Credit Score
Hi, I have a question. I have a credit score of 630 due to 2 late payments and high credit card debt---in 6 months it will be a year since my last delinquency and if I pay the credit cards down dramatically and continue to pay everything on time, how much increase might I see in my credit score?
As we do not have the formulas it is hard to say exactly.
There is a simulator that Experian provides at a website they run. I forget the name but I know the URL is not www.experien.com. The simulator takes you credit file and then lets you raise and lower different details so you can see how that would change your score.
You need to pay to join the service.
John
[addsig]
Try using goodwill letters to deal with the latepays. Check www.creditinfocenter.com www.creditboards.com and www.artofcredit.com to find goodwill letter forms.
Once that's done, the high utilization can be dealth with by getting more cards and asking for higher limits and using balance transfers to equalize the utilization spread over most or all of the cards--in any case, make sure no card is over 50% utilized.
you can also call to have the limits increaded every 6 months. The key is to manage your spending. dont use the credit just because you have it!!!!!!!
