Help Low Fico Score!!

[maat55]

I just read this thread for the first time, what a change, congrats on your debt reduction. I wish I knew half what you know at your age about money. Keep it up and you will do extremely well in life.

[tifnglen]

I would do the following (at the same time)

1) make extra payments on the cc. get it paid off send the $50 from money market to this cc. Get the problem card paid off efficiently.

Yes I plan to pay this off this month. I have been working OT time at work to get this thing paid off.
2) make Roth contributions ($50/month for now)

After I have the problem CC paid I do plan to increase my roth. Thanks for the advice

3) make payments on the car
This is an installment so I make the monthly payment.

4) make payments on student loan

This is a monthly payment as well

once CC are paid off, send that money to Roth. Maximize this when possible (5k per year).

Ok I will do that. (I thought it was 4k?)

At the point where cc is paid off credit score should have improved to low 600's is my guess.

I would then get a cc to use for just gas purchases. Then pay it off every month. Within 3 years of cc being paid off AND use of the gas credit card, the score should move up to high 600's or even 700's. Maybe add groceries to monthly cc bill too.

My score is betwen 720 and 780. I barely use credit now, just enough to prove I use consumer credit. I charge my gas, and get a 1% rebate towards my mortgage. Charge $2500 in gas, get a $50 mortgage rebate. That way if I need more credit, I can get it, and my mortgage balance slowly decreases.

I may get a cc again. This time I will be more carefull!

[jIM_Ohio]

I may get a cc again. This time I will be more carefull!

Roth max is 4k for 2007 and 5k for 2008. 1k catch up if over age 50 is in addition to numbers just posted.

I would hold off for two years to get new credit. Prove to yourself you can live without it. Don't tell yourself this, do it.