Hi there, I don't know where to start and would REALLY appreciate some help. We're trying to get my husbands FICO score from TU up from 624...our goal is 700.
He was unemployed for about 8 mos. A year and 1/2 ago and we had a truck repo'ed and almost lost our house. He has a good paying job now that he's been at for almost a year now and we've gotten back on our feet and are looking to improve his score. I just don't know where to start. I'd like to start with what would make the biggest increase in the score first, but I've read so many different things on this board, the more I learn, the more confused I get.
So here goes.... COLLECTIONS: Hospital ER $562 DA 3/1/04 DR 3/22/05 Hospital ER $1432 DA 4/1904 DR 3/22/05
CHARGE OFFS: Capital One - Balance $3,321 (I've previously gotten offer letters to pay off for $1600) Date Closed 3/2003 Date of Last activity 9/02 This says it is charged off, but unlike the other charge offs there is a balance in the balance column of $3321 Should I do a PFD letter on this? Will it be falling off soon with the 7 yr? I'm confused on which date to go from.
Credit Union - Repo $10,261 Date Closed 7/2006 Last Activity 7/2005
DEROG: Irwin Mortgage - 120 days past due...then a new Mortgage company bought that one and we've been on time with that one for 11 mos. Should I sent the old mortgage company a GW letter asking them to take off the late payments?
We have two car payments we've always payed on time and are current. One for $13K and one for 9K and we have two student loan payments one for 7K and one for 3K.
We have about $2k extra a month. Would it make more of an impact on our score to pay off one of the vehicles and student loans, or the charge off and repos?
The FICO simulator says that I have $3404 in revolving debt which would improve my score if paid off. This could only be the Capital One card which I have for the amount of $3321. But when I enter to "pay debt total" on the simulator, the debt amount is $13582 which is the repo of $10261 plus the amount of Capital One that I have which is $3321. I guess I shouldn't pay too much attention to that?
Do you think it's possible to bring our score up to 700 by Dec/Jan? Any help advise would be greatly appreciated. Thank you so much.
Edit: Only to breakup the paragraph to make it easier to flow through (undoubtedly screwed up somewhere though) No content was touched or changed in any other way.
Message Edited by ByrdMan on 06-09-2008 11:43 PM
