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What's the Best way to get 30 Points in Two Months?

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eddymvp
Frequent Contributor

What's the Best way to get 30 Points in Two Months?

My score in June, 2008 was 697. I opened up one CreditCard and one car loan in that month and I lost 50 points.

 

I have gotten about 18 points back.

 

The Credit card was for 3000K to pay for my eye surgery and the CB is $2000.

The car loan was for $4800 and I currently owe $3900.

Message 1 of 14
13 REPLIES 13
Junejer
Moderator Emeritus

Re: What's the Best way to get 30 Points in Two Months?

Hi eddy, are there any other CCs that you have? Balances and CLs.

If this is the only CC, you are at 67% util. You will get probably 25-30 points by getting the balance to $870 or less and probably another 20-30 by getting your balance to $270 or less on that CC.






Starting Score: 469
Current Score: 849
Goal Score: 850

Take the myFICO Fitness Challenge
Message 2 of 14
eddymvp
Frequent Contributor

Re: What's the Best way to get 30 Points in Two Months?

Thanks for the quick reply Byrdman,  I have the above credit cards.

 

DCU CL: 3000, BL: 1200

HSBC CL: 1900 BL 500

Kay Jewelry CL: 3000 BL: 0

JBR CL: 3000 BL: 0

Juniper CL: 500, BL: 100

Walmart CL: 100, BL: 0

CareCredit CL: 3000, BL: 2000

Message 3 of 14
Junejer
Moderator Emeritus

Re: What's the Best way to get 30 Points in Two Months?

You're welcome eddy. You are at 26% util right now 3800/14500. That's not too bad. You will some a gain, if you can get your balances to $1,305 or less and have one card reporting a balance. I don't know how much, but it might approach the 30 you want.

Edit: Dyslexia took over--$1,305 not $1,350
Message Edited by ByrdMan on 01-13-2009 12:48 AM






Starting Score: 469
Current Score: 849
Goal Score: 850

Take the myFICO Fitness Challenge
Message 4 of 14
eddymvp
Frequent Contributor

Re: What's the Best way to get 30 Points in Two Months?

should I transfer the balance to just one card and have one card reporting? os it it better to have different cards reporting?
Message 5 of 14
Junejer
Moderator Emeritus

Re: What's the Best way to get 30 Points in Two Months?

Whenever I have more than one card reporting a balance, I get the nasty too many accounts with balances message, especially with TU. I think that message is costing some number of points, but I can't surmise as to how many. If you are able to xfer some balances over, then I would say that's a great idea.






Starting Score: 469
Current Score: 849
Goal Score: 850

Take the myFICO Fitness Challenge
Message 6 of 14
eddymvp
Frequent Contributor

Re: What's the Best way to get 30 Points in Two Months?

this is what is hurting my score. The only thing I can control is paying down my CCs

TU - 630

1. You have a serious delinquency (60 days past due or greater) or a derogatory description on your credit report.

  - last delinquent was two years ago.

  Number of your accounts that were ever 60 days late or worse:9 accounts

 

2. You have multiple accounts showing missed payments or derogatory descriptions.

 - same as #1 but different verbage

 

3. You have a short credit history.

Your oldest account was opened 7 Years, 7 Months ago

Average age of your accounts 3 years

 

4. You've made heavy use of your available revolving credit.

Ratio of your revolving balances to your credit limits 26%

 

EX 634

 

1. You have a public record or collection, as well as a serious delinquency on your credit report.

a collection from 2003.

 

2. You have a short credit history.

 

3. You've made heavy use of your available revolving credit

 

4. You have multiple accounts showing missed payments or derogatory descriptions

 

EQ 677

 

Same as TU

Message Edited by eddymvp on 01-12-2009 11:29 PM
Message 7 of 14
Junejer
Moderator Emeritus

Re: What's the Best way to get 30 Points in Two Months?


eddymvp wrote:

this is what is hurting my score. The only thing I can control is paying down my CCs

TU - 630

1. You have a serious delinquency (60 days past due or greater) or a derogatory description on your credit report.

  - last delinquent was two years ago.

  Number of your accounts that were ever 60 days late or worse:9 accounts

You can start writing GW letters for those baddies.  Will cost you .42 and a little bit of time here c/p

2. You have multiple accounts showing missed payments or derogatory descriptions.

 - same as #1 but different verbage

Ditto above

3. You have a short credit history.

Your oldest account was opened 7 Years, 7 Months ago

Average age of your accounts 3 years

Time heals a a short credit history.  Leave apping alone, unless you really need credit to keep your AAoA growing.

4. You've made heavy use of your available revolving credit.

Ratio of your revolving balances to your credit limits 26%

Pay down to 1-9% overall util, allowing 1 card to report a balance.

