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Regular Contributor
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Registered: ‎04-30-2012
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Re: Am I dreaming? I need a 50 pt increase in 6 months. Can it happen?

You guys are right, I do have other derogatories on my report. I'll look at my report when I get home, then I'll report back. The accounts with derogatories have all been paid in full back in December of '11. They were however, late to the tune of 30 and 60 days within the past year. I basically paid $19,000 in Consumer Credit Cards, an equity loan, and a MasterCard all off. Once I paid, they were closed. I was hoping if I paid in full, it would help my scores, which they did...except they were Fako's and not my Fico's....ugh! I'm so frustrated! I feel like then I was doing the right thing, in actuality, it was the wrong thing......Stay tuned, I'll report back in an hour or two!!! THANK YOU ALL, I APPRECIATE IT!!!

Starting Score:5/22/10 590
Current Score: 6/11/13 670
Lender Mid Score: 6/11/13 670

Goal Score: 700


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Registered: ‎04-30-2012
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Re: Am I dreaming? I need a 50 pt increase in 6 months. Can it happen?

[ Edited ]
Ok, here we go:

-Number of your accounts that were ever 60 days late or worse: 6

1- Home Depot- Last late May 2011 90 day late- On time since, paid in full CLOSED

2- Barclays- Last late February 2011 120 day late- On time until September 2011 and November 2011 30 day lates. Paid in full CLOSED

3- Capital One- Last late September 2005 60 day late - On time thru April 2009. Paid in full CLOSED

4- Bank of America Mortgage - Last late January 2011 60 day late - On time since OPEN ACCOUNT

5- Credit Union Loan- Last late March 2009 60 day late - On time since OPEN ACCOUNT $425 balance

6- Equity Loan - Last late October 2011 - Paid in full CLOSED

-Number of collections on your credit report 1 Collection (PAID IN FULL 1 year, 7 months ago) $125 Medical collection, paid in full. I called and they would not remove the KD from my report, only would send a paid in full letter.

-Number of your accounts with a missed payment or a derogatory description 10 accounts

-Ratio of your revolving balances to your credit limits 72% (I can pay this off or down)

-Your most recent collection occured 1 Year, 7 Months ago

Hopefully this explains it all. I'll fit within FHA guidelines in February of '13 with 2 years of on time mortgage payments, and over one year on time payments with unsecured loans and credit cards. Only issue then is to get my FICO score up.....is it possible if I maintain my recent good habits through February 2013?? Again, thank you for your help and guidance!!!


Starting Score:5/22/10 590
Current Score: 6/11/13 670
Lender Mid Score: 6/11/13 670

Goal Score: 700


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Re: Am I dreaming? I need a 50 pt increase in 6 months. Can it happen?


ccubedzx3 wrote:
Ok, here we go:

-Number of your accounts that were ever 60 days late or worse: 6

1- Home Depot- Last late May 2011 90 day late- On time since, paid in full CLOSED

2- Barclays- Last late February 2011 120 day late- On time until September 2011 and November 2011 30 day lates. Paid in full CLOSED

3- Capital One- Last late September 2005 60 day late - On time thru April 2009. Paid in full CLOSED

4- Bank of America Mortgage - Last late January 2011 60 day late - On time since OPEN ACCOUNT

5- Credit Union Loan- Last late March 2009 60 day late - On time since OPEN ACCOUNT $425 balance

6- Equity Loan - Last late October 2011 - Paid in full CLOSED

-Number of collections on your credit report 1 Collection (PAID IN FULL 1 year, 7 months ago) $125 Medical collection, paid in full. I called and they would not remove the KD from my report, only would send a paid in full letter.

-Number of your accounts with a missed payment or a derogatory description 10 accounts

-Ratio of your revolving balances to your credit limits 72% (I can pay this off or down)

-Your most recent collection occured 1 Year, 7 Months ago

Hopefully this explains it all. I'll fit within FHA guidelines in February of '13 with 2 years of on time mortgage payments, and over one year on time payments with unsecured loans and credit cards. Only issue then is to get my FICO score up.....is it possible if I maintain my recent good habits through February 2013?? Again, thank you for your help and guidance!!!



For #1, #2, and #6, when were these opened? You wouldn't want to send GWs for closed accounts and wind up with a deletion that could hurt your history.

 

For #3, ignore it. The late will disappear in September.

 

For #4 & #5, send a GW asking for removal of the lates.

 

For the Medical CA, if you paid the CA, send a GW asking for deletion.

 

Def. get util down.

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Re: Am I dreaming? I need a 50 pt increase in 6 months. Can it happen?

[ Edited ]

1-Home Depot was opened November 2006

2-Barclays was opened 2007

3-Equity loan was opened 2003

4-How is Bank of America with GW's?

