Friday, February 15, 2008

My credit score has dropped 80 points in last year

Can I talk to someone about raising my credit score. I'm happy to accomodate you for your time. I was just reading your website.
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sure
let it rip
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My credit score has dropped 80 pts in the last year..... 660-580. No late past 30 60 90 days late payments, foreclosures or bankruptcy's. I did start a business though in which I maxed out 5 credit cards (25k total) All payments have been made on time though. We are trying to buy a house and I was shocked at my credit. In reading your suggestions, it sounds like I need to get these cards BALS to less than the 80% of HICR mark. I could pay a couple of the smaller ones off completely and close them.......is closing them a good idea? We do have an existing home loan which is for a rental.....it's in good standing in the 4 years we have had it. We also have two car loans......also in good standing for the 3 years. How quickly and what route do I take to get my score back up over the 620 mark which is what I believe the lenders are looking for? I appreciate your help.
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pay off the small ones
since you can
do not close them.
keep the paid off cards open for higher bottom line or total balance to high credit limit ratios.
pay others down to less than 79% percent.
i have been advised to strive for 50% to 10% percent or less.
then credit score will jump right back up.
If it doesn't let me know

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