Question on FICO Score Improvement

Anonymous · ‎10-29-2014

Currently Myfico scores are TU 616/EQ 626/ EX 625.

I suffered a foreclosure with an account closed date of October 2013. (Took 3 years to process from start to finishh)

2 collections counts marked as paid/ zero balance (105/212 balance initially). Both Opened in 2011. (tried to negotiate for pay for delete - unsuccessful)

Only open credit lines are bestbuy and capital one (2400 and 2000 respectivly )

Credit utilization is <30%.

Currently no auto loan.

Any idea how I can improve my scores to 650 or even 700 in the next 6 months - 1 year.

Another concern; will need to buy car and rent an apartment in the next 6 months.

Will I be able to do such? (income = 70k) (positive co-leasing history in current apartment x 2 years)

Any help/feedback is greatly appreciated

DS

Anonymous · ‎10-29-2014

Those negatives are the ones hurting your score. Unless you can get the CCs to raise their CLs I would keep trying the PFD. Your scores are fair and the good recent payment history has a lot of weight, but it depends on the complex admissions policies.

Anonymous · ‎10-29-2014

Actually GW sorry I didn't read the balance. What CAs are those 2 collections from. You may be able to get good tips about how to get them to delete.

Anonymous · ‎10-29-2014

They are both utilities .. I'm sure I could prob get an auto loan which would diversify my credit utilization and after a few months of payments increase my score

Anonymous · ‎10-29-2014

And theirs always hope for the fico 3.0 model to be implemented which would ignore paid collections accounts altogether ( not holding breath though )

Anonymous · ‎10-29-2014

I got Excel Energy to delete one by giving them basically my life story, not sure you would like to do that. Of course the first rep did not want to help I had to ask for upper management. Have you tried lowering your Utilization to less than 10% instead of less than 30%?

Anonymous · ‎10-29-2014

I have the same hope for medical bills since my last 2 collections are medical. But until implemented.......

Anonymous · ‎10-29-2014

Sure I could definitely do that .. I'm sorry to hear medical collections are holding you back..

Mm587 · ‎10-29-2014

@Anonymous wrote:
Currently Myfico scores are TU 616/EQ 626/ EX 625.

I suffered a foreclosure with an account closed date of October 2013. (Took 3 years to process from start to finishh)
2 collections counts marked as paid/ zero balance (105/212 balance initially). Both Opened in 2011. (tried to negotiate for pay for delete - unsuccessful)

Only open credit lines are bestbuy and capital one (2400 and 2000 respectivly )
Credit utilization is <30%.
Currently no auto loan.

Any idea how I can improve my scores to 650 or even 700 in the next 6 months - 1 year.

Another concern; will need to buy car and rent an apartment in the next 6 months.

Will I be able to do such? (income = 70k) (positive co-leasing history in current apartment x 2 years)

Any help/feedback is greatly appreciated

DS

i think the quickest way to improve score would be to get utilization less than 10 per cent.

MarineVietVet · ‎10-29-2014

@Anonymous wrote:
And theirs always hope for the fico 3.0 model to be implemented which would ignore paid collections accounts altogether ( not holding breath though )

Hello. Welcome to the forums.

You mean FICO 09 don't you?

Believe me I have edited posts all over the place because of my bad spelling.