Here's what the report said about why my score is so low:

1. You have no real estate accounts that can be used in determining a credit score: A healthy balance of credit and loan accounts is key to achieving a high credit score. It is important to build a record of responsible credit use over time with different types of accounts.

Can't change that. Buying a house right now would be the most financially irresponsible thing we could possibly do.

2. Time since oldest account opened is too recent: Time is an important factor for a healthy credit score. Giving the accounts time to mature may allow creditors to better understand how you pay your debts.

I took advantage of a 0% offer to transfer over some of our high interest rate debt in September.

3. The sum of your bank credit card account balances is too high: High credit balances may be considered by lenders to be a negative factor when determining creditworthiness. Paying down your balance may improve your score.

Given.

4. The balances on your revolving credit accounts are too high in comparison to their credit limits: It is a good idea to use your accounts regularly, but remember to keep your balances low in comparison to your available credit limits. Having a high ratio of balances to credit limits on open accounts may be viewed negatively by lenders.

Again, given.

Note: In addition to the factors listed above, the number of inquiries on your credit report has adversely affected your credit score.

This one REALLY pisses me off. We've had three inquiries. One was in February, when we briefly flirted with buying a house and applied for a loan. The other two were in March, when we were looking for a new place to rent. We pulled the plug on the first one because we weren't sure it was the right place and we had to decide quickly or it would be rented elsewhere. The other is where we're living now. I don't see how any of those things show us to be irresponsible people.

Oi, Susan... Though if you need a bright side (however paltry this may be), your score is a hundred points higher than mine, and two hundred points higher than S's. I'd kill someone to have your credit score. Really, I would.

And hey, people gave S and me both credit cards, so while your situation is not great, it's not as bad as it feels right now.

In an interview afterward with the news media, Aleya said she was somewhat surprised. She thought the candidate would be reading at a higher level.

“My favorite author is C. S. Lewis,” she said.

With all apologies to T-Rex and the various bacon slogans and sloganeers, I cannot stop laughing at this. That little girl is awesome.

Susan, definitely call them and ask. If it's a card you've had a while, stress your history with them and how rarely this has happened. And if they still say nope, there's nothing they can do, do mention the 0% card and that you anticipate being able to pay down your balance enough to transfer it to that other card and close this account in [whatever] months. If they still can't do anything, hang up, grit your teeth, pay it down, and transfer and close it (though it's entirely possible that when you call to close it they'll magically discover an extra-low special rate hiding under somebody's desk that they'd never noticed before, and please please please won't you consider staying oh please?).

Of course, I'm fairly timid and conflict-avoidy and mildly phone phobic, so someone like Daisy or Aimée or some other more aggressive consumer/self-advocate person may have better advice.

The time issues will go away- but I don't know how fast.

loans may still be possible, but at a higher interest rate than planned - still worth it if your credit card interest is high.

if the loan doesn't work - freeze one card - and pay it off. Min on your other cards - as much over min on the one you are paying off. if you can open up one card - you can improve your score a little - and that little bit might be enough to get a loanh

we have 5 cc between us. one is recent and has never been allowed to accumulate debt. We paid off one in 2007. One more will be paid off in 2008. I hoping that 2009/2010 will mean that only going on the cc will be things like airplane tickets and on line shopping.and even if I put a car repair on - it will be off the card in 2 months. 2010 I want all credit card debt to be down to 3 months on the card - no more.

We could probably do it faster. But that would mean budget - and while I am fairly good with hat - DH isn't. So, we have to deal with that reality. If you guys can't come up with a plan - a credit consoler might help you guys come up with a plan you can agree on.

Thanks, Sean.

It's just...when I talked to that financial counselor a few weeks ago, I was so full of hope, you know? I thought we'd finally found the solution, and I took for granted that I had a good credit score, because I'd always paid on time, never missed a payment, etc. I knew it wouldn't be perfect because of the debt, but I'd still thought it would be around average.

Granted, I don't KNOW that getting a loan from a credit union to pay off the debts is impossible with such a low credit score. But I'm kinda assuming it is. And if we can't...I don't know what we're going to do, short of going to a credit counselor and getting into a debt management program, and if we do that, is our credit EVER going to be fit for us to buy a house or anything else we might want to do?

I haven't called the credit card company, but I've already gone online and made a payment, so as soon as it posts, I'll be back under the limit again. I just don't feel like I'm up for talking to them right now. I know I couldn't do it without crying. So unless there's something I can do now that wouldn't be an option the first week of January (I can't call next week because I'll be at my mom's, and no WAY am I going to let her know how bad things are), I'd rather wait.

if your credit card interest is high

That's the big issue. Our credit card interest rates are pretty high. I tried to argue them down once, but kept getting railroaded around and told it was impossible and having my efforts to talk to someone higher up refused, and I just gave up.

I just wanted the loan so bad because it would've lowered our monthly payments enough that we'd be able to start setting cash aside...and then we wouldn't have to use the credit cards every time something out of budget like a broken computer or a car needing new tires happened.

Susan, wait to find out whether you CAN get the loan before you worry. You don't know--it may still be possible. If not, you can raise your credit score over the next could of years and still end up where you want to be in five years' time.

When I am in the place where you are Susan - I try and come up with as many alternate plans as I can, Susan.

and put a time frame on things - the loan was going to get you out in 3 yrs ( if you stopped using the cards) So maybe 6 years with no loan - but if no loan today - maybe in a year you will.

I wish there was a faster way, but it doesn't work that way.

Well, we have to do SOMETHING no matter what--get a loan, get a payment plan through credit counseling, or just go on one hell of an austerity plan and make ourselves stick with it.

I just have a hard time not freaking out over the unknowns. Big flaw of mine, unfortunately. I think it's the downside of being good at researching things and being all analytical and decisive when I do have information. Something like this happening on the Saturday before Christmas is the worst possible timing for me, because I have so long to theorize ahead of my data and imagine worst-case scenarios.

I've got to work on the cycles of panic, tears, and self-loathing this leads to. Let's just say it's not helping me and DH communicate well and work together on money issues.