New to myFICO - and rebuilding credit! :)

[Anonymous]

Hi everyone!

I would like to say first off that I am a new member to myFICO, and I am working to rebuild my credit. I have been reading through this a lot and have gotten some good tips on how to raise my score up. I do have a question though - I have had 4 collections from 2008 removed completely from my report, just by calling and asking if they would remove it. How much do you think my score will go up because of those being removed. Also, if I pay down a credit card from $4200 to $2000 (card has a $6500 balance) how much will that help to raise my score? I am looking to get pre-approved for a home soon, and would like to raise it up enough to do so within the next 2 months, that is my goal. I had a late payment on my car payment in December, but that is all I have had since.

Thank you!

Sarah

TU: 572 (3/25) / EQ: 595 (3/25)

Goal: 740

[JayRizzo]

First, I'd like to welcome you to the MyFico Forums where you will and have already found a wealth of information.  Unfortunately, what you are seeking is an answer that is not easily provided as you will soon learn that the credit scoring algorhythm considers many factors based on an individuals overall credit profile -- not just a few items that were removed, so it's difficult to give even a ballpark figure as scoring constantly fluctuates.  Example:  This month 2 items came off, but new inquiries went on  OR 2 items came off but other Good accounts have not yet updated -- it's basically a snapshot at the point of when it is reviewed.

This is in no way a fast process.  Increasing a credit score is a slow process requiring lots of education and patience.  Many will not see results for 3 to 6 months after starting to rebuild while others may see an immediate turnaround.

Many mortgage companies require a minimum score of I believe 620 or 640 for approval, but don't quote me on that -- other's may have more knowledge and experience on the exact numbers.  You will also learn about GoodWill letters which can possibly help with the recent late payment on the car, if it appears on your report already.

Again, welcome to the forum and good luck to you!

[mauve]

Mortgage lenders want to see at least 12 if not 24 months of on-time payments and no new derogatory information - no matter what you do about the other items right now, you may not be able to get a mortgage if you can't get that late taken off of your reports.

[ficofreaks]

Welcome!  I'm a newbie here also...this is a great place for support and lots of questions being answered!  Good luck!

[Anonymous]

Thanks everyone! I will continue to work towards my goals, and with the help of all of you, I am sure I will get there