02-02-2013 01:13 AM
Hi all! I am needing to increase my scores quick! I am 606, 615, 603. I have a couple medical bills in collections and a charge off that I have paid. Unfotuantely I didnt know about PFD when I paid it in full. So, its stil showing as a charge off on my acct. Can I some how dispute that as not mine and hope for the best? Should I try PFD on my 2 med bills? Also, if my mom adds me as a au on her 5/3 cc would that help? I recently got a capital one card (high interest ) and have made my first 3 timely payments. We recently bought a new vehicle (at a ridicuous interest rate ) and have made our first 2 payments on time.
We are buying a house soon and I would love for my score to reach 700. And by soon I mean, our house has sold and we need to move in 2 months! We know renting for 6 months may be necessary, but the sooner our scores go up the better.
Help? Advice? Recommendations? TIA for all our assistance!
Also, if the cc is reporting as charge off and the attorneys office is reporting the same debts as being paid in full can I dispute either or both of those negative marks?
02-02-2013 06:27 AM
Don't send a PFD if the medical bills are paid. Send a GW. Try calling the OC and CA too. Some OCs can influence the CA to go away after a debt is paid.
The addition of the AU CC may or may not help. Per FICO, it can influence your mix of credit, utilization, length of history/AAoA, and payment history.
If the CapOne is the only CC you have, then mix of credit is improved and there's a high chance of an increase off of that.
Utilization could be impacted. If the AU has a large balance in relation to the CL, then you can possibly see a drop if added. Conversely, if the balance is at $0 when reported, and the utilization on your CapOneis high, then you stand to see a nice increase.
Per length of history, if this AU CC has a long history, longer than your other accounts, then the addition of it can help your FICO. Conversely, if it is a brand new account, you could see a decrease.
Finally, having a spotless history on the AU CC won't help too much, but if that CC has a bunch of lates or spotty payment history, it can hurt if added.
Combine all of these factors together and you get a mixed bag of results.
The new accounts will hurt your FICO (the car and CapOne). If you can, wait 6-12 months from the date they were opened and you're odds will improve as will your FICO.
With new credit and the collections, I don't foresee 700. I bet being new-credit-free for a year with the removal of the baddies might get you there.
If you have a CO'd CC, it can report as a paid CO if sold to a CA or paid, but the reporting of a CO is normal and expected. If there's a CA (the law office) reporting, the CC needs to report $0, especially if you paid it. The CA (the law office) can also report as a paid colelction. Send a GW to both.
OP, where are you getting your scores from? Unless the 606, 615, and 603 are from the same source and if that source is a lender, then none of the scores you have are FICO scores and your lender would show different results.
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