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What 'could' my FICO jump to if...

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Anonymous
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What 'could' my FICO jump to if...

Hey everyone,  just wondering what my FICO could increase to if the following were to happen (I know you can't predict the credit FICO score, so I'm just looking for opinions):

 

scores now:  TU 575  EQ 555

 

I just had one 30 day late removed from 5 year auto loan, now showing perfect payment record (this was done after I checked my scores, so not reflected in above scores)

Just approved for Cap One secured credit card, 300 limit (prior to this, my auto loan was only open tradeline)

Successfully PFD 4 medical collections ($900 total)

Unfortunately, I have three paid judgments that may be hard to remove.  (2007, 2009, 2010)

 

Those are the only things on my entire report.  Let's fast forward 6-8 months from now.  Assuming I still (I will) maintain on-time auto payments, as well as my new credit card, and have no additional negatives, what might my score increase to ? (considering my new card and the 30 day late removal haven't affected my current scores yet)

 

Thanks!!

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1 REPLY 1
llecs
Moderator Emeritus

Re: What 'could' my FICO jump to if...

There's no way to predict due to sooooo many variables at play. Throwing out some scenarios...

 

On the 30-day, I bet no points. FICO largely stops scoring 30-day lates after two years. You also have other baddies reporting which diminishes the impact of the 30-day had it been inside 2 yrs.

 

CapOne addition. I bet a low-double digit gain if you have no other accounts that factor into revolving like other CCs, LOCs, HELOCs, or CO'd CCs. I'd guess 20-25, give or take. That's provided it reports with $0 as opposed to a high balance.

 

Congrats on the PFDs! Outside of the PRs and assuming you don't have any other lates, COs, CAs, or other baddies, then you might see a nice gain. It depends on the DOFD, and especially how they report. Maybe 50 for the lot. The last one removed will return more points than the other two I bet. The balance doesn't matter. FICO ignores it. ETA...maybe you'll see some small gains over the next 6 months as the CapOne ages and the newness wears off. In a year, you might see an additional bump due to aging.

 

Finally you are in a scoring bucket with others who have PRs. A $0 balance doesn't matter. If you removed 2 of the 3, I bet you won't see any score movement. If the third is removed, then your FICO might go up or down. You'll be rebucketed which could result in a loss, though if that happened you'll be set up for a faster gain down the road. Some had their last baddie, a PR, removed and saw 50+ gains. A rare few saw losses. Hard telling what would happen.

 

Combined with all of this, your scores won't likely improve over the next 6-8 months on time alone, though you would see gains as mentioned due to report changes.

 

 

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