01-15-2013 10:57 AM
Ok, so my goal is to raise my FICO Score to the 620-640 range for an FHA loan.
I have two trouble acounts that I need to handle. Here is the full snapshot:
#1 - CapitalOne Account - Charged Off (Amount Owed: $1,171 - No CL reporting - High Balance Only of $1,027)
#2 - Asset Acceptance - Open Collection (Amount Owed - $3,860 - Largest Past Balance of $2,268 - Settlement Offered for about 1/3rd of the balance)
Since these are Charge Offs and Collections, do these amounts this affect my utilization? If so, would paying the CapOne in full, and accepting the settlement with Asset (with a plan to have the Trade-Line deleted) raise my score? If this is in fact affecting my utilization, is the CapOne account "appearing" to have a utilization of 114%? Does the same hold true for the Asset acount?
Any help and insight would be appreciated. Thanks!
01-15-2013 11:12 AM
The Cap1 is counting against your util. A CA will not count as util.
01-15-2013 11:51 AM
Paying down util is one of the fastest ways to get a bump.