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Question By
aidanzmom

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49 People Helped
Am I on the right track ?
So being young , I didnt care about credit , had 4 kids very young. Went through divorce , etc , not an excuse for my reckless credit issues but just saying . In December I decided to get serious and get my credit up from the horrible 421. I blindly applied for a Credit one unsecured card and to my surprise I got it with a 300 cl. I only charged about 10% and paid the bill before it was due faithfully . I pulled my credit report and I had a 1700 electric bill from 2011, fingerhut bill from 2013 for 2100 , verizon bill for 500 and about 800 in medicals . I paid the Fingerhut and phone off . Decided to let the electric bill fall off as well as the medical as I didnt have the money to pay them . In Feb of this year my score went up to a 480 and Creditone gave me a cl increse to 400 . In March my score hit 500 . My boyfriend added me as an authorized user on his Capital One (1000 cl card) and in April my score was a 521. In June Credit One offered me a platinum cc with 750 cl. I used this card as I used the other one and always paid before the due date . As of July 17 my credit score was 545 . I just applied for my own Capital One Quicksilver and was approved for 500 and my mom just added me to her Capital One (2500 cl ) . Yes my score still sucks BUT I am happy to see it has risen over 120 points in 8 months . I am hoping that by practicing charging very little and always paying this will raise my score even more . I dont wanna get any more cards right now so I guess my question is if I continue to use my cards responsibly will my score continue to rise ? Do I need to do anything else to give it a boost ? Thanks

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Congratulations on the great improvement!! That's quite a few points to go up in a short period of time. Yes, continuing responsible use of the cards you currently have will increase your scores, but it will take time. Make sure that the utilization rate and everything else is good on the cards that you are an authorized user on, if those accounts become less than perfect in any way, get yourself removed as a user. The only other things you could do at this time that may help is to send goodwill letters to the holders of any negative accounts that you've paid off. A goodwill letter is a letter begging for them to do you a favor and remove the negative account from your report. In addition to that, you could try to find a small installment loan to add to your credit mix, just make sure that it would report to all three bureaus. If you were able to get a small installment loan, maybe use that money to pay off any of the smaller negatives on your reports, but attempt for "pay for delete". If you could not get approved for a regular loan, there are secured loans that you may be eligible for. Either way, an installment loan isn't as important as revolving credit when it comes to your scores, but it definitely would help.

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