Please Help Me Estimate this Equifax Score

[panicattack]

I am trying to make sense of my Equifax credit report FICO score.  If you have a moment, please read my situation and actions taken and give me your best guess.

Here are my tradelines...

Credit Cards: 6 with a total CL of $3,475.  My balance is $0 on all cards.

Auto: 2 loans, one four years old with a $6,000 balance, the other two months old with $31,000 balance.


Here are my baddies...

Credit Cards:

- One 30 day late in December 2012.  No other late payments since mid 2011.

Collections:

- I have 1 for an old cable bill

- I have 8 medical collections


Public:

- California State Tax Lien for $1212


My Actions...

- The tax lien was filed in error by the state.  I have managed to get them to admit this and withdraw the lien.  I faxed the letter stating it was an error to Equifax and am awaiting their investigation to complete.

- The cable bill was paid and CA requested it be removed from my file last week.  It has yet to be removed.

- The medical bills should be withdrawn from the CAs.  I made payment direct to the original creditor (hospital) and they were supposed to withdraw them from the CAs.


Current Score: 561

Can anybody suggest what my score might be after all the collections and the lien are removed?  I realize it would be a guess, but based on your experience and knowledge, I would appreciate some educated guesses.  Thanks!

[DaBears]

You do not want all your credit cards reporting a $0 bal. Fico doesn't like to see that. Just keep them between 1-9% UTIL. I would keep your smallest limit card at a $0 bal.

[panicattack]

Thank you, DaBears!  I will rectify this ASAP.  Any bump guesses on my original question? 

[DaBears]

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@panicattack wrote:

I am trying to make sense of my Equifax credit report FICO score.  If you have a moment, please read my situation and actions taken and give me your best guess.

Here are my tradelines...

Credit Cards: 6 with a total CL of $3,475.  My balance is $0 on all cards.

Auto: 2 loans, one four years old with a $6,000 balance, the other two months old with $31,000 balance.


Here are my baddies...

Credit Cards:

- One 30 day late in December 2012.  No other late payments since mid 2011.

Collections:

- I have 1 for an old cable bill

- I have 8 medical collections


Public:

- California State Tax Lien for $1212


My Actions...

- The tax lien was filed in error by the state.  I have managed to get them to admit this and withdraw the lien.  I faxed the letter stating it was an error to Equifax and am awaiting their investigation to complete.

- The cable bill was paid and CA requested it be removed from my file last week.  It has yet to be removed.

- The medical bills should be withdrawn from the CAs.  I made payment direct to the original creditor (hospital) and they were supposed to withdraw them from the CAs.


Current Score: 561

Can anybody suggest what my score might be after all the collections and the lien are removed?  I realize it would be a guess, but based on your experience and knowledge, I would appreciate some educated guesses.  Thanks!

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You will see a very nice bump when the tazx lien gets removed. If the the collections are recent then you will also get a nice bump. I can't say exactly what it will be but it should be pretty nice. Anything else bad on your report?

[panicattack]

You will see a very nice bump when the tazx lien gets removed. If the the collections are recent then you will also get a nice bump. I can't say exactly what it will be but it should be pretty nice. Anything else bad on your report?

Nope, nothing else bad recently.  I have some 30 and one 60 from 2011 and 2010, but I don't think they are effecting me.

[Jaxavier]

You do not want all your credit cards reporting a $0 bal. Fico doesn't like to see that. Just keep them between 1-9% UTIL. I would keep your smallest limit card at a $0 bal.

Why does FICO not like a zero balance/zero utilization on revolving lines?

[DaBears]

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@Jaxavier wrote:

You do not want all your credit cards reporting a $0 bal. Fico doesn't like to see that. Just keep them between 1-9% UTIL. I would keep your smallest limit card at a $0 bal.

Why does FICO not like a zero balance/zero utilization on revolving lines?

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What would be the point of having a credit card if your not using it? defeats the purpose. You want to use your cards smart, but wisely!!!!!

[Jaxavier]

So folks who pay their credit card accounts in full several times a month that happen to be at zero when the creditor reports actually get penalized? Wow. Guess ill start leaving 1% on the table for now on, always thought I was doing the right thing by using them a lot during the month and paying off constantly.