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!


Posted in Credit Scores
Profile Image

Question By

0 Contributions
0 People Helped
The next step in raising my score . . .
I’m looking for the next step in raising my score. My current scores are 623 TU and 645 EQ. I’ve updated/corrected all of the errors that I can and I still need to raise my score about another 100 points to meet my goal of buying a house two years from now. My current open accounts are:

Credit card with a $2,000 limit opened in 12/15. No late payments. $125 balance. The limit should increase this month since I’ve made my first 5 payments on time.

Store card with a $300 limit, opened 2/16. No late payments. $0 balance.

Student loan with a $78,000 balance. Shows 2 late payments but current for the last 4 years. I wrote asking to have the old late payments removed but they declined.

I also have two charged-off accounts:

A credit card showing an $8,500 balance. It is listed as closed in 6/10. I received a 1099-C in 2014 for $6,445.

A personal loan showing a $15,134 balance. I received a 1099-C in 2013 for $15,134. TU lists it as closed in 12/10. EQ lists it as open and past due and one late payment still shows.

TU lists 4 total accounts with missed payments. EQ lists 5.

Other than keeping my open accounts current, is there anything else I need to do?

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

View your scores and reports anytime.

All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
270 Contributions
165 People Helped

Helpful to 1 out of 1 people

Good for you on keeping your balance so low on the card with the $2000 limit .  As for the store card, be sure to use it. I track my score with Experian as well as Credit Karma, and sometimes my score will go up a few points, reason being "You have shown recent use of credit cards." Creditors do want you to use their cards; just make sure your utilization is more than 0 and less than 10% on the closing date for maximum benefits.
A car loan will look good on your report, because it shows you can handle various types of credit. It will initially harm your score, but it will recover over the next several months as you make on-time payments. The closer you are to having it paid off (without actually paying it off) the better it will be. Wait until August or September to obtain another credit line, otherwise your score will be dinged for "seeking credit."

A credit score of 680 or better is generally sufficient to secure conventional financing on a mortgage. If your score is higher you'll pay less in interest, of course, but no need to wait until it's 700+ to try to buy a house.

Top Contributor
7816 Contributions
1508 People Helped

I would say to get one more credit card for now, keep an eye on your FICO scores and focus on them as that is what most lenders use. I congratulate you on the 2 year plan, most people come here looking for ways to turn their credit around in 30 days which is unrealistic.

Results 1-2 of 2Results 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.


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.