Credit ratings how fast?

I have a plan to fix my credit score.

I got a raise thats VERY SIGNIFICANT. so i have a debt of 5000.00...

4000.00 chase credit card out of 5000.00 limit...
1000.00 capital one and hsbc credit card maxed out...


so what i am asking is, IS IT OKY FOR ME TO PAY THE 4000.00 and transfer the 1000.00 debt to the cards so that will be the 10% debt that i should keep current. and I have OPENED a SECURE CREDIT ( where the bank freezes that amount and i pay my own money back) card through my bank of 800.00 balance. and Have been paying my other 3 bills on time.

How fast do you think my credit score will rise?

i deal with credit everyday. your score will rise prctaically overnight if you pay all your cards off. if you paid them off today within 45 days your score will jump as much as 100 points. just keep them at or near zero and you will shine in the credit world, also acquire no collections and dont get too many cards, just payoff what you have.

I think you are the smae person who posted you are making about $40k @ 22 years old. If so, you're bringing home probably around 2600/month after tax, insurance, 10% into your 401(K), and other misc expenses. That is pretty good money.

First pay off your $1000 debt. You should be able to do this on your next paycheck. Pay the minimum on your chase card until the smaller debt is paid off. Once the small debt is gone, tackle your bigger $4000 debt...you should be debt free within 3-4 months if you get serious about it (debt free is GREAT).

Now, your credit score will go up...but really the only thing you should need that for is your mortgage that you'll get in a few years when you have saved a ton of money for a down payment. Just becuase you got a big raise and a better credit score doesn't mean you should run up your debt ratio! lay it smart, get a budget, dump at least 10% into retirement accounts, and get rich! FYI, if you have saved $15000 by the time you are 24, compound interest will turn it into $1 Million at retirement (assuming a 12% return in the stock market - which is very easy to do).

Good luck - keep working your money hard.

The following 5 critical factors affect your credit score in a major way. By knowing these you can keep a check on them and make your credit score a healthy one.

1. Re-payment history

This factor carries the highest weight in your credit report. How steadfast are you in repaying your loans, makes your credit report shine. Experts claim that this factor alone accounts for 35% of points in your credit score. So, if you falter on repayment front it is sure to be reflected poorly on your credit score.

2. Outstanding debt

The next comes your debt burden. How much you owe is a factor that according to experts carries about 30% weight in your credit score. This is
30% is based upon outstanding debt. To get a better score it is advised that you keep your outstanding debt to a minimum.

3. Length of your established credit history

The time for which you have a credit history also matters. The longer your established credit history the more credit reporting agencies believe in you. This could be simply because of the fact that they have more data to analyze your financial position. Experts give it a 15% weight in determining your credit score.

4. The state of your financial accounts
How much money do you have in your bank account, your income levels, your house, car, your assets etc. comes the next. A healthy bank account reflects a healthy credit score. Experts find that credit reporting agencies give this factor 10% weight while determining your credit score. Read more from: http://www.credit-card-gallery.com/artic...