Hi,
I'm trying to fix up my credit. I receive my report from TransUnion and I'm shocked to see my score. Right now it's 590. I have a fairly long credit history, with many loans that are paid off in full. other than this I have 2 credit cards, both in good standing.
However, their are a couple negative things on the account.
-an old store card, with a 60 day late notice back in July 2009. The card is paid off and closed.
-I am currently over my limit on one of my credit cards by $300.00, but am continually making monthly payments. It does have a high balance of over 10,000. There was 1 late payment in 2009, but now the late payment appears to have been removed as I no longer see it on my report.
-I also have 8 inquiries over 2 years. In June, it will go down to 3.
I'm just really confused as how the score can be that bad. I though I would be in the mid or high 600's at a minimum.
I would like to get a mortgage in 1 year. 6 months ago, my score was around 650. My TransUnion was 673 6 months ago.
Any advice on how I can get this cleaned up ?
credit score
Hi Kayla,
Can you tell what the status of the store card account is on your credit report?
Your score may increase with the fall off of the credit inquiries. As for the account on which you are currently over the limit, try to pay off the due in full. In addition try to bring down the balance on the card. The high balance on this card may be responsible for your low credit score.
Thanks,
Aaron
I would send a very polite 623 dispute to the store card. was there any problem with receiving the bill? they may be willing to delete rather than provide records.
other than that it may be your credit utilization. using what sounds like more than 100% of your available credit is a negative
I am walking in your shoes....I just started to repair my credit last month. I too was shocked especially at the transunion score.
I am here to tell you: when your balances are near your credit limit it will KILL your credit score.
I only have 2 cards with under $4000 in limits combined, they were more or less maxed out but not over limit, I was making on time but minimum payments. On may 10th I paid off my cc balances (but left the accounts open-important!) ....rechecked my scores today on June 1 and they jumped up between 28-34 points. I am told it will improve even more month to month if I keep my balances low.
Good luck! And PS my transunion score was by the lowest of the 3...they are brutal!