how to raise score?

[treschic]

well, as you may have seen in my previous post, my sw report told me i gained 14 points from adding a new store card.  i just got my dispute results back from equifax, and i think the points are really from a couple of paid collections being deleted (i paid oc, who promised to delete, but ca refused, so i disputed them).  as far as paying off old debt, i have 2 unpaid ca, and 1 recent ca that just sent me a letter ( ), so, i have a total of 4 ca  on my report, although i also have 2 co's, and and some other baddies that are coming off between may-december of this year.  so, i'm just assuming that my low credit score of 501, is due to the fact, that i don't have many positive tradelines reporting, besides my numerous sl's which are all now back in deferrment, i only have 1 cc and 1 store card, and a few closed personal loans. i'm not sure of my average age, but my 1 cc was opened 6 months ago, and the store card 1 month ago.    if i do add some more cards, how much of a boost can i likely see?  i don't know if its possible to get a 600 with the 4 ca's.  or should i just wait it out to december, when the last baddie falls off, then try to figure out what to do?sorry for rambling... but thanks for any insight.

[Anonymous]

The 14 points may have came from the store card. I've had quite a few CA's removed lately and haven't really seen much of a score change, actually none from EQ and 1 point from EX. I did get a bigger bump on TU but I have less negative on there and mostly positive.

From what I gather, as long as you have CA remaining, you wont much of a boost getting them removed until that last one is removed. I have come to the conclusion that it is the fact you have a CA that hurts more than how many CA you have.

Have you tried the score simulator to see how it would likely to affect your score if you added more cards?

Look at your score analysis and see what is hurting your score. In mine, it specifically says that "lack of revolving debt" is hurting my score.

Your score analysis will also show your age and average age. The amount of new credit you have will affect your score also.

It is really hard to predict how scores will change, the score simulator does it much better.

[treschic]

okay, i get it now. that actually does make since.  thanks for your quick responses!!

[haulingthescoreup]

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@Anonymous wrote:

From what I gather, as long as you have CA remaining, you wont much of a boost getting them removed until that last one is removed. I have come to the conclusion that it is the fact you have a CA that hurts more than how many CA you have.

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The presence of a collection is a known score bucket. So you might get some piddly score results when one of several collections is removed, but the biggie comes when the last one is gone.

Also, you get more benefit from getting more recent collections (and other baddies) removed.