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Question about score

New Contributor

Question about score

My current EQ rating is a 608. I have 3 collections reported totaling about $650.00, all three are to the same collection agency for outstanding emergency room visits. Yesterday, I paid off all three and got letters stating they would "delete" all reports to EQ,TU,and EX. Smiley Very Happy
 
I have 1 Chase CC for Circuit City with a limit of $1000.00. At the time I pulled my score I had a balance of $800.00. Two days ago, I paid all but $70.00 of that. (7% of my available limit)
 
I have an auto loan that has been in perfect standing since I opened it 11 months ago. Balance on that $19,300.00.
 
I also have a signature loan (2300.00 remaining) that, too, has been in peerfect standing for the last 22 months.
 
Just opened a new account with Home Depot and applied with Citi Bank.
 
My question is, does anyone have any idea as to what my score will (or should) be after the 3 collections are gone and now that my balances on Revolving credit have been lowered to within "FICO" standards?
 
I realize that opening the Home Depot and applying for the Citi Bank cards can and probably will hurt, but, one of my problems is NOT ENOUGH CREDIT.
 
DJ
I put all my bills in a hat each month and keep drawing names and paying bills until there's no money left. If you don't stop harassing me, your name won't go in the hat!
Message 1 of 4
3 REPLIES
Regular Contributor

Re: Question about score

If you want my guess...I'd say +50 to +75 points if all 3 collections were on your EQ report. Along with paying down your card.
 
Opening those cards won't cause that much of a dent, and in the long run they can only + your score.
BK 7 Filed: 08/07/15
BK 7 Discharged: 11/04/15
Discharge Scores: Equifax (572) - TransUnion (586) - Experian (511)
Goal: 700+
Credit Cards: NFCU nRewards ($500) - CapOne Platinum ($300) - CapOne QuicksilverOne Rewards ($300) - Victoria's Secret ($250) - Firestone ($1200)
Auto Loan: NFCU ($34.6K @ 7.7%)
Message 2 of 4
New Contributor

Re: Question about score

Is there any way to run the simulator where you can do multiple things that would effect the score?
 
That's the only drawback I see in the simulator. It won't even give you the option of removing collections or inquires or lates.
 
If someone from "Myfico.com" is reading this post.......is there any way of including this in the future?
 
DJ
I put all my bills in a hat each month and keep drawing names and paying bills until there's no money left. If you don't stop harassing me, your name won't go in the hat!
Message 3 of 4
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New Contributor

Re: Question about score

bump
I put all my bills in a hat each month and keep drawing names and paying bills until there's no money left. If you don't stop harassing me, your name won't go in the hat!
Message 4 of 4