Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
thatboyb86

1 Contribution
0 People Helped
How do I build my credit score, in my specific situation?
Hello. I got myself into a bit of a jam with credit cards a few years ago. I had a Walmart card and 2 First Premier cards that I stopped paying on. As of January 2016, all 3 accounts have been settled for amounts less than the full balances. The Walmart Card went into collections but since I made the payment and the collection agency reported to the credit bureau my score has went from 530 to 583.

The First Premier cards show on my credit like they are active credit cards (130% utilization), although they both say "closed" for account status. Once First Premier reports that I've made a settlement for the accounts, how is it going to affect my credit?

These are the only "negative" things on my credit. I would love to boost my score about 100 points or so. How should I go about doing this? I have a Capital One card that's had perfect payments for almost 2 years. Should I continue to pay this card down until I get below 30% usage (at about 60% now)? Should I open a new credit card account? I have a car loan and I'm a co-signer on another car so I don't think getting another loan will help.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
62 Contributions
3 People Helped

I would pay your Cap1 card down to under 5% if possible. I went from 35% to 1% and my score went up by 100 points. 

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.