Posted on: 10th Mar, 2009 11:45 am
Hello everyone I am still trying to bring my scores up to at least 650 and have about 100 points (?) to go. my lowest score looks like 501, and I think my highest score so far is 56 I really want to start paying down my debt which really isn't too much, and I only have 3 credit cards all of which are current my credit limits aren't very high the most credit I have on one card is $850, and that is a department store credit card that I've had opened for a year now I don't really want to use it anymore, but don't want to close it either I figure it should be okay if I use it every once in a while, and just pay the full balance off on it. My other two credit cards each have only $200 on them, and are current but I have stuff in collections that I think are affecting me too can anyone give me some advice on this? I've heard conflicting stories w/ the debt consolidation companies, and how can I find a reputable one? I also have some old payday loans that I just want to pay off, and be done with them I'll never do that again.
Thanks all,
Thanks all,
Oops sorry for the type-o it's supposed to say 556 I'm not sure what my debt to imcome ratio is. but my debt is different on each one also on my Experian, and Equifax reports it says I have a mortgage from 01-05, and I've never had a mortgage in my name how can I dispute this??? Thanks, again everyone
missy, a debt consolidation loan, given it would be a new credit showing up, might have an immediate effect on your score (down), but as you make payments and with the elimination of the other balances, you'll see a favorable effect on your scores. what you need to be sure to do is to keep your credit usage to a minimum and maintain the payments on a monthly basis on the loan. i think you're right about the credit card and how you would plan to use it - that ought to work out okay for you. keep one or both of the other accounts open, and avoid using them as much as possible. it is best to have at least 3 open and "active" accounts so that your scores will be enhanced.
keep balances, if you carry any, as low as possible on those cards also, and don't go shopping for new credit unless it's absolutely necessary.
as for the mortgage, you can write to equifax and provide them with your personal information, requesting that they investigate the mortgage reported and remove it once they've finished that investigation.
do not pay anyone to do these things - it's a waste of your money.
keep balances, if you carry any, as low as possible on those cards also, and don't go shopping for new credit unless it's absolutely necessary.
as for the mortgage, you can write to equifax and provide them with your personal information, requesting that they investigate the mortgage reported and remove it once they've finished that investigation.
do not pay anyone to do these things - it's a waste of your money.
Thank you George you've been very helpful I will make sure to follow your advice as I really want to raise my credit score up up up maybe someday I can what my grandma used to call Triple A credit 800 and up!
you go missy!