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Jessalynn94

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How long will it take for my credit score to rebound? Should I close some cards?
Ok so my question is, is it possible to go from a poor score to an ex excellent score like in the 800's?

Long story short, I'll be 21 and have too many credit cards. I have 8 cards, 5 of them are more than 30% utilization, one has a zero balance. I know this isn't the place to share your life story, but I do have a plan. I have a good paying job and should have the $8,000 in debt paid off in five months. I haven't been using the cards at all and have been making large payments on them. I'll continue to do so.

No need to tell me I'm an idiot, I honestly don't know how I let my score get so low. I know better, I'm just glad I am getting myself out of this mess while I still can.

So my score is 599 right now. The highest it has ever been was 715 if I remember correctly. I assume it is possible to bounce back and get myself in the 800's at some point. I assume it will just take a lot of time and careful action with my credit.

Also, should I close most of these cards once they're paid? I heard three cards is about the max you should have. But I also know it's not good to close cards because it clears any credit history along with it.

Sorry for the novel. Thank you ahead of time for reading and replying!

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Glad you caught yourself early.

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So many don't. 

Your doing the right things. Pay off those cards as quickly as possible. Get them down to 0 and save the interest. 

Dont ever close credit cards. If you no longer want to use a card, cut it up and don't use it. Closing accounts will hurt your score in two ways. It lowers your available credit and shortens the average age of your cards. The only cards I suggest you close are ones that have an annual fee to. 

Paying down your cards will do a lot towards raising your score. But to get a score over 800 really does take time. 

As a rule of thumb you'll need to have available credit equal a years income or better. Average age of all accounts over 5.75 years. No more than 5 hard inquiries. No more than 2 late payments in 5 years and no missed payments ever. And a mix of credit types. At least 2 of these, Credit cards, auto and personal loans and a mortgage. 

The high 700's is a great score for someone with a short credit history. Most credit scores are based on the last 7 to 10 years of reported credit. That should be your goal while you build your history. 

Take a little time on the blogs and articles on here and you'll have the knowledge you need to keep yourself out of trouble and understand how this credit game works.

Hope that helps. 

Goidelic luck. 

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