Fico Scores

[Reyesz]

Opened up a Capital One credit card to Improve Credit  Made first payment today on the Card Made a double payment  Fico is 613  In your expert opinions how much to you think the Fico will go up if any.. Thanks for all responses

[Reyesz]

Will someone please respond to my post I need help

[apandabear]

There really isn't an answer to your question, as you haven't provided any of the needed information to make an educated guess.

Is your FICO score before or after the Cap1 card was added?

Do you have any other credit cards? How many? Do they have balances? What are they? What are the limits?

Do you have any negative information on your CR (collections, charge offs, late payments)? How old is the negative information?

Do you have any other open accounts (loans, etc)?

When do they report to the credit bureau? When does your statement period end?

Did you pay off your entire balance? Or are you carrying a balance?

What is your limit? What is your current balance? What balance was reported to the credit bureaus?

Did Capital 1 report your balance already? Did you pay before your bill came, or after?

Considering you just paid it today, you aren't going to see a score change tomorrow. 

Making double payments doesn't count for anything FICO-wise.

One month of payments on a credit card account will not increase your FICO score.

Opening a new account could have a negative or a positive impact on your FICO. It really depends on what is in your report.

[Reyesz]

It was opened after the 613

I have paid off all collections  there were 4 of them

I need to get to a score of 620 in order for the VA to consider a mortgage  Hence the 7 more points  So it could be a very  long time before I reach the 620 GOAL

And Thank You so much for responding

[apandabear]

I'm assuming you need a middle score of 620? There are 2 other bureaus that could be above or below the 613 score you're reporting.

If this is your only credit card... And you don't max it out.. Always pay before your bill is even delivered to you..

You might have a shot at a 7-10 point increase. A lot of people see score increases when they add the first credit card. Some see an increase when they add a second. 

Keep your balance low. Pay 2 times per month if you need to. Don't let it report more than 10% of your credit limit.

There are just too many factors to say with any certainty what will happen and when. But I'd say your chances are "ok" that you'll see some increases... Definitely in the next 6 months-1 year range.

4 collections... paid or not.. is dragging you down. Have you tried sending "Goodwill" letters to try to get them removed? That would be the absolute fastest way to raise your score.

[jsucool76]

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@apandabear wrote:

I'm assuming you need a middle score of 620? There are 2 other bureaus that could be above or below the 613 score you're reporting.

If this is your only credit card... And you don't max it out.. Always pay before your bill is even delivered to you..

You might have a shot at a 7-10 point increase. A lot of people see score increases when they add the first credit card. Some see an increase when they add a second. 

Keep your balance low. Pay 2 times per month if you need to. Don't let it report more than 10% of your credit limit.

There are just too many factors to say with any certainty what will happen and when. But I'd say your chances are "ok" that you'll see some increases... Definitely in the next 6 months-1 year range.

4 collections... paid or not.. is dragging you down. Have you tried sending "Goodwill" letters to try to get them removed? That would be the absolute fastest way to raise your score.

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+1 to everything previous poster said!

A little tip, cap1 does not report until at LEAST after the second statement cuts, so don't get your hopes up just yet. Having a jump in available credit will help you out, but your scores are also going to go down from the inquiries (cap1 pulls all 3 reports) and from the hit to your AAoA since it is a new account. For the optimal FICO score, like prev poster said, let it report anywhere from 1-9% of your limit, and just make sure you pay on time.  

When do you plan on doing your mortgage? 

[Reyesz]

I am planning to apply after the first of the year  VA requires 620 Fico score  Hope it's up there by then  Thanks for all your advice