I’m 21 credit score is 587? Please help, need advice on raising it.?
To make a long story short, I moved to Texas away from my family to start a "new life" and in the process of getting back on my feet I was irresponsible with my credit card and made a lot of mistakes with late payments, etc. I do not have anything in collections nor have I ever. I have never had a lawsuit or anything like that, but I am trying to pay off a credit card balance of 2500 as I am a full-time waitress and full-time student. So far I have paid it down to 2000, paying 150 a month and not using it. I am following a strict budget now and certainly have improved. I have paid all my bills on time for the past six months or so, but I know it will take a lot longer than that to improve from my past.
Would you all recommend I raise my credit limit to 3000+ on my card so I do not carry an amount so close to my limit, which negatively affects my score? I no longer use the card, I just pay on it, but I figured having the limit raised as I pay it off might be better because I wouldn’t stay so close to the limit as I paid it off (which will take awhile).
Any other advice on improving my credit score? I have a lot of open credit cards from stores like Old Navy, Victorias Secret, JcPennys with NO balance (nothing on them) that I canceled today (was this a good idea?) because I didn’t want to have them when I never use them.
Also, I canceled Sprint awhile back for a more affordable cell phone plan. The account is paid off and closed, but will canceling it hurt my credit score?
I’ll stop now. I’ve gotten a lot better and learned a LOT about budgeting and credit and what not as I have learned to support myself and grown up going to school and working. I just need advice on improving my credit score… I was a little depressed about it when I got my free credit report but expected it just the same. Any advice?
Tags: cell phone plan, collections, credit card balance, credit cards, credit score, free credit report, full time, jcpennys, late payments, life quot, old navy, six months, sprint, strict budget, time student, time waitress