I need 18 points

try crown jewelers and jb robinson cards, real fast!

Out of the total credit limit of $10K, you have spend $8570 on your credit cards (after paying off $1300), which means that you have used up over 85% of your credit limit. As a result the debt to credit ratio has increased which has affected the "amounts owed" factor that contributes 30% in your FICO score. If you pay off at least $5K more, I think that your score will improve. Paying off $1300 will surely have positive effect on your credit score.

Actually I said I currently have only $130 balance left on all of my credit cards combined! 10000 is just my limit, I never said I maxed them out. I usually don't carry a high balance on any of my cards, I had surgery in january so I took out 3000 to pay for the surgery and have paid off all of it about 5 times the minimun payment each month. Which is why I paid 1300 this month and have a total balance of $130. None of my other credit cards carry a balance and haven't carried a balance for months. I understand how the debt to credit ratio works and I am well under %30. I need something that will actually help

Try for Kays, JB Robinson or Jared. They are all Sterling Jewlers and report to all 3

Just curious...how long have you had credit? You state that you are young and have not had credit for a long time...

Applying for new credit may not necessarily help if she needs to improve her score in a short amount of time...usually a credit inquiry can pull down your score...I've seen in some instances as much as 5 points per inquiry. The inquiry will be seen before any new accounts will start posting (if she gets approved). That's why they say "when you are going to buy a house or car, don't apply for new credit immediately beforehand."

That $1,300 payment will help...you'll have to wait until they update to the CRA before it will reflect in your scores. Not all creditors update monthly.

There are several factors that determine your score:

1) Type of credit
2) Debt to Equity ratio
3) Payment history

So...if all your credit is credit card only, then you will need to add some credit lines such as an installment loan...this can be achieved by going to your bank or credit union and taking out a "passbook loan" or "secured loan." How this works is, you put x amount of money in a savings account...then take out a loan using the savings account as collateral...NOTE: not all banks offer this...many credit unions do...JUST MAKE SURE THAT THEY REPORT TO THE CRA'S...otherwise it's a moot point. And make sure you make the payments on time! ;) Don't know what the minimun loan amount is...$500 or $1,000??? - depends on the bank/credit union.

2) Your debt to equity ratio is good...so don't rack up the balances...

3) Length of payment history...nothing here you can really do other than call or write that one creditor and explain what happened, that you've been a good customer and ask if they could do a courtesy for you and update that late mark. Can't hurt to try.

My credit is only about 2 years old. When I had my surgery it was financed through wells fargo, I also got a credit card with it, although I don't use the credit card because of the incredibly high interest rate, I chose to finance not because I didnt have money but because I knew I have little credit history, they gave me 2 years 0% interest and I have paid it off in about 3 months. I have about two very low interest credit cards so the problem isn't getting credit cards. I don't have a car loan or students loans because I worked very hard through college to not have any loans when I graduated. I am looking for some good advice and I know that applying for more credit and racking up high balances are both things that would negatively affect my my score.

As I mentioned above, it's the mix of credit that they look at in addition to balances and length of credit.

I think you would do well with a small installment loan from the bank/credit union. It sounds to me that all your credit is credit card (unsecured) and no installment loan.

Other than that, the only thing I can think of is TIME...

Oh...do you have alot of inquiries on your credit report that did not result in getting credit? If so, dispute them. Those inquiries will ding your FICO.

INQ's will cost about 2 pts each if they are less than a year old and you will likely not be able to successfully dispute off Inq's.

ND - I was able to dispute several that resulted in removal...both thru the creditor and the CRA.

I know, alot of work for 2 points, but they do add up...

Honestly, to buy a house with a credit score of 620 may not result in a good interest rate...IMO, I would spend the next year improving the credit score and target next year as the year for buying a house. If you can achieve a score above 670, you should qualify for a prime mortgage rate.

EQ is the only one that will do it and you might end up with an extended FA on your reports as a result.

?? Extended FA??? What's that??

Note...that a FICO of 620 may qualify you for a mortgage, but it probably won't be a prime mortgage...it may be a sub-prime mortgage... :shock:

A 7 year Fraud Alert. You apply for an account and are approved, then dispute the INQ as "Not Mine", the CRA could automatically determine that it's a case of ID Theft and lock your reports down. That's not what the OP needs at this point. I wouldn't worry about Inq's at this point

I agree...note that I did say dispute those inquiries that did not result in getting an open account.

Was focusing on how to get her score up immediately...personally, it sounds like time is her only option here.

A goodwill letter to the creditor that shows the 1 late pay may help as well especially if there was a crime involved

I mentioned that already...

Is there anything else that we're overlooking?? Think hard!! lol

The reason I need to get my score up is because below 620 is subprime, which has really high interest rates. The lender said because of my actual credit report and not the score I can get qualified for a great interest rate once I get above the 620 mark. Once you are out of subprime territory they can look at the actual credit report and adjsut the interest rate on an individual bases. I know the lender personally, and so i know he isn't trying to gauge me. Also I do not plan on doing anything that invovles lieing of fraud to get my score up

No one said anything that involves lieing or fraud to get your score up.

Wow! If you can get a great loan rate with a FICO @ 620, please let me know...

Also my only options for living are rent or own, I can refinance in a few years if I needed, but owning a house with a hihgh interst rate is still cheaper and building equity in the long run than renting. Especially in the area I live I have found houses for sale with monthly payments around 2-300 cheaper than renting crappy apartments. But like I said the my consultant is my friend (which can help) and they look at each case individually, not just the fico number. The fico number is the starting point. This is what I have been told.

I hope it all works to your favor!

Keep in mind the true cost of owning a home...the mortgage, taxes, insurance plus maintenance PLUS repairs. Many people don't look at the whole picture when they buy a house. Plus, if you don't think you'll stay in the house at least 5 years, then it may not be worth buying right now.

I am an advocate for home ownership. :) Just encouraging that you weigh all options and costs before buying a house.

Good Luck in your endeavours!!

I have spent alot of time, I plan on living in my house for a while I have a wonderful new teaching career here and am close to my family. I basically have graduated from college with everything I have wanted in a job and life except a home to call my own

Since the late payment was about two months ago...about how much time should I have to wait for that to not affect it as much. Also how much time shold I have to wait till that 1300 on the financing helps out?

For the late payment not to affect too much...if it's the only one, EVER, it probably isn't affecting it too much, but since it's 2 months recent it may have an effect...usually a year of good payment will diminish the late payment. Try the goodwill letter as suggested.

As soon as the creditors update your report it should reflect positively. HOWEVER, what we don't know here is how old is that account...if it's a 2 year old account that you've been paying on timely then it will have a more positive affect than if it's a recently new account that's only been open for 2 months...again...it's the mix of credit, the length of credit and the payment history that will determine your credit history and score. Each individual will be different.