700 Credit Score In a Year...

[Vivid]

That's my goal. 590 MyFico EQ right now...May go up when Comenity Bank Buckle card decides to start reporting. I have a Cap1 collection from way back that falls off next month...Don't know what thats going to do? It will be gone, but my AAoA will probably drop to like 3 months cause there is nothing in-between. Unless the default judgement for that same card/account keeps it alive? That will still be there for a few more years. Cards in sig are recent and are my only accounts other than that old cap1 that will be falling off. Without getting to technical, simple terms...How is 700 in a year done in theroy? Number of cards...Ext?

[mongstradamus]

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@Vivid wrote:

That's my goal. 590 MyFico EQ right now...May go up when Comenity Bank Buckle card decides to start reporting. I have a Cap1 collection from way back that falls off next month...Don't know what thats going to do? It will be gone, but my AAoA will probably drop to like 3 months cause there is nothing in-between. Unless the default judgement for that same card/account keeps it alive? That will still be there for a few more years. Cards in sig are recent and are my only accounts other than that old cap1 that will be falling off. Without getting to technical, simple terms...How is 700 in a year done in theroy? Number of cards...Ext?

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I think i read that for optimal scoring you need 3 cards reporting, if you really want to get closer to 700 i would try and address all the baddies you have and see if you can GW or PFD. That will get you started on the right track.

[Vivid]

I don't really have anything to try and fix. The only baddie is the cap1 collection account that will fall off next month. The corrosponding default judgement will fall off eventually as well...As far as I know there is nothing I can do about that now. So basically I got a clean slate with two open accounts. A GE/Sync JCP card and a Comenity Bank Buckle card. Just looking to see if there is any advice that im not aware of to better my chances I guess.

[mongstradamus]

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@Vivid wrote:

I don't really have anything to try and fix. The only baddie is the cap1 collection account that will fall off next month. The corrosponding default judgement will fall off eventually as well...As far as I know there is nothing I can do about that now. So basically I got a clean slate with two open accounts. A GE/Sync JCP card and a Comenity Bank Buckle card. Just looking to see if there is any advice that im not aware of to better my chances I guess.

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well when i had an Cap One CO fall off my score jumped nearly 100 points so you have that to look forward to , but i did have an thicker file. You should see an big jump, once Collection falls off i would check and pull your ficos to see where you are at. You can try some pre approval sites to see where you fail with certain banks.

[lonelyisland]

I did on TU and EX, and hoping I can hit 700+ on EQ before October, but honestly, our credit profiles are so different, I dont think my experiences would be helpful to you.

I think the most important thing for you is to make payments on what you have and try not to apply for too much credit too soon. HPs and low AAoA hurt more when you have baddies on your account and on top of that, a "thin" file. Some of the advice given on CC board hurts rebuilders WAY more than helps. I have kicked myself a few times for following advice that really wasnt applicable or realistic for MY personal credit profile. 

The collection falling off might give you a little boost, but that judgement is still going to hurt. While poster above said his score jumped 100 points, my baddies dropping off were more like 5-10 points, so YMMV. They say 3 cards gives you a boost on your score, but you have to balance that with the rest of your stats.  Make sure that you dont have to incur 4-5 HPs before you find that third approval KWIM?