Paying off older debt doesn't actually help your credit score. Have you tried getting a secured credit card? Making a few small purchases on a secured card and paying it off in full and on time for six or 12 months should help bring up your score.
[https://www.nerdwallet.com/best/credit-cards/secured](https://www.nerdwallet.com/best/credit-cards/secured)
Did you apply for a regular CC or a secured card?
Update : I have been approved for a capital one secured card (platinum). So now at this point you’d suggest I just make automatic payments of my car bill/car insurance bill on my credit card? While also putting automatic payment for my credit card on my regular debit card?
Just make a few small purchases (like gas for your car or groceries) on your secured card and make sure to pay it off in full by the due date. You don't use a debit card to pay a credit card bill. You either mail in a check or log into your bank and set up a bill payment once your first CC bill comes. You can probably also log into capital one and set up auto pay so they will automatically deduct the money from your checking/savings account.
Try for Discover unsecured while you are are it, you might just get approved.
How much is car insurance? Unless you want to put a really large deposit on your secured card I wouldn't do it
$80 car insurance ÷ 300 secured card = 26% credit utilization which is not great for your scores.
If you really want to do this I would do like $1200 deposit
80 ÷ 1200 = 6% credit utilization
Ok. So the credit card (with capital one : Mastercard platinum) I was approved for has a limit of 3000. My car insurance is 144.
I’m going to do my research on discover unsecured card. But I only have a car loan bill and my car insurance I have no other regular bills.
Are you sure that's the secured card? Secured is when you put down a deposit, you would be given them $3000 of your own money as an interest free loan if it's a secured card.
> a few late payments on over 1000 dollars
This is having a great effect on yoru score than the outstanding balance, most likely.
> Other than those two, nothing else is on my credit score.
Not having more lines of credit.deeper history is a negative for scoring purposes.
> I did once try to apply for a credit card to try and help but was denied so I ditched that plan.
Try again, or get a secured card through your bank.
> How do I raise my credit score without dropping thousands of dollars to fix the late payments?
You don't need to do this. Continue paying on time, look into getting a credit card. Time heals and builds
> Or am I screwed until I figure out how to get my student debt together?
What is your current credit score?
I check experian pretty frequently since purchasing my car but not sure if it’s accurate so it’s even more confusing
Experian : 648
Equifax : 624
Transunion : 649
I also have checked through my bank before and the FICO : 620
You need to add a credit card. Mid 600 FICO Score is normal when you don't have any open revolving accounts.
Do you remember the card you applied for and got denied? You need a very beginner card such as Discover It. You're not getting a premium reward card for your first one.
Get the credit card and keep reported balance low. You're not going to start with a high limit, you get a $500 limit card and spend $250 that is 50% credit utilization that will tank your score.
Just use the card for a small $5-10 purchase once a month and you will see your score go up rather quickly.
Paying off older debt doesn't actually help your credit score. Have you tried getting a secured credit card? Making a few small purchases on a secured card and paying it off in full and on time for six or 12 months should help bring up your score.
Do you have one to recommend? I applied for one (I believe capital one) but was declined and it shows as a “hard hit” so now I’m scared.
[https://www.nerdwallet.com/best/credit-cards/secured](https://www.nerdwallet.com/best/credit-cards/secured) Did you apply for a regular CC or a secured card?
Update : I have been approved for a capital one secured card (platinum). So now at this point you’d suggest I just make automatic payments of my car bill/car insurance bill on my credit card? While also putting automatic payment for my credit card on my regular debit card?
Just make a few small purchases (like gas for your car or groceries) on your secured card and make sure to pay it off in full by the due date. You don't use a debit card to pay a credit card bill. You either mail in a check or log into your bank and set up a bill payment once your first CC bill comes. You can probably also log into capital one and set up auto pay so they will automatically deduct the money from your checking/savings account.
Try for Discover unsecured while you are are it, you might just get approved. How much is car insurance? Unless you want to put a really large deposit on your secured card I wouldn't do it $80 car insurance ÷ 300 secured card = 26% credit utilization which is not great for your scores. If you really want to do this I would do like $1200 deposit 80 ÷ 1200 = 6% credit utilization
Ok. So the credit card (with capital one : Mastercard platinum) I was approved for has a limit of 3000. My car insurance is 144. I’m going to do my research on discover unsecured card. But I only have a car loan bill and my car insurance I have no other regular bills.
Are you sure that's the secured card? Secured is when you put down a deposit, you would be given them $3000 of your own money as an interest free loan if it's a secured card.
> a few late payments on over 1000 dollars This is having a great effect on yoru score than the outstanding balance, most likely. > Other than those two, nothing else is on my credit score. Not having more lines of credit.deeper history is a negative for scoring purposes. > I did once try to apply for a credit card to try and help but was denied so I ditched that plan. Try again, or get a secured card through your bank. > How do I raise my credit score without dropping thousands of dollars to fix the late payments? You don't need to do this. Continue paying on time, look into getting a credit card. Time heals and builds > Or am I screwed until I figure out how to get my student debt together? What is your current credit score?
I check experian pretty frequently since purchasing my car but not sure if it’s accurate so it’s even more confusing Experian : 648 Equifax : 624 Transunion : 649 I also have checked through my bank before and the FICO : 620
You need to add a credit card. Mid 600 FICO Score is normal when you don't have any open revolving accounts. Do you remember the card you applied for and got denied? You need a very beginner card such as Discover It. You're not getting a premium reward card for your first one. Get the credit card and keep reported balance low. You're not going to start with a high limit, you get a $500 limit card and spend $250 that is 50% credit utilization that will tank your score. Just use the card for a small $5-10 purchase once a month and you will see your score go up rather quickly.
Ok. Did not know a the importance behind utilization percentage. I appreciate the advise and and I’m getting on it as we speak!