EX 634

 

1. You have a public record or collection, as well as a serious delinquency on your credit report.

a collection from 2003.

It will die a natural death in 2010.  If you acknowledge this debt as yours, you've DV'd and they have validated in your eyes, do a PFD.  If you are not sure that they are the ones to be collecting from you, then you need to DV them, if SOL has passed.

2. You have a short credit history.

Time heals.

3. You've made heavy use of your available revolving credit

See above

4. You have multiple accounts showing missed payments or derogatory descriptions

GW

EQ 677

 

Same as TU

Message Edited by eddymvp on 01-12-2009 11:29 PM

 







Starting Score: 469
Current Score: 849
Goal Score: 850

Take the myFICO Fitness Challenge
Message 8 of 14
eddymvp
Frequent Contributor

Re: What's the Best way to get 30 Points in Two Months?


@Junejer wrote:

@eddymvp wrote:

this is what is hurting my score. The only thing I can control is paying down my CCs

TU - 630

1. You have a serious delinquency (60 days past due or greater) or a derogatory description on your credit report.

  - last delinquent was two years ago.

  Number of your accounts that were ever 60 days late or worse:9 accounts

You can start writing GW letters for those baddies.  Will cost you .42 and a little bit of time here c/p

Already sent GW letters 10 months ago and no love.

2. You have multiple accounts showing missed payments or derogatory descriptions.

 - same as #1 but different verbage

Ditto above

3. You have a short credit history.

Your oldest account was opened 7 Years, 7 Months ago

Average age of your accounts 3 years

Time heals a a short credit history.  Leave apping alone, unless you really need credit to keep your AAoA growing.

Will do, last card was in June, 2008 and it was CareCredit

4. You've made heavy use of your available revolving credit.

Ratio of your revolving balances to your credit limits 26%

Pay down to 1-9% overall util, allowing 1 card to report a balance.

I will try to pay 50% of the balance next month, should bring my balance to 13%

EX 634

 

1. You have a public record or collection, as well as a serious delinquency on your credit report.

a collection from 2003.

It will die a natural death in 2010.  If you acknowledge this debt as yours, you've DV'd and they have validated in your eyes, do a PFD.  If you are not sure that they are the ones to be collecting from you, then you need to DV them, if SOL has passed.

I made the mistake to pay this collection in november 2007, thinking that it was going to be removed.

2. You have a short credit history.

Time heals.

3. You've made heavy use of your available revolving credit

See above

4. You have multiple accounts showing missed payments or derogatory descriptions

GW

Can I send the same letter again?

EQ 677

 

Same as TU

Message Edited by eddymvp on 01-12-2009 11:29 PM

 


 

Message 9 of 14
eddymvp
Frequent Contributor

Re: What's the Best way to get 30 Points in Two Months?

Below is one of the letters that I sent to one of the  lender.

 


May 2nd, 2008

 

ACS/ Bank of America

501 Bleeker St

Utica, NY 13501

 

To whom it may concern:

 

I am writing to your company to ask for a measure of Goodwill, ACS/ Bank of America  has an excellent history of strong customer service.  I have one paid ACS/ Bank of America loan account that has late payments on 12/2006,11/2006,10/2006,12/2005,11/2005 and 10/2005.  I have made some very large mistakes regarding my financial credit history.  In my 20's I took credit for granted, I never realized that my serious misuse of credit would come back to haunt me and it has in a large way.  I have had a strong credit history since 2007. 

 

Since, than I have found God and grown-up;  I have learned the true meaning of responsibility personally and financially; I managed to live on my paycheck alone, I  never missed a single payment on any bills.  I left from Rivier College in 2004, now I am working my full-time dream job for Beehive Security.
 

I have been paying all my student loans as well as other house hold bills on time.  It is now time to buy a house and live the American Dream.  When I was denied a house loan, I discovered that I have a bad payment history with ACS/ Bank of America.  I am asking and pleading for a measure of Goodwill to delete the "late payments" account off of my credit report.  This one trade line is holding my family back from our dream of home ownership.  I understand that you are under no legal obligation to respond to my letter of Goodwill, but I pray that you will find it in your heart to grant my family the Goodwill of deleting the one trade line off my credit report. 

 

Goodwill is alive and well in this day and age.  I find that there are still good people in this world, sometimes we get into financial problems but through hard work my family has been able to overcome whatever God puts in our path.  However, this time I am asking for your help in realizing my families' dreams, with this jester of Goodwill and delete the late payments of my credit report; ACS/ Bank of America will forever have my gratitude.

 

Sincerely,

 

typed name, didn't sign it.


 

Message Edited by eddymvp on 01-13-2009 07:59 AM
Message 10 of 14
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