34 point score increase from TU after FCO collection removed

[Sexyblue]

34 point score increase from TU after FCO collection removed with score going from 626 to 660 on FICO 08. Awaiting new