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Thread: Credit Score Help!

  1. Senior Member
    RunnerSteph's Avatar
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    #1

    Credit Score Help!

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    I need help!

    My credit score needs to get a lot better, I took out quite a few credit cards to pay for college, books and living expenses over the years and they are maxed out and I have been paying the minimum on them. I only have one payment delinquency from 2007 on my credit report that there is nothing I can do about except wait for it to fall off, but aside from that the only negatives on my credit report are that I have too many credit cards and all of them have too high of a balance.

    DH and I really want to get all of these credit cards paid off (Two are for $300 and one is for $1,500) before he goes to basic in late December. Does anyone have any tips on how to pay off these credit cards in the quickest fashion? I got a $400 bonus that I am using to pay off one of the $300 credit cards this evening.

    Thanks so much for all of y'alls help!
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    #2
    1. Make a budget
    2. Get all your bank statements and see where the money REALLY is going.
    3. Compare it to the budget change budget as you see necessary i.e. if you realise you spend more on food than you thought, but that you feel that you are really being careful with your food expenses, then make your budget reflect that by putting the amount that is most realistic.
    4. From there see how much left extra you have after mandatory expenses if you follow the budget.
    5. The amount you have left extra take off lets say $100 (or what ever you feel that you feel good with) for misc/emergency.
    6. Make a list of all your debt. List it from smallest at the top to largest at the bottom.
    7. If there are some that are the exact same amount - put the one with the highest interest rate above.

    8. Now that amount you have left over in your finances after paying all your mandatory bills - put it on the smallest debt you have RIGHT away. If the money left over is enough to pay that debt in full and you even have a little bit extra. Put that little extra on the next one on the list.

    Then closely monitor your selfs to make sure you are not going over it.

    I have helped a lot of friends and bosses fix their credit, and you would not believe how just paying one little bill off increases your score within 30 days. My boss went from a 300 to a almost 700 in less than 4 months doing this and she had a LOT of debt, a LOT of late payments and even repo and numerous things in collections.

    Hope this made sense!
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    #3
    That makes so much sense, thank you, THANK YOU!

    I will be so relieved to have our debt paid off!
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    #4
    Quote Originally Posted by luckycandycane View Post
    My boss went from a 300 to a almost 700 in less than 4 months doing this and she had a LOT of debt, a LOT of late payments and even repo and numerous things in collections.
    Wow--haven't ever seen a score move that fast, but I like the advice!!
    J.J. Montanaro is a CERTIFIED FINANCIAL PLANNER practicioner with USAA Financial Planning Services one of the USAA family of companies.
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    #5
    Quote Originally Posted by luckycandycane View Post
    I have helped a lot of friends and bosses fix their credit, and you would not believe how just paying one little bill off increases your score within 30 days. My boss went from a 300 to a almost 700 in less than 4 months doing this and she had a LOT of debt, a LOT of late payments and even repo and numerous things in collections.

    Hope this made sense!
    That's awesome!

    DH and I plan on paying off all of his debt and our car with deployment money. I really hope his score increases that quickly!
    if i never see you again i will always carry you
    inside outside

    on my fingertips and at brain edges

    and in centers
    centers of what i am of what remains
    --- charles bukowski.

    time to eas, baby!
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    #6
    Quote Originally Posted by USAA_JJ View Post
    Wow--haven't ever seen a score move that fast, but I like the advice!!

    Yup I still don't understand how they count the scores I was recording her numbers daily they went up and down multiple times through the 4 months (310-365-281-587-610-701) - I am unsure if it is because she got lucky and some of the debtors that had sent things to collections ie credit union sold the debt from her car repo to collections - both collection agency and credit union showed as debtors on the report. She paid it and made min payments on the others - well that repo debt changed to fully paid off and collection agency disappeared of the report. That is the only thing we could think might have helped to do the huge jump. And it's now 9 month later and she could not get any cc or anything and she just got approved for a 15k navy federal credit card. Sometimes I wonder if they just pick the numbers at random, I hover 650-715-765 yet I am doing nothing different it's like up down up down - i can not get to 800 no matter what I do or even getting past 765 the competitive me gets really angry about that lol
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    #7
    Update, both of the $300 credit cards are paid off, WOO HOO!

    Now the $144 fraudulent charge I found on my bank account this morning was not so celebration worthy.
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    #8
    Quote Originally Posted by RunnerSteph View Post
    Update, both of the $300 credit cards are paid off, WOO HOO!

    Now the $144 fraudulent charge I found on my bank account this morning was not so celebration worthy.
    Yayy Congrats! DH and I are in the same boat you are! Luckily I'm making small dents in our debt right now, its so nice to know we're not the only ones in this boat!

    As for the fraudulent charges YUCK! I've had that happen a couple times, just keep in contact with the bank, most are really good about getting it resolved quickly! But the fact that you keep such a good eye on your accounts is helpful! I watch mine like a hawk!

    Have you heard about Mint.com? Their resources are really useful and Its a great way to be able to look at your overall debt:cash ratio and makes budgeting a little easier :] I love it!

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