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HELP WITH A SCORE OF 410 IS IT EVEN POSSIBLE?

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SHAI
Regular Contributor

HELP WITH A SCORE OF 410 IS IT EVEN POSSIBLE?

Good Evening Everyone, I could use a little help here, these are my current scores TU-419, EX-423, EQ-410. I really need a score of 620 or above by December of 2008 is this even possible all feedback is welcome. The current situation is as follows: 1.Chase Bank $546 charge-off 2.1st Continental $517 charge-off 3.Imagine Mastercard $794 charge-off 4.T-Mobile $446 collection account 5.Genuine Portraits $165 collection account 6.Verizon $65 collection account 7.Verizon $75 collection account 8.Verizon $204 collection account I have one account in good standing which is a BOA Secured card $500 limit but 94% utility. My question is if I pay off all collections and bring my utility to under 10% can a jump from the 400's to the 600's be possible.

Starting Score: September/2012 TU-496, EQ-456, EX??
Current Score: April/2013 TU-680, EQ-661,


Goal Score: 700 across the boards

Take the FICO Fitness Challenge
Message 1 of 7
6 REPLIES 6
marty56
Super Contributor

Re: HELP WITH A SCORE OF 410 IS IT EVEN POSSIBLE?

If you get your util down to 9% you will get a score boost but how much I dont know.
 
There are smart people here who can help you attack the collections on your CR.  Please check the DV/PFD postings in the forum.  I would do that first since if you can pay to get the collections off your report that would be a bigger help.
 
 
1/25/2021: FICO 850 EQ 848 TU 847 EX
Message 2 of 7
Anonymous
Not applicable

Re: HELP WITH A SCORE OF 410 IS IT EVEN POSSIBLE?

With the collection accounts, it's better to have them removed if possible, rather than have them just shown as paid. Paid Collection accounts hurt your scores too, especially those which are more recent. It would help if you list the approximate dates that you were first delinquent with each account... that would help determine your best course of action.

As for IF this is possible... I think so. Look at my signature to see how much my scores have jumped up in the last couple months. As you can see, my scores were into the 400's when I started fixing. These increases are just due to correcting errors, and removing collection accounts that weren't supposed to be on my CR.

I'm a poster child now for what you can accomplish if you have a tons of determination... even though I haven't exactly reached my goals yet. There is a ton of good information on these forums... use it. Read, read, and read some more.

*Oh, and don't forget to ask questions when you get stuck. Like Marty said... this forum is full of people who have 'been there, done that'... and they usually seem to have the answers. (I'm just a lowly newbie.)Smiley Wink

Message Edited by ConvexLes on 07-10-2008 05:03 PM
Message 3 of 7
Anonymous
Not applicable

Re: HELP WITH A SCORE OF 410 IS IT EVEN POSSIBLE?



SHAI wrote:
Good Evening Everyone, I could use a little help here, these are my current scores TU-419, EX-423, EQ-410. I really need a score of 620 or above by December of 2008 is this even possible all feedback is welcome. The current situation is as follows:
 
1.Chase Bank $546 charge-off
 
 
2.1st Continental $517 charge-off
 
3.Imagine Mastercard $794 charge-off
 
4T-Mobile $446 collection account
 
5.Genuine Portraits $165 collection account
 
6.Verizon $65 collection account
 
7.Verizon $75 collection account
 
8.Verizon $204 collection account
 
I have one account in good standing which is a BOA Secured card $500 limit but 94% utility. My question is if I pay off all collections and bring my utility to under 10% can a jump from the 400's to the 600's be possible.

You need to know DOFD and DOLA for each account and your SOL before you do anything.
 
You can find SOL here -
 
 
Where did you pull your reports from? If you are eligible, I'd suggest getting your free ones at www.annualcreditreport.com , unless your current reports were pulled directly from the CRA themselves.
Message 4 of 7
fused
Moderator Emeritus

Re: HELP WITH A SCORE OF 410 IS IT EVEN POSSIBLE?



SHAI wrote:
Good Evening Everyone, I could use a little help here, these are my current scores TU-419, EX-423, EQ-410. I really need a score of 620 or above by December of 2008 is this even possible all feedback is welcome. The current situation is as follows: 1.Chase Bank $546 charge-off 2.1st Continental $517 charge-off 3.Imagine Mastercard $794 charge-off 4.T-Mobile $446 collection account 5.Genuine Portraits $165 collection account 6.Verizon $65 collection account 7.Verizon $75 collection account 8.Verizon $204 collection account I have one account in good standing which is a BOA Secured card $500 limit but 94% utility. My question is if I pay off all collections and bring my utility to under 10% can a jump from the 400's to the 600's be possible.

I'm not sure how much cash you have on hand to pay of your debt but this is how I would attack it.
 
1.) pay down your BoA card to less than 9% of it's credit limit
 
2.) Pay off the charge-offs (NOT the collections). The balances on the charge-offs is tanking your scores big time. Remember COs do factor in your utilization calculations, collections do not.
 
3.) After you do #1 and #2, then we get to work on your most recent collections.
 
If you do #1 and #2, once they update on your credit reports, I would expect your scores to be well over 500.
Message 5 of 7
Regular Contributor

Re: HELP WITH A SCORE OF 410 IS IT EVEN POSSIBLE?

My scores all went up 34 - 40  points each for paying util. down from 95% to 3% 
MyFico's:
June 09: TU 591, EQ 526, EX 576
June 10: TU 647 EQ 643, EX 661
March 12: TU 700 EQ 700
Message 6 of 7
Anonymous
Not applicable

Re: HELP WITH A SCORE OF 410 IS IT EVEN POSSIBLE?

Is it possible- yes
 
Getting the UTL down and the CA's PFD's
 
When was you last late payment? - this really is the deciding factor if 620 is really doable in 6 months.
 
I came here with a 480 and went up 200 points in 1 year-
Message 7 of 7
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