Can I break 700?

[bigB12]

Pretty simple question, and I can probably answer my own question by saying this is based case by case.  But I was wondering if anyone has a 700+ score with a charged off account reporting? 

I have a charged off account that is reporting from 2011 and haven't gotten anywhere with Discover.

On a different note, I'd like to thank everyone for their help.  I've managed to raise my score from 592 TU to 685 TU in just over 2 months time.  I say 90+ points is a success!  I'd like to get over a 700, But not sure what steps to take to gain that 15 points. 

Will adding a mortgage to my CR bump my score up after some time?  I'm sure initially it will go down, but wondering if a mortgage has any more impact on your CR than adding a new CC?  I was pre-approved for a mortage with a mid-score of 636 2 months ago (592 TU was my low score), but wanted to clean up my reports to get a better rate, that's when my mission started.  I'll be applying for a mortgage in August with a now cleanER report.  Thanks again for all of your help!

[myjourney]

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@bigB12 wrote:

Pretty simple question, and I can probably answer my own question by saying this is based case by case.  But I was wondering if anyone has a 700+ score with a charged off account reporting? 

I have a charged off account that is reporting from 2011 and haven't gotten anywhere with Discover.

On a different note, I'd like to thank everyone for their help.  I've managed to raise my score from 592 TU to 685 TU in just over 2 months time.  I say 90+ points is a success!  I'd like to get over a 700, But not sure what steps to take to gain that 15 points. 

Will adding a mortgage to my CR bump my score up after some time?  I'm sure initially it will go down, but wondering if a mortgage has any more impact on your CR than adding a new CC?  I was pre-approved for a mortage with a mid-score of 636 2 months ago (592 TU was my low score), but wanted to clean up my reports to get a better rate, that's when my mission started.  I'll be applying for a mortgage in August with a now cleanER report.  Thanks again for all of your help!

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Sure you can break 700 with a CO as the baddies age and good TL's gain history the CO has less of a scoring factor..

Case in point I had a old FED tax lien at one point and a CO and was in the 700's 

[gdale6]

Yes, as MJ has already stated as they age their impact is less and less on your score so you can have 700+ with COs.

[myjourney]

bigB12 wrote:

Will adding a mortgage to my CR bump my score up after some time?  I'm sure initially it will go down, but wondering if a mortgage has any more impact on your CR than adding a new CC?

Good question

Here's what goes into Fico scoring

So adding any of the above categories if you don't have can certainly have a positive impact on scores 

However a new TL can equal +/- depending on other key factors of your CR's 

Some have seen a mortgage report and increase scores while others take a scoring hit 

[lavencedora]

I would say that the fact that while adding a mortgage could initially have either positive or NEGATIVE effect, it definitively will help you over time. A mortgage is rated as the highest quality of credit, followed by installment loans, then credit cards. It definitely is a big plus to get a mortgage in your mix. :-)

[Lechte]

I'm on the verge of 700 right now, and that is with a high balance reporting in April...I have an old BK and a 2 year old CO on my report....so yeah, you can get there.

[DaveSignal]

I have a Chase account that was charged off in 2009.  I have asked Chase for Goodwill a few times and even recently got a letter back from EO stating that they "respectfully declined my request to remove the reporting".  Oh well.  I am not applying for a mortgage or anything, so it isn't really urgent for me to get it removed.

[fishbjc]

Yes, 686 here on EQ, with a major derog from 2011.  When this hits the three year mark, it may give another little bump.  Right now, it's all about utilization.  Recently got a 9pt bump for paying down 1%.

[bigB12]

Thanks for all of your notes.  I'll keep you all updated with how my mortgage app goes.

[Jimmyl66]

I just pulled my credit reports on MyFico and I have a 713 experian credit score with Midland still reporting as a negative. Equifax is reporting 653 and Transunion 651. Only difference between all three is that experian dosnt show a current balance while the other two do. Hope this helps.