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Briguy1865

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How do I improve my credit score
I have a score of 624 and am trying my best to increase it but am unsure how. I have nothing in collection but do owe 150k in school loans. I have one credit card with a 4K balance and owe 3700. The credit simulator said my score wouldn't change even if I paid this card down to owing 500. I'm not sure what to do to help my score get up to the 700 range. I have one missed payment out of 142 on this card when I was unemployed 3 years ago. Any advice would be greatly appreciated.

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What seems to be hurting you right now

Seems to be your Debt to Available Credit ratio.  your almost 95% on that card. Never good.  Good would be a 30% ratio. Great would be 20% 

So for your ratio to drop to a more reasonable percentage. You need to either pay off your card to less than $1200, and not go over that amount at any time, or raise your available credit to over  $18000.   A few months with your ratio in balance would go a long way to raising your score. 

Even with your score you should be able to qualify for a couple of new credit cards.  I might suggest that First you pay off as much of this debt as you possibly can in the next month or 2, Then apply for a new card, Go online and find an offer that gives you a good rate for a balance transfer.  This gives the CC co an incentive to grant the card because of potential income on their part.  Never take a card that charges an annual fee, If you can't justify the fee, Thats just wasteful. 3 or 4 months after that apply for a new card from your bank or better yet a local credit union.  You probably won't be granted large credit limits, but every little bit helps. Open no more than 2 new accounts a year, weather they be Store cards,  Regular credit cards, personal or auto loans etc.  Do this for 5-7  years, make all payments on time, Pay off credit cards as soon as possible, Pay as little in interest as possible and you will have a well rounded credit report that shows good credit management on your part. You'll be rewarded with very high scores and the best interest and insurance rates. 

Read the blogs and articles here and in a few minutes you can have some basic knowledge of how credit works. It goes a long way to not making mistakes with a very important part of the rest of your life. 

Good luck 

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