Looking For Some Advice

[Anonymous]

According to my FICO Score Simulator, if I pay off the total of my $1,950 Revolving/Open Account balance my current score of 570 would jump to 700-740. However, $1,736 of that amount is from a "Collections" and "In Collections" CC accounts whose CRTP's will expire sometime this year.

The thought of my score climbing 130 pts in one month seems too good to be true. I'm willing and able to PIF both accounts but I'm worried my score will be less than before.

Should I follow the Simulators direction outright or am I missing something?

[Shogun]

I don't see that much of a jump, seriously.  You will need to try for a PFD.  The lowering of your util will give you a bump, but those collections would remain on your CR, just with a zero balance and will still drag your scores down.

[Anonymous]

Thanks for your input!

Also,

1. Will the CRPT reset if I PIF?

2. My accounts are from Cap One, CitiFin, and LVNV (OC: First Prem). Any luck PFD'ing from these guys?

3. If they decline PFD; try, try, try again??

[vader77]

Myfico simulator told me that if I paid off my total CC debt I would go up to 705-740.  I paid $2200 of $2500 and went to 681 from 595.  I am continually amazed by how much you utilization effects your score.  It's huge!

[jadeite788]

you probably would come close to 700, anything is possible though.  Paying down revolving credit that is open decreases the utilization.

[ktm214]

Where do I find the my fico score simulator? I have looked for it but unable to find it. Thank You

[Shogun]

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@Anonymous wrote:

Thanks for your input!

Also,

1. Will the CRPT reset if I PIF?

2. My accounts are from Cap One, CitiFin, and LVNV (OC: First Prem). Any luck PFD'ing from these guys?

3. If they decline PFD; try, try, try again??

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1.  No, if you PIF this will not reset the clock.

2.  Those are some really tough cookies.  You could try.

3.  I'd give it a round or two, if not, then I would pay/settle and try the GW route.