how is my credit score?

Question

i am a 22yr old college student without a job, my somehow every month get money to pay my bills without anyones help. My credit scores are from 3 bureaus between 642-649. I owe about 12,000 in debt and i have 2 bill collections which are really low. like one is 75, which i think i paid and the other is like 175.00. I dont think it will have a big impact on the score if paid, because credit report said it had a low impact on my score. I have used almost all of the credit on my cards, that is why to me i think it is a little low, i dont know. the scale said i am fair, 680 score it where the good starts. Out of all the credit card cards and bills i have ever had, in my credit report i have never been late or past due accept on the bill collections, which say have gone to attorney and bill collection. please help me.

Answer 1

One of the issues maybe that the only items showing are the two collections. You probably need to add a revolving account to your credit. Make sure you pay it on time though, and keep your balance below 30% of the available credit.

Answer 2

Pay off the ones in collections first. Even if they are low dollar amounts, any account in collections will drag your score down.

However, your bigger problem may be that you are maxed out on your credit cards. To be considered good you need to using no more than 50% of your available credit.

Just keep paying on your credit cards without going past due stop using them to get the amounts down and in time you will improve your score. You might want to consider talking to a credit counsler, as with 12K in debt and no job it is only going to be a matter of time before those 2 in collections turn into more getting turned over to collections.

Answer 3

Just pay your bills and use this technique to raise your credit score will help you. Good luck !!!

PIGGYBACKING: Despite its' virtually
unlimited potential, piggybacking is
not used by nearly as many consumers as
it should be. It's easy, effective,
and extremely fast. Unfortunately,
it's mostly used among parents and
siblings while those who can really
benefit stay in the dark.

How it works. Almost every credit
card or credit account will allow the
primary account holder to add on (at a
later date) what's known as an
"Authorized User" or "Secondary Account
Holder". In most cases, when this is
done, the entire account history
(retroactively) gets posted to the
authorized users credit report
regardless of their current age or
credit history!

For example. If it's a credit card
with a $10,000 limit which has been
paid as agreed for the last 10 years,
then that complete history will be
posted to the authorized users' credit
report. I once saw a clients' credit
report who used this technique with his
mother. He was only 24 at the time and
he had a $15,000 Gold credit card on
his report with history going back 11
years! I laughed as I thought to
myself that this kid would have had to
be approved when he was 13 years old
for this account to be his!

As you can see, this strategy is
usually only used by parents and their
children and in most cases with no
regard to the benefits the children are
reaping credit wise! In fact, in
recent years, due to its'
effectiveness, this technique has led
individuals with excellent credit
scores to "rent out" authorized user
accounts on one or even multiple credit
cards in return for a fee! I once
recall seeing an ad in USA TODAY for
just such an opportunity. Like most
good credit loopholes, I'm sure this
methods' days are numbered much like
what may be the case with...


Terry Price is the founder of Consumer
Education Group which publishes the
Credit Secrets Bible (in print since
1994).

For more information on the CREDIT
SECRETS BIBLE you may visit:

http://gaby1221.niesong.hop.clickbank.net

Answer 4

The best way is to pay off the bill collectors especially since the amount is so low. Your credit score is good as you have 12k balance on your account. Make sure that you keep paying regularly and on time as that is most important. Keep up the good work.

Answer 5

Bill collections reflect negatively on your credit score. Also, $12,000 in credit card debt leads me to believe you are credit card addict.