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What should i do??? Help with Credit increase of 32 points

Valued Member

What should i do??? Help with Credit increase of 32 points

Equifax- 618

Transunion- 595

 

Im trying to gain 32 points within 3 months. What else should i do to increase my score?  Also all of my accounts are being paid on time

 

Whats being reported

capital one- Cash Rewards Card

capital one- Secured Card

Finance Company- Loan

2nd Finance Company- Loan

Car- Auto Finance

Furniture- Loan

 

Sorry about that... I had to look at my negatives

 

Negatives Being Reported from Past

Cap One- Charge off account

First Premier- Charged off

Macy's- Charged off

Verizon- 120 days late.... paid it off

palisades- collection agency

These accounts are from 2-3 years ago

 


Starting Score: 581
Current Score: EQ 618 TU 595
Goal Score: 660


Take the FICO Fitness Challenge
Message 1 of 8
7 REPLIES
Valued Contributor

Re: What should i do??? Help with Credit increase of 32 points

We need more information: do you have any collections, late payments, charge offs, etc.  How high is your credit utilization? How much money do you have to throw at this problem in next 3 months?



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge
Message 2 of 8
Blogger

Re: What should i do??? Help with Credit increase of 32 points

It feels like I am getting only half of the picture here.

 

You say you have all those accounts paid on time. Then why is your score so low?

You have any negative accounts?

And what are your balances on the revolving accounts?

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Message 3 of 8
Valued Member

Re: What should i do??? Help with Credit increase of 32 points

Sorry about that... I had to look at my negatives

 

Negatives Being Reported from Past

Cap One- Charge off account

First Premier- Charged off

Macy's- Charged off

Verizon- 120 days late.... paid it off

palisades- collection agency

These accounts are from 2-3 years ago


Starting Score: 581
Current Score: EQ 618 TU 595
Goal Score: 660


Take the FICO Fitness Challenge
Message 4 of 8
Valued Contributor

Re: What should i do??? Help with Credit increase of 32 points


polo1985 wrote:

Sorry about that... I had to look at my negatives

 

Negatives Being Reported from Past

Cap One- Charge off account

First Premier- Charged off

Macy's- Charged off

Verizon- 120 days late.... paid it off

palisades- collection agency

These accounts are from 2-3 years ago


The following assumes that the debts are valid and property reported.  Look into Debt Validation (DV) if they are not.

 

Verizon is going to be a pain.  Im dealing with them now and they will not budge.  You can try to send them a Goodwill (GW) letter asking them to remove.

Cap1 is also a pain. (Im also dealing with them).  How old is this Charge off? Is it outside Statutes of Limitations (SOL)? How much is still owed?  If you still owe money and its outside SOL they may do a PFD.  If within SOL PFD will be more difficult.

First Premier and Macy's - no experience with them.  Follow same as for Cap1 above and if cant PFD try GW after payment.

 

Palisades: no experience with them.  Check SOL and offer them PFD.  What type of collection is this? If medical, investigate HIPPA process of removal.  If this is your only collection I would start with this one.

 

 

ALSO: And important - what is your credit card utilization? If you can, get below 9% utilization



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge
Message 5 of 8
Valued Member

Re: What should i do??? Help with Credit increase of 32 points


Duncanrr wrote:

polo1985 wrote:

Sorry about that... I had to look at my negatives

 

Negatives Being Reported from Past

Cap One- Charge off account

First Premier- Charged off

Macy's- Charged off

Verizon- 120 days late.... paid it off

palisades- collection agency

These accounts are from 2-3 years ago


The following assumes that the debts are valid and property reported.  Look into Debt Validation (DV) if they are not.

 

Verizon is going to be a pain.  Im dealing with them now and they will not budge.  You can try to send them a Goodwill (GW) letter asking them to remove.

Cap1 is also a pain. (Im also dealing with them).  How old is this Charge off? Is it outside Statutes of Limitations (SOL)? How much is still owed?  If you still owe money and its outside SOL they may do a PFD.  If within SOL PFD will be more difficult.

First Premier and Macy's - no experience with them.  Follow same as for Cap1 above and if cant PFD try GW after payment.

 

Palisades: no experience with them.  Check SOL and offer them PFD.  What type of collection is this? If medical, investigate HIPPA process of removal.  If this is your only collection I would start with this one.

 

 

ALSO: And important - what is your credit card utilization? If you can, get below 9% utilization


I paid Capital One, Macy's, and First Premier charge offs... .Should i just try a GW since i paid the charge off balance. I think im still in the SOL. Im in GA. Also the accounts are from 2008 and 2009


Starting Score: 581
Current Score: EQ 618 TU 595
Goal Score: 660


Take the FICO Fitness Challenge
Message 6 of 8
Blogger

Re: What should i do??? Help with Credit increase of 32 points

Anything that you already paid off, you GW to kingdom come.

 

Your current CC's, you need to get all of your cards except 1 card, to a 0 balance. That 1 card, you leave a balance reporting on statement date of 1% to 9% of that line's balance in order to get the revolving sweet spot.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Message 7 of 8
Valued Member

Re: What should i do??? Help with Credit increase of 32 points

Thx... Ima try out the GW... Would it take the account off completely or show it as paid to current cuz it adds years to my history

Starting Score: 581
Current Score: EQ 618 TU 595
Goal Score: 660


Take the FICO Fitness Challenge
Message 8 of 8