What else can i do?

[Anonymous]

hi all

I recently paid of an old collection, I tried to do a pfd but they wouldnt budge. Anyway the balance now shows up as 0 on my report but my credit score saw no change. I still have quite a few collections on my report, but i dont see the point of paying off any more old collections unless i can get a pfd first. It looks like the best thing to do is just wait until the baddies fall off. I have 2 secured cc and also a fingerhut account that i am keeping in good standing. Also i have been keeping my utils below 20% and plan on getting it lower.Is there anything else i can do to bring up my score or do i just have to wait it out? Most of my baddies should be off my report by 2017. Any advice would be greatly appreciated. Thank You

[Anonymous]

Try for PFD on the others.  Are any medical collections?  If so, google HIPAA process.  Try sending GW letters to the one you paid.  And you are correct merely paying off a collection won't improve your score, but it does look better upon a manual review.  If the amounts are higher, they could be impacting your DTI which would affect your score upon pymt.  As far as your active cards are you just paying the minimum or are you only letting 1 card report a balance of less than 10%?  There's a big difference in scoring when you use the credit you have in the manner FICO prefers vs just using your credit and paying it the minimum balance on time.

[Anonymous]

Yeah, its kind of ironic that the scoring system actually discourages the payment of old collections, isn't it? I've got several that I'm just not going to do anything with because they have not updated in several years.

The only time paying an old collection is advantageous to scoring is if its being constantly updated - even then the change is not immediate.

Keep your payments on time, your UTI low, stay on top of all other bills and your scores will grow naturally over time. I would add in one more bank card for a total of three.

[Anonymous]

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@Anonymous wrote:

Try for PFD on the others.  Are any medical collections?  If so, google HIPAA process.  Try sending GW letters to the one you paid.  And you are correct merely paying off a collection won't improve your score, but it does look better upon a manual review.  If the amounts are higher, they could be impacting your DTI which would affect your score upon pymt.  As far as your active cards are you just paying the minimum or are you only letting 1 card report a balance of less than 10%?  There's a big difference in scoring when you use the credit you have in the manner FICO prefers vs just using your credit and paying it the minimum balance on time.

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DTI is not part of the FICO scoring model. Some FAKO's may include it. DTI does however, effect how large of a mortgage you would qualify for.

[Anonymous]

I have quite a few medical collections from a company called Senex that posted to my report recently. What i dont understand is that they are all due to fall off in 2017 even though they are from 2015. I want to add a third card and cap one has approved me for a second secured card but i dont know if i should take it since i already have one. I have been paying off the both credit cards in full every month, and the cap one is showing 9% util while my other credit card is at 0. My fingerhut is showing 34% util.

[Anonymous]

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@Anonymous wrote:

I have quite a few medical collections from a company called Senex that posted to my report recently. What i dont understand is that they are all due to fall off in 2017 even though they are from 2015. I want to add a third card and cap one has approved me for a second secured card but i dont know if i should take it since i already have one. I have been paying off the both credit cards in full every month, and the cap one is showing 9% util while my other credit card is at 0. My fingerhut is showing 34% util.

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I wouldn't get a second secured cap one card. App for an unsecured QS1 card. What are your current scores?

[Anonymous]

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@Anonymous wrote:

I have quite a few medical collections from a company called Senex that posted to my report recently. What i dont understand is that they are all due to fall off in 2017 even though they are from 2015. I want to add a third card and cap one has approved me for a second secured card but i dont know if i should take it since i already have one. I have been paying off the both credit cards in full every month, and the cap one is showing 9% util while my other credit card is at 0. My fingerhut is showing 34% util.

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Fall off is determined by when the debt was incurred - I.E., the date medical service was provided, not the date that Senex reported the debt.

[Anonymous]

I did apply for it but was denied. My scores are just about 500 for all 3.

[Anonymous]

OK, then I would work on whats holding your scores down. Recent lates? Recent collections? Unpaid charged Off credit cards that show a balance? Thin file/short AAoA?

[Anonymous]

Recent collections, 2 from verizon. I have tried to contact them for a pfd but they wont do it. I also have 7 new medical collection accounts that show fall off date as 2017. I have not been contacted by them but i am unsure if i should try to reach out to them or just wait the 2 years. The medical collections are odd though because date of service appears as being in 2014 but fall off date is 2017 for all of them. I know they are from that year but how is it possible they are due to fall of in 2017? My oldest account is 15 years old and the averge for overall accounts is 6 years.