09-24-2013 09:50 PM
I am hopeing to have a big jump in m fico after I payoff all CCs and the 4 collections accounts I have.
In the event that I jump from a 515 to a 650 or even above a 700.. How soon do you think I can apply for
an AMEX or toplevel CC if one week i was 515 and the next week I am 650 or above.
09-24-2013 09:55 PM
09-24-2013 10:10 PM
A paid collection will NOT increase your score. The only way to increase your score is for the derogatory to disappear. Paid collections might look better on manual review, but will not increase your score. PFD is the way to go!
09-25-2013 02:37 AM
Before you pay for those CAs, try asking for PFDs. Paid or unpaid are still viewed as as a derog on your cr.
I made the mistake of listening to a few CA years ago when they told me if I paid it then it would no longer affect my CS. Luckily when I started lurking on here I learned about GW letters and got them all removed.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.