Score increase tips?

Submitted by birdfan83 on Thu, 03/12/2009 - 14:08

The scenario

TU 509 Ex 501 Eq 553 on 1/12.

Since then i've gotten 3 inaccurate derog's deleted and paid to delete others which havent gone though yet. I have a Bk from 2002 that I'm using Lexington Law to try and remove as well.

I just opened up a $300 boa secured cc, would it be worth it to open up another one with like a $700 limit, then use about 20% each month then pay in full?

I have a great job now for the past year which has allowed me to take care of alot of issues and have been told by my broker to get my middle atleast around 560ish to get a FHA. Any other tips? All 3 scores get updated on sat and I'll repost.

Thanks so much for your time.

Birdfan, A bankruptsy can not be removed from your credit report until the required time has passed. Bankruptcy stays on your report for 10 years. (I had one that finally fell off a few years ago). Yours should fall off in 2012. Another credit card can als=ways help but what works the most is how long you have had a credit card because the longer the good payment history the better your score. Always keep debt way below the actual credit limit..it looks a lot better and helps your debt to income ratio.

Thu, 03/12/2009 - 14:14 Permalink

I agree with Fireyone. Bankruptcy is a public record which cannot be removed from your credit report before 7 years. Now since your bankruptcy was discharged in 2002, it would possibly get removed from your report in 2009. After it gets removed from your credit report, your score would improve. Since you already have a secured credit card, you can use it to improve your score by repaying back on time. You can definitely take another secured card with $700 credit limit, if you can afford to do so. But I think that it is good to maintain a maximum of one to two credit cards.

Fri, 03/13/2009 - 06:26 Permalink

You said you were using Lexington Law? How's it going with them? I'm just curious..because I had some HORRIBLE experiences with them ( long story). However.......I DO know a BK does stay on your credit for a certain amount of time. I don't think any company/lawyer can remove it.

Fri, 03/13/2009 - 11:27 Permalink

Lexington law does have some scary stories. I believe anything most of these agencies can do a person can do theirself. Registering and becoming a member here at the credit magic forum helps for a lot of reasons. You can post questions and ask the how to's and get wonderful, helpful advice. Anyone who tells you they can remove a bankruptcy is someone I would not hold much trust in.

Fri, 03/13/2009 - 16:26 Permalink

Thanks guys .... I'm looking forward to tomorrows check up!

I just started with LL i'm going to try them for several months. On my cr it shows 2 Bankrupt which is false they are both around the same time with different iden #'s and everything so I believe they are trying to remove the false report.

So 2 cards would help just pay them both on time..... its all about your balance to actual credit limit correct ? I've seen alot of talk around dont hold more than 30 percent balance?

So if I get another one for 700 I'll have 1000 credit line so dont use more then 300? Also does paying in full each month matter one way or another?

Thanks

Fri, 03/13/2009 - 16:29 Permalink

If you don't mind me asking, ...how long has the BK been on your credit? I agree with the above posts, however........I don't think you can get a BK removed. I think you just have to 'wait it out.'

Sat, 03/14/2009 - 14:07 Permalink

ok just looked it up 11/1/2002 file date .... close date 2/1/2003

get to check scores in 30 min .... should I wait like a month before opening up another secure card? Should I get another boa one or does it not matter?

Sat, 03/14/2009 - 17:33 Permalink

TU 509 EX 504 EQ 556 I'm applying for another secure card now the boa hasnt come yet. I have about 6 dispute letters out right now so hopefully within 60 days I can have a few things off and see a nice jump .... any advice on how to manage balances on these cards?

Sat, 03/14/2009 - 22:47 Permalink

FIREYONE..................YEP....I DO agree. If a Lawyer/Company tells you they can remove a BK, that would be a great big 'Red Flag' for me!! When I was dealing with LL, they were drafting money out of my bank account, each month. and was doing NOTHING on my credit. They CLAIMED they were, until I found out otherwise. When I tried to cancel, they 'informed' me I "signed acontract for so-many months, to have the service." I REALLY thought that was BOGUS!! I 'Stopped Payment' through my bank ( they were very understanding about the situation.) LL sent me a bill for the "Unpaid Blanance." I told them on the phone that I was not satisfied with their services and that they were not upholding their agreement. I received a letter from them a short time later...stating "Balance PIF."

Sun, 03/15/2009 - 14:11 Permalink

You need to come to a repayment plan with the creditors and pay off your debt slowly by budgeting your expenditures. Moreover, if some of the negative items gets removed from your credit report as a result of your dispute, then your credit score will definitely improve. However, to take your score to 600 and above, you should start building up your credit history with your secured card.

Mon, 03/16/2009 - 07:27 Permalink

Ok i now have a $300 Boa secured and a $500 Applied Bank secured, what balances should I hold on these cards and should i pay them off in full or does that matter? Also any idea points wise how this could help ? Thanks!

Tue, 03/17/2009 - 15:57 Permalink

BIRDFAN83......when you say, "Applied Bank", are you talking about a Applied Credit Card? Someone, on this site, actually recommended the Applied CC ( I don't know if you're talking about the same thing, though) to improve credit.

Tue, 03/17/2009 - 23:00 Permalink

OH..ok.....thanks. I'll look into it. I'll see what I can do. You said you DO have Applied Bank? How has YOUR experience been with them?

Thu, 03/19/2009 - 03:26 Permalink

HI yes a secured cc is great. You can use up to around 45-50% monthly then pay it in full will help boost your score the most. As for your score for a getting a FHA loan for a house correct? The min score right now has been moved up to 620 min. You are not too far off to achieving this goal. Paying ur bills on time and paying them off will help you the most. Do you have any late payments on ur credit report? Having these removed will help boost your credit score.

Wed, 04/08/2009 - 15:37 Permalink