Hi Wally!
Did you, by chance, do the simulator prior to your account being closed by the credit grantor, or at least prior to it hitting your credit reports as closed? I ask, because if your account was closed with a balance, and it was your only revolving account, then your utilization would have been over 100%.
Just paying your medical collections may not help your score, and may even cause more pain in the short-term with a score drop when the CAs update. I'd strongly suggest that you google the HIPAA process, and follow it to the letter in an effort to get those collections removed. If those two collections are your only baddies, then their removal might get you the points that you need. The reason that just paying won't help is that paid and unpaid collections carry the same amount of weight with regard to the actual score. When the CAs update, the recent activity might drop your score further. Try to have them removed, entirely.
wally2159 wrote:
I only had one CC that was a closed acct by grantor that was at 69% util - Credit score was 554 - paid it in FUll for this month since that is the only thing left - simulator said it would jump to atleast 584-623 - well it only went from 557 down to 555, darn it went down HOWWWWWW------- I am p#####! I am wanting to get an FHA mortgage and need the score to go up which I have been working on - The only other two things left to pay are our two small auto loans------- both around 6000.00 so i am at a loss - I do have two small collections that are both medical which I was going to just pay to get the mortgage. I am stressed........... Message Edited by wally2159 on 08-13-2009 05:49 AM
