your reports - go to annual credit report.com. When I pulled mine 6 mo ago I was shocked - I thought they would be horrible horrible. Wrong! My scores were in the very low 600's. I worked on them for several months - I disputed some things and a few were deleted and my scores jumped to around 640. With that - I got several new CC's, a used car loan at a subprime rate (10% - but I have seen worse AND I did have a redeemed repo) and got limits on my existing cards increased. It was a pretty sight!!!!

Enough about me.... but seriously, you have to pull your reports and check your scores so you know exactly what you are working with.

To improve your score you need to decrease your utilization to less than 30% (much less is better) and see if any of those baddies can be disputed. Once you do that, and your score climbs over 600, you may be able to get some of the easy cards. But remember everyone is tightening up so it may be awhile before you can add to your collection. Never ever be late on the cards you do have. 1 30 day late will set you back big time.

Make a budget to get those cards paid down and that will be the quickest way to see your score increase. The old bad accts could keep you from getting new credit, but you can work on those by checking the SOL and disputing errors.
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Old 10-15-2008, 02:30 PM
 
Location: Wichita,Kansas
2,731 posts, read 6,151,034 times
Reputation: 1343
I have been maybe a few days late on a c/c and maybe a week late once.
Does that show up as late?
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Old 10-16-2008, 05:02 AM
 
Location: NE Florida
17,835 posts, read 30,277,689 times
Reputation: 43284
Quote:
Originally Posted by averagejoe76 View Post
I have been maybe a few days late on a c/c and maybe a week late once.
Does that show up as late?
It will show late on the credit companies records but not on your credit report . Many credit cards will hit you with a late charge if the payment is 1 day late, this may also result in them raising your interest rate especially if the late payment is on a introductory or balance transfer rate.

In order for it to show on your credit report as a 30 day late you have to go 31 days from the cycle (statement closing) date.
For example:
Your payment due date is May 5th your account cycles(new statement goes out)on May 15th if you still have not made the payment by the next cycle date of June 15th on June 16th it will be reported as a 30 to the credit bureaus. If by July 15th they still have no payment( or even a partial payment) this will become a 60 on your CR.
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Old 10-16-2008, 06:31 AM
 
Location: Ohio
20,979 posts, read 14,850,718 times
Reputation: 17298
Quote:
Originally Posted by averagejoe76 View Post
I would like other experiences with this.
Havent looked at my score recently but i would guess in the 570 range.
Boy will you be in for a surprise.

Quote:
Originally Posted by averagejoe76 View Post
I have 3 credit cards that are maxed(low credit lines)
To achieve maximum scores, each credit card balance cannot exceed 20% of the credit limit. In other words if your credit limit is $1,000 and your balance is $200 or less but greater than $100 you get max points. Over $200 and your credit score starts dropping.

Quote:
Originally Posted by averagejoe76 View Post
I understand what i need to do to improve the score but how quickly.
In credit repair there are no shortcuts and if you aren't ready and willing to take legal action, you'll just have to wait it out in many cases.

Quote:
Originally Posted by averagejoe76 View Post
Can you see a score improve?
Sure. It takes 6 to 48 months, sometimes longer. Like I said, there are no shortcuts and you have to tread very lightly so as not to "wake sleeping giants."

When I moderated a credit repair forum I relished in the fact the "I want it, gotta have it, give it to me now!" GenX/GenY people who ignored me and tried to take shortcuts usually ended up getting sued and then had judgments on their credit reports that tanked their scores.

The best thing to do is get copy of your credit report, scrutinize the negative trade-lines, learn the statute of limitations for your state and then develop a repair plan and put it into action.
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Old 10-20-2008, 04:20 PM
 
Location: Kansas City, MO
5,763 posts, read 9,896,788 times
Reputation: 2810
First priority - pay your balances down to around 1/4 of your credit limit on those cards. Having maxed out cards will kill you.
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Old 10-20-2008, 05:55 PM
 
Location: Honolulu, HI
4,933 posts, read 5,346,468 times
Reputation: 6185
Paying down credit card debt is the fastest way to improve your FICO scores. For max FICO points, have less than half of your accounts reporting any balance, and the ones that do, less than 5% of their credit limits. Don't worry about installment loans with balances, they hardly factor in FICO scoring, the revolving debt is what really matters. After you do this, repair then rebuild.
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Old 10-23-2008, 06:22 PM
 
Location: Boston MA
74 posts, read 248,123 times
Reputation: 28
Quote:
Originally Posted by averagejoe76 View Post
I have been maybe a few days late on a c/c and maybe a week late once.
Does that show up as late?
No! If your C/C is due on 15th of the month and you don't pay until the 30th don't show up on your credit report! You would have to go 30 days late in order to show up in your credit report (in my best knowledge) BUT depending on your C/C company your special rate may go up and you will definitely pay late fee.
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Old 10-25-2008, 11:59 AM
 
Location: Seattle, WA
1,368 posts, read 6,032,522 times
Reputation: 542
Quote:
Originally Posted by kaimuki View Post
...For max FICO points, have less than half of your accounts reporting any balance, and the ones that do, less than 5% of their credit limits.
Quote:
Originally Posted by stacylee926 View Post
To improve your score you need to decrease your utilization to less than 30% (much less is better) and see if any of those baddies can be disputed.
Quote:
Originally Posted by RjRobb2 View Post
First priority - pay your balances down to around 1/4 of your credit limit on those cards. Having maxed out cards will kill you.
Quote:
Originally Posted by Mircea View Post
To achieve maximum scores, each credit card balance cannot exceed 20% of the credit limit. In other words if your credit limit is $1,000 and your balance is $200 or less but greater than $100 you get max points. Over $200 and your credit score starts dropping.
so, one person says:<30%
Another: 10-20%
3rd: <25%
4th: <5%

I get an average of: 18.75% is recommended?

Anyone want to explain where they got their numbers?
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Old 10-25-2008, 11:48 PM
 
Location: NE Florida
17,835 posts, read 30,277,689 times
Reputation: 43284
the amount owed is 30% of your credit score
I checked on bankrate.com their experts recommend a total balance of no more than 40 % of your credit limits.
here is a link to an interesting article that explains the break down on how you score is figured
Canceling department store credit cards and your credit score
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