Problem raising score...

[jsjroo]

Here's the situation. My current scores are about 640-650 with the big 3. My credit balances are only around $100, mortgage of 215K with value of 240K, no car loans. I've had 2 auto loans in the last 4 years which are all paid off now.

Back about 4.5 yrs ago, I was without a job for almost 3 months and right in the middle of a side business deal. I only had funds to pay rent/auto/gas/food. Thus many cards went 30-60-90 days late. Right after 2-3 months I was signed on to do credit counceling which helped out with interest and payment. The accounts were never late after that. I've never had a mortgage or installment loan late pay nor any collections accounts.

What's my best option to bring the score up in the 7's. I'd rather not wait another 2.5 years before my score goes up. I've paid almost all my credit cards off, though when I signed up for counseling, many were closed. I only have $1700 available credit. I spend about 15-20K per month for a business I own so I could tie that into a secured card to build credit. Income is in the 100's.

What will help the most. Goodwill letters? Secured card? Applying for a new un-secured card with larger limit.

Any help or advice would be appreciated. I also hired a law firm which to date hasn't helped out scores at all.

Thanks

Message Edited by jsjroo on 01-29-2009 10:20 AM

[Tuscani]

Fire the law firm. They are not doing anything you cannot do yourself.. and doing yourself generally leads to better results.

What is your util? Aside from lates, util is the next important factor in score calculation.

Also get GW letters out on all late payments. See my sig for an example.

[MidnightVoice]

Is that a Tusker I see before me, risen from the grave? 

[Tuscani]

^^^^^ something like that.

[MidnightVoice]

Welcome back!!

[Anonymous]

Good information! Thank you!!

[jsjroo]

I'm just about ready to give up on the whole FICO BS.  Private investors are much easier.

My score was 645 yesterday.  Today 599.  An account which showed open for the last year after being paid off( it was suppose to be closed after paying off as that was agreeed when it went to a Credit counceling agency 4 years ago) was moved to the closed section of my report.  It is a closed account but while it showed open it sure did help. 

I still can't believe that a person who has...

Over 4.5 years w/o a late payment at all, has a 2K a month mortgage, had two car loans for $400-500/mth each which are now fully paid off with no strikes, and has zero credit card debt, collections, or any other negs...

and can't get above 599 for a credit score?

Can you offer to Pay the CC companies for their troubles in dealing with you in the past if they can remove negs from a long time ago?  I haven't been pushing getting my score up until recently but now I hate the idea of having to wait a few years to get a good score.

Thanks again for all the help.

[llecs]

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jsjroo wrote:

I'm just about ready to give up on the whole FICO BS.  Private investors are much easier.

My score was 645 yesterday.  Today 599.  An account which showed open for the last year after being paid off( it was suppose to be closed after paying off as that was agreeed when it went to a Credit counceling agency 4 years ago) was moved to the closed section of my report.  It is a closed account but while it showed open it sure did help. 

I still can't believe that a person who has...

Over 4.5 years w/o a late payment at all, has a 2K a month mortgage, had two car loans for $400-500/mth each which are now fully paid off with no strikes, and has zero credit card debt, collections, or any other negs...

and can't get above 599 for a credit score?

Can you offer to Pay the CC companies for their troubles in dealing with you in the past if they can remove negs from a long time ago?  I haven't been pushing getting my score up until recently but now I hate the idea of having to wait a few years to get a good score.

Thanks again for all the help.

---

How severe are the lates?

Do you have any open CCs?

Do you have any "settled" accounts?

Any public records?

Any collections in the Accounts section?

Where did you pull your score from?

No, you can't pay off anyone; that's unethical and in some cases illegal. But you can send off GWs.

[jsjroo]

There are about 5-90's & 3-30's on 3 diff accounts.  then 6 30's on 5 other accounts.  About 11 accounts were open then.  2 showed no negs.  1 of the 90 account and one 30 were settled.  I have 2 open cards.  One 700(9yrs) and one 950(3yrs).  No pulbic records, no collections, pulled from experian FICO scores.

Any ideas?

Thanks