Paid off Medical & CAs. RAPID RESCORE?

[Anonymous]

I recently was able to pay off $13k+ in medical bills & collections. Only 1 was for a credit card in the amount of 358 all others were medical bills. I have filed disputes with the credit bureaus. My husband's FICO is 720 mine is 576 Equifax... Our loan officer can approve my husband for the loan by himself, but I'd love to get a rapid rescore as our loan officer suggests?? Any suggestions?? Total number of PAID IN FULL collections are 8 tradelines. Any idea if my score will increase? I do have one credit card in current standing, no past due payments CL of 2400 and usage at 1500. I plan on paying this off next week to 3% UTL?

2/10/13  EQ 576 TU 582

[rckstrscott]

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@Anonymous wrote:

I recently was able to pay off $13k+ in medical bills & collections. Only 1 was for a credit card in the amount of 358 all others were medical bills. I have filed disputes with the credit bureaus. My husband's FICO is 720 mine is 576 Equifax... Our loan officer can approve my husband for the loan by himself, but I'd love to get a rapid rescore as our loan officer suggests?? Any suggestions?? Total number of PAID IN FULL collections are 8 tradelines. Any idea if my score will increase? I do have one credit card in current standing, no past due payments CL of 2400 and usage at 1500. I plan on paying this off next week to 3% UTL?

2/10/13  EQ 576 TU 582

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Welcome to the forum!

First off, just so you are aware, paying a collection account does not result in a score boost. Paying past obligation is not rewarded by FICO scoring model.

Secondly, in order to see substantial score boosting, you will need to drop your UTIL to below 10 percent, which looks like thats part of your plan.

You will find a mere dispute with the CRAs with likely not garner many deletions. You may get lucky to have a few removed this way, but whoever told you to do that was giving you bad advice. You need to now start sending GW letters out asking for the removal of the accounts.

-scott

[Anonymous]

Most lenders will want the dispute status removed prior to lending.

For the PIF collections, start sending GW letters to ask for their removal.  Make sure you tell them that this is not a dispute but a GW request for.....

As stated, the only score increase for a collection is when it is removed.

[Anonymous]

I have two delete letters thus far. I did notice today that 4 collections have already fallen off. I paid the collections agency for a medical bill that had a court judgment. Can I take the satisfied paid in full letter to the court to have that judgment as indicated as paid?  Thank you for your help! Also, I sent out GW letters this AM!

[Anonymous]

Yes, take the letter of satisfaction to the court.  I would also look into your state statutes about vacating a judgment once satisfied.