How much of a score increase

Feb 272011
 

I have the following reporting across all three reports

 

Child support (Collection Acct $500.00)

Asset Acceptance- $634.00 open account factoring

Wood LAw PC $101.00 open Collection

3 max out credit Cards $300.00 limit

 

If I have the the Child support, wood law pc and the asset acceptance removed. and paid off all the balance on the maxed out cards to $1.00 what would my score be. Right now I have like a 580ish on Transunion and 582 on equifax.

Suggestions to recover

Jul 082010
 

Hi

 

I have got into a deep credit card debt. I did now got a $10k personal loan to pay off a few of my credit cards. Here is a resume of my debts:

 

AMEX – $3200 – 17.5% – Maxed out

AMEX – $3500 – 22.1% – Maxed out

AMEX – $6000 – 17.5% – Maxed out

Citi – $7000 – 29.99% – Maxed out

Citi credit line – $10000 – Variable – 80% maxed out

Chase – $3200 – 27.5% – 80% maxed out

HSBC – $1850 – 27.5% – 80% maxed out

 

Ideally I would like to pay off the 2 AMEX and the HSBC. By doing that, how should I expect my score to increase?

 

Any other suggestions to use this 10k ?

 

Thanks

Still Looking for 3-5 points: Over Limit Cards vs. 90+%

Mar 222010
 

 

Is there any difference in scoring between maxed out/over the limit cards and cards that are reporting

just under the limit? I know that 90% or more is generally considered maxed out, but is

99% util on a card considered better than those that are reporting over the limit?

 

I only “need” a few points and I have 3 cards that are reporting over the limit and I can pay them

down slightly to get them under the limit. My util would still be obscenely high, but is there

maybe a slight increase in my scores for getting the cards under the limit?

 

I have 10 cards. Some are fine, most are on the high end of util and as mentioned above, I

have 3 cards reporting over the limit.

 

Thanks!

Paid of credit card

Feb 282010
 

I am 20 years old and i had an installment loan with a bank for my truck and a kay jewelers cc for my wifes ring. I paid off the installment in full and wrote a check for $3,600 and the kay for $1,600 paid in full. I also have a shell gas card for one year now. My credit suffered from the kay cc bc it looked like a maxed out cc but it really wasnt. My fico score was 720 before the kay and bc of it maxed out it fell to 640. Will my credit go right back up bc i paid it off in full?

Huge CC Debt and still need $25K more

Feb 092010
 

I’m near the end of a huge drain on my finances. It was caused by multiple factors:

 

- I have a small business where the entire industry has been going downhill since late 2000. It has now been hit really hard by the current economic conditions. The gross is currently off 75% from the peak in 2000.

- I have another small business that has been hit by the current economy.

- My ex embezzled money from both business and dug a big financial hole.

- I’m at the end of a 5+ year divorce that has cost a fortune. When filing for divorce, my ex maxed out all accounts to which she had access.

- I’ve become a single parent as my ex does not contribute to any expenses of my son. I have also had huge legal expenses as a result of her being convicted of criminal charges including Willful Child Cruelty but still wanting conpletely unrestricted visitation.

 

I started with very good credit and substantial savings but now have substantial debt. I now need $25K more for final property settlement in divorce. My CC are now:

 

Account         Rate%   Balance     Limit     Notes
 
Personal Accounts:        
Amex            15.24         $0    $3,100   
BMW             13.24         $0   $15,000   
HomeDepot       25.99         $0   $13,500    Store Card   
Kohl’s          21.90         $0    $1,500    Store Card    
Sears MC        14.49         $0    $8,000   
       
HELOC            4.63    $30,000   $30,000       
CapOne           5.99    $16,380   $18,000   
Chase#1          4.99     $7,450   $13,500    BT Promo Rate, goes to 24.24 2/1/2011 
Chase#2          2.99    $18,390   $20,000    BT Promo Rate, goes to 14.24 3/1/2011 
       
Business Accounts:
BofA             0.00    $30,567   $46,000    BT Promo Rate, goes to 8.49 7/1/2010 
CapOneBus        9.99     $3,939   $20,000   
Disc             0.00    $11,392   $15,000    0% Short Term Promo, goes to 18.24 4/1/2010 
—————————————————————————————- 
Total Revolving on CRs  $118,118  $203,600    58% utilization on Credit Reports   

       
Business Accounts that don’t appear on Personal CR      

       
Advanta         10.99     $7,000    N.A.      Advanta cancelled all CC so no new charges 
Amex-LOC         9.49     $2,700    N.A.      Amex cancelled all LOC so no new charges  
BofA MC          7.99     $7,100    $7,400   
BofA Visa       16.49         $0   $56,000   
Lowes Bus       21.00         $0    $7,500    Store Card  
       
       
TotRevolving            $134,918  $274,500

Average Interest Rate on actual balances:      3.91%    
(Rate*Balance) / Balance    

 

My current FICO has dropped to 708 and current FAKO from EX is now 744. I’m afraid that any more debt might start the landslide where creditors see too much debt and lower my limits, leading to further AA. As you can see I have a current effective interest rate on this debt of only 3.91%. Charging the $25K on the BofA visa at 16.49% would be a killer from the standpoint of average interest rate AND I would then owe BofA a total of $65K, which seems it would catch their attention.

 

I’m using the temporary Discover 0$ promo to pay the CapOne Business to $0 by next reporting so I should get a slight score boost when I have one more CC reporting $0.

 

Any great ideas that I’m missing?

Message Edited by GregB on 02-09-2010 08:20 AM
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