This is a repost from something I wrote in another; slightly off topic in that...
Right now, everything is around 650. Pre-04, everything was about 800, and I had about 9 credit cards (wow, looking back, I didn't realize I had so many), an open vehicle loan for $40k, two paid for vehicle loans ~40k each, never any latenesses and very low balances, if any, on them all. In 04, I maxed out and charged off everything (medical situation; long story) except one credit card...my score went down to the mid-500's or so. In 05, I paid two of the charged off credit cards, PFD two in 06, and worked the system to get four deleted w/o a penny (although I made a few thousand 
, one I've had over 10 years is still perfect, and the last one I'm still fighting to get taken off right now.
, one I've had over 10 years is still perfect, and the last one I'm still fighting to get taken off right now. 06 I closed the $40k loan and opened a small one on the same car for about $8k, and paid it off early 07. Within the year I've opened three more credit cards, and have two open car loans (one $18k and one $35k). So, I've got four credit cards two open car loans, low balances, excellent credit from pre-04 for stuff I've paid off, two paid CO's with last dates 05', a lateness from 06, oh yeah...forgot a line of credit I opened also, and one has two paid student loans I paid for while I was in college...around 1998, or so.
Getting to the point, what I'm trying to figure out here is, if I can convince the folks to PFD this last derog from 04, will my score bounce back into the 700's. If not, when can I expect to be back in the 700's? I keep my balances low, etc., so, I'm aware of what I need to do to prevent my score from lowering.
stevie2 wrote:This is a repost from something I wrote in another; slightly off topic in that...Right now, everything is around 650. Pre-04, everything was about 800, and I had about 9 credit cards (wow, looking back, I didn't realize I had so many), an open vehicle loan for $40k, two paid for vehicle loans ~40k each, never any latenesses and very low balances, if any, on them all. In 04, I maxed out and charged off everything (medical situation; long story) except one credit card...my score went down to the mid-500's or so. In 05, I paid two of the charged off credit cards, PFD two in 06, and worked the system to get four deleted w/o a penny (although I made a few thousand06 I closed the $40k loan and opened a small one on the same car for about $8k, and paid it off early 07. Within the year I've opened three more credit cards, and have two open car loans (one $18k and one $35k). So, I've got four credit cards two open car loans, low balances, excellent credit from pre-04 for stuff I've paid off, two paid CO's with last dates 05', a lateness from 06, oh yeah...forgot a line of credit I opened also, and one has two paid student loans I paid for while I was in college...around 1998, or so.Getting to the point, what I'm trying to figure out here is, if I can convince the folks to PFD this last derog from 04, will my score bounce back into the 700's. If not, when can I expect to be back in the 700's? I keep my balances low, etc., so, I'm aware of what I need to do to prevent my score from lowering.
FICO does not care if a CO is paid or unpaid...any CO is bad news!!
Late payments hurt for the first 2 years.
You mention the paid CO being in 2005......what was the DOFD or when does your CR say it will drop? IMO these are whats keeping your scores down!
I had a CO reported by the OC.....when it dropped I had an over 50 point gain in scores!
They will drop from CR approx 7 years from DOFD not from when you paid them.
The amount $$$$ of your debt or credit (how much you paid for auto loans doesn't matter)
You should always try to PFD the OC before a CA. They tend to be more willing to accept a PFD if you are past SOL.
bump 