Fico 9 SUCCESS !!!!!!!!!

[Anonymous]

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@Anonymous wrote:
I am in the process of rebuilding my credit after a long while of neglecting it and have been making some headway. Started in the high 500s all bureaus in August with 8 collections. Did a few PFD and some fell off my reports. Scores were recently
EQ 683
Trans 691
Ex 662

I debated on whether to pay off my last 2 collections off since one will fall off in 6 months and the other 1 year after. Decided to pay them off hoping it would not hurt my score. They all stayed the same except EQ which dropped to 678. It happened to be time for my new 3B reports from here and my FICO 9 Eq increased dramatically to 762 and my Trans to 770. With those numbers I joined PenFed which now uses FICO 9 Equifax and was able to open a new checking, savings account and Refinanced my 2 month old car loan from 10% to their lowest rate 2.99 for 60 months on a 45K car loan saving me 11K in financing charges. I was even approved for their 2% cash back card with a 10k limit. ALL with just 1 hard pull from EQ. Amazing!!!!!! The hard work is paying off.

Just to throw it out there. Pay off your past collections and use your potential higher FICO 9 with penfed if you need any of there products. I truly hope this helps somebody. I have been lurking here from a while and found all this info from reading these forums. But as always YMMV.

Background info: started with Wells Fargo and added all the rest since August this year.

Amex Gold
Amex Platinum
PenFed power cash 10K
Citi DC $2000
Discover $1600
Cap one quicksilver one $300 started with this 4 months ago no CLI yet
Wells Fargo secured x2 yrs to unsecured in Jan 2018 with $2k
Merrick dbl limit $700 to $1400 in 4 months
Utilization 3%
Collections just paid
Salary: decent

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Did you pay off the full amount or settle in full?  I was denied for a Penfed CC couple months ago due to my Fico 9 score.  I have one remaining collection with PRA that is due to fall off at the end of 2018.  Can't get them to budge on PFD so I was going to garden until it falls off.  PRA just sent me a letter with two option, paid the full amount and get a "Paid in Full" or settle at around 40% and get a "Settled in Full."  I'm interested in the settling for less with them only if it will improve my Fico 9 score.  Otherwise, I see no point in paying anything to them since the collection is coming off my report at the end of the year anyway.  Thanks in advance.  

[Anonymous]

From what I understand in regards to Fico 9 Paid in Full is not counted negatively towards score but Paid Settled is still counted against you. Not sure if how much credit you get if any for settling on that scoring system.

[Sandman771]

Yeah I wonder what would happen if I paid those last two off (on top of the UTI boost) I would get on FICO 9.... hmmm. Maybe I'll knock the big one down and double up on the smaller one to pay it off in a few months. Could be the beginngin of a plan to finally crack PenFed because by the time this is all said and done my AoyA will be older as well as my AAoA.