Im sitting here reading through the posts and someone posts that paying off collections will not help your score. Is this true? All my negs are in collections and i have offered PFD on them. If they get deleted wont that raise my score? My utils are only 10%.
Some people experience a score raise after paying off collections.... some do not, usually its the latter. If it gets deleted, thats a different story, you could gain a significant amount of points denpending on the age of the collection, etc... Plus your util is good, ideally you want to be at 1-9%, but 10% is also great!
I am shooting for 700 within the next year. as of 2/20/2008 TU: 623, EXP: 553, EQ: 552
Do you ever wonder if the positive things we do to our credit are accurately calculated in the score? Why should we not see a score increase if a very recent collection account is deleted. I just had one show on my file in February. It was deleted as it was a mistake by the original creditor. When it appeared last month my score dropped 36 points. When it was deleted it only increased by 5!??? Guess it could be other factors, but nothing but good has been going on with my reports as of late. I am so tired of this credit game. We make above average combined income, have paid EVERYTHING on time the past 2 yrs, have low debt utilization and still my score is in the high 500's AND we are still having a hard time getting a mortgage even though my husband's finally hit 650.
I recently had two DIRECTV collections deleted (one from Jun 2007 and another from June 2005) and my score went up 19 points with EQ.
------------------------------------------- April 2009: TU 768 March 2009: EQ 671 February 2009: EQ 666 January 2009: TU 667 | EQ 620 | EX 669 December 2008: TU 651 | EQ 625 | EX 649 April 2008: TU 642 | EQ 636 | EX 635 November 2007: EQ 542
Someday, What I did was share with the experts here my exact full story. Meaning I looked at my reports and told them of course without personal info the exact accounts, collections, etc etc that are on my reports and how they are reporting. 30 day lates and everything. I was given such great step by step instructions by doing this that in just 45 days time my score jumped about 50+ points on each cra. I owe all of this to myfico members... I would suggest you do the same if you want to get that mortgage,
That is just my 2 cents
Message Edited by bott6698 on 03-17-200809:05 PM
01/31/2008 EX 502 EQ 466 TU 481 3/14/2008 EX 578 EQ 539 TU 543 4/16/2008 EX 622 EQ 532 TU 578 5/19/2008 EX 604 EQ 591 TU 592 1/1/2009 EQ 625 EX 576 TU 569 02/13/2009 EQ 648 EX 617 TU 590 09/28/2009 EQ 568 TU 591 Thanks to all Fico supporters for your encouragement and advice
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.