Will paying an account below my limit raise my score a few points in the next month?

Mar 012011
 

I have one CC that is currently above the limit.  I want to know if getting it below the limit (actually already is, just not reported yet) will raise my score a few points?

 

Thanks.

Looking for a boost, help!

Mar 012011
 

So here’s a breakdown of my credit account/payment history:

 

Open accounts:

Chase CC – $500 Limit – $0 Current Balance – Opened 6/2003 (30D lates, Jan 2006, Sep 2005)

CapitalONE CC – $1200 Limit – $0 Current Balance – Opened 3/2002 (30D late, Jan 2006, 60D late, Feb 2006)

Personal Loan – $2500 Original Disbursment – $1660 Current Payoff – Opened 5/2010 (Never late)

Auto Loan – $11735 Original Disbursment – $9211 Current Payoff – Opened 5/2010 (Never late)

US Dept. of Education – $63179 Original Disbursement – $63100 Current Payoff – Opened 1/2011 (Never late, have made 1 payment)

SallieMae Student Loan 1 – $9642 Original Disbursment – $13674 Current Payoff – Opened 11/2001 (Never late)

SallieMae Student Loan 2 – $7700 Original Disbursment – $12759 Current Payoff – Opened 10/2000 (Never late)

AES Student Loan 1 – $7734 Original Disbursment – $9581 Current Payoff – Opened 5/2010 (60D late, Sep 2006, 90D Oct 2006)

AES Student Loan 2 – $3351 Original Disbursment – $3498 Current Payoff – Opened 1/2006 (30D late, Jan 2007)

WellsFargo Student Loan – $5400 Original Disbursment – $6289 Current Payoff – Opened 2/2000 (30D lates, Jan 2009, Mar 2007)

Iowa Student Loan Loan – $5755 Original Disbursment – $4867 Current Payoff – Opened 10/2002 (30D lates, Mar 2009, Jan 2009, 90D late, Jun 2006)

 

Closed Accounts:

Key Bank Credit Line – $500 Limit – Opened Jun 2004 – Closed Aug 2007 – (Never late)

Personal Loan – $2368 Original Disbursement – Opened Jul 2008 – Closed Jan 2009 – (Never late)

Personal Loan – $2700 Original Disbursement – Opened Apr 2004 – Closed Apr 2006 – (30D lates, Apr 2006, Feb 2006, Sep 2005, Aug 2005, Jul 2005, Jun 2005, 60D lates, May 2006, Nov 2005, Oct 2005, 90+D lates, Sep 2006, Aug 2006, Jul 2006, Jun 2006, Dec 2005)  This account ended up in small claims court, which is the judgement listed below.  Yes, I was going through a very tough time financially…

Iowa Student Loan – $12232 Original Disbursement – Opened Dec 2004 – Closed Jan 2011 – (Never late, consolidated this loan into the US Dept. of Ed. loan listed above)

Best Buy CC – $1200 Limit – Opened May 2003 – Closed Aug 2008 – (30D lates, Apr 2008, Aug 2007, 60D late, Feb 2006)

Snowmobile Loan – $6240 Original Disbursement – Opened Nov 2007 – Closed Jul 2009 – (Never late)

Boat Loan – $2000 Original Disbursement – Opened Apr 2009 – Closed May 2009 – (Never late)

Auto Loan – $5646 Original Disbursement – Opened Jan 2009 – Closed Apr 2010 – (Never late)

Auto Loan – $2950 Original Disbursement – Opened Jun 2009 – Closed Jan 2010 – (Never late)

Auto Loan – $18917 Original Disbursement – Opened Mar 2005 – Closed Mar 2008 – (30D lates, Jul 2007, Jun 2007, Jan 2007, Dec 2006, Jul 2006, Apr 2006)

Auto Loan – $8450 Original Disbursement – Opened Apr 2004 – Closed Mar 2005 – (Never late)

Auto Loan – $5300 Original Disbursement – Opened Aug 2003 – Closed Apr 2004 – (Never late)

 

Collections:

Home Properties – Assigned 9/2006 for $803 – PIF as of 8/2008

Time Warner Cable – Assigned 9/2006 for $350 – PIF as of 8/2008

 

Public Record:

Paid Civil Judgment – $547 – Filed 7/2006 – PIF 8/2008 (Reference $2700 Personal Loan above for more info.)

 

My current FICO’s (pulled here) are TU675, EQ681 and EX661 (pulled in January by a lender).

 

So now that you are aware of my credit report info. how do you think I can break the 700 point mark?  Just time?  I’ve already tried GW letters for ALL the baddies with absolutely no luck.

How Much to Charge?

Feb 022011
 

Hi,

 

My bankruptcy was discharged in December of 2009, and I’ve just received a new Orchard credit card with a $300 limit. My question is, does it matter how much I use the card? Would it help if I charged it up near the limit and paid it off every month, or would charging $25 a month and paying that off have the same effect? I can easily use it for my groceries and things if that would help. Does anyone know?

 

Thanks so much!

Is settling CC accounts okay in order to start fresh?

Jan 302011
 

Hi,

 

I wanted to know if settling one of my CC card would be okay so that I can get them paid off and be done with it. My BofA is currently over the limit and closed. If settling ois okay, what should be reported on my credit report? I know it depends on the wording as far as “paid in ful”, or “paid as agreed” and so on…please let me know. Also how will this effect my credit score?

Utilization in correlation to CS

Jan 302011
 

Just wondering what kind of effect I would experience in my credit score if I pay down a big chunk of my credit cards. Right now I have one card with 500 limit with a $388 balance and a second card that has 1130 limit that has a 1069 balance on it. Not good I know. But for your information my cc with a limit of 1130 was 1800 just 2 months ago and I paid a big chunk of that and then cc company lowered my limit to 1130. 

 

Anyways I was planning on paying my $500 card down to $100 and my $1130 card down to $500. That would increase my total available balance from $176 to $1030. 

 

What kind of credit score increase would i be looking at typically?

 

Over the credit limit versus late fee- TOTALLY different thing, right?

Dec 122010
 

Tis the season and all that, but I finally got my Christmas bonus this week at work and I can finally pay off ALL my credit cards in full Monday afternoon.  Just Wednesday I got an alert that one of my cards was over the limit and it dropped my score 12 points.  This isn’t something that stays on my credit is it?  I can simply pay this off and it will drop my utilization causing my scores to go BACK up and all will be well, right?

 

 

 

THANKS!!!!

What are the new laws about not activating or accepting the card that has a low limit

Dec 042010
 

I went on a application frenzy which worked out well, but I’m not happy with bank of Americas CL of $ 1000 and Chase line of $ 1000.  AMEX and City were much more generous.  My goal was to get prime cards and to have larger lines of credit.  These two lines of 1000 are less than I have with HSBC!! Kinda a slap in the face. I should have expressed my concern when bank of America called this morning for finial approval.  I will call them in the morning and explain the situation.

 

  My plan is to use my AMEX and citi for all my charges.  It just makes since to try and increase the limits on the highest cards.  I will be charging around $ 2500 a month.  Any suggestions? And anyone knowledgeable about the news laws in regards to turning down a card in which you were approved for?

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