Rebuilding Your Credit

[thomasb87]

Wondering if anybody can give me a ballpark estimate on how much increase I may see from the recent changes I've made. Here's a quick rundown of my situation...

I just got a PFD agreed to by a CA. (The account was from 2010)

Was just added on a 10 year old CC account that has good payment history and zero balance

My current scores are EX 634 EQ 563 TU 563. With that said the collection that will be deleted wasn't reporting to experian. Would it be completely unreasonable to hope for my other scores improving to a similar level?

[tattooedhusker]

You should see a little boost, but it is hard to say how much. There are other factors that contribute so it's tricky to get a solid guess down.

[TrishN]

post your credit picture, let see what happening. 1 CA can not hold your score down much like that.

[thomasb87]

For further reference here is some more info on my credit

Other Baddies

Paid charge off for Cap 1 with a DOFD DEC 2011

Charge off with Ford Motor Credit with DOFD SEP 2011 (settled with payment plan)

Accounts in good standing

Kay's $500 limit 25% utilization opened in SEP 2012 never late

Best Buy/HSBC $400 limit 25% untilization opened in SEP 2012 never late

Installment loan $1750 opened FEB 2012 never late

[Shogun]

I could see a few points bump in your score, however due to the fact you have more negatives on your CR, you won't see a significant increase.

[thomasb87]

What are my other options as far as increasing my score then? I was really hoping that these changes could get me a 620 mid score.

[Shogun]

The problem is you have 2 relatively recent COs.  Maybe you could try to negotiate something with them for removal.  Have you tried a GW?

[TrishN]

Charge off with Ford Motor Credit with DOFD SEP 2011 (settled with payment plan)

what is account balace?

[thomasb87]

That makes sense. I've briefly tried GW'ing Cap 1 but that was definitely not met with a positive answer. As far as the Ford Motor CO that one will be even more tricky simply because there's no way that I can come up with the means to pay the debt outright ($5800)  to work for a PFD or start GW'ing (hence the payment plan).

What kind of timeframe could I be looking at before I start to see significant gains given a clean history from here on out?

[Shogun]

Once you've finished paying Ford off, you can start the GW campaign.  Without removing those GWs, I could see maybe high 600s in a year or two once they start to age, but you won't see really good scores unless those are removed.  YMMV as always.