5-Credit Union- Do I have leverage to do a PFD? Maybe offer to pay off in exchange of removal of lates?

Medical Collection- I called to get this removed, but the guy was very firm in telling me thy would not delete it or remove it. Should I try again?

I'll pay my current C.C. down to 5-9%, see what transpires...

Thanks for the advice!! This is priceless info!!

Is there any hope of getting up to 640/650 by December of this year? Gosh, I hope so!!


Starting Score:5/22/10 590
Current Score: 6/11/13 670
Lender Mid Score: 6/11/13 670

Goal Score: 700


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Registered: ‎04-26-2012
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Re: Am I dreaming? I need a 50 pt increase in 6 months. Can it happen?

What was your reasoning for closing your Home Depot and Barclays?  Your score takes a little ding for closing them.  It would have been better for your overall utilization if you would have just paid them and left them open.  Plus it shows a healthy "variety" of credit.  If they were just closed, I would call and see if they would be willing to reopen them and keep the original open dates.  That's just me though.  If you decide not to, you can still write GW letters to see if they will remove the derogs.  However, you do risk them deleting the entire tradeline and therefore effecting your AoA; small risk, but a risk all the same.

 

As for the medical collection - I would stop calling and start writing GW letter after GW letter until it either lands on the right desk or they just get sick of seeing your letters. If this is a CA, I would also try to call the OC and let them know that it was paid in full and ask them if they can get the CA to remove the tradeline.  Sometimes it works, sometimes it doesn't, but worth a shot.

 

I would search the forum here for BoA and see how much success people have had and who they contacted to make it happen.

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Posts: 292
Registered: ‎10-05-2010
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Re: Am I dreaming? I need a 50 pt increase in 6 months. Can it happen?

Well, I've heard that applying for too much new credit hurts you. My "new credit" tab on myfico scorewatch report says "bad". Not sure how long or if you should wait bewteen applying but I have heard that said here.

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Posts: 171
Registered: ‎04-30-2012
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Re: Am I dreaming? I need a 50 pt increase in 6 months. Can it happen?


AZHeather wrote:

What was your reasoning for closing your Home Depot and Barclays?  Your score takes a little ding for closing them.  It would have been better for your overall utilization if you would have just paid them and left them open.  Plus it shows a healthy "variety" of credit.  If they were just closed, I would call and see if they would be willing to reopen them and keep the original open dates.  That's just me though.  If you decide not to, you can still write GW letters to see if they will remove the derogs.  However, you do risk them deleting the entire tradeline and therefore effecting your AoA; small risk, but a risk all the same.

 

As for the medical collection - I would stop calling and start writing GW letter after GW letter until it either lands on the right desk or they just get sick of seeing your letters. If this is a CA, I would also try to call the OC and let them know that it was paid in full and ask them if they can get the CA to remove the tradeline.  Sometimes it works, sometimes it doesn't, but worth a shot.

 

I would search the forum here for BoA and see how much success people have had and who they contacted to make it happen.

 



Actually Barclays and Home Depot closed the accounts because of my deragotory payments I believe..

 

I'll start GW'ing the collection agency for that medical collection.  What a bummer.  $135 that was disputed between my insurance and I caused this...makes me sick!

 

I hope I get some success from these GW letters.  It would be great to "find" a few more points on my Fico score.

 

Thanks for the tips!

 


Starting Score:5/22/10 590
Current Score: 6/11/13 670
Lender Mid Score: 6/11/13 670

Goal Score: 700


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Registered: ‎04-30-2012
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Re: Am I dreaming? I need a 50 pt increase in 6 months. Can it happen?

*Update*  I finally got a chance to pen up some Goodwill letters, now I have to play the waiting game to see what happens.  I want to prepare for the worst, and hope for the best and will use reverse psychology and expect them not to honor my requests.

 

With that said, how will these scenarios play out?

 

- Currently I am at 78% utilization on my one and only C.C. with a $2700 limit.  If I pay that down within the next day or two to 1-9%, how much would you expect my score to go up?

 

- I have a 60 day late from September 2005 showing up on my C.R.   When that falls off, will my score increase at all?

 

- Once December hits, it will be 1 year since my last late payment on a credit/loan account, will 1 year with good history increase my score?

 

- Once February hits, it will be 2 years since any late mortgage payments, will 2 years of good mortgage history increase my score?

 

I have about 60 points I need to gain in order to hit a median score of 640...will I get there by December/January?

 

Thank you again all for all your help!


Starting Score:5/22/10 590
Current Score: 6/11/13 670
Lender Mid Score: 6/11/13 670

Goal Score: 700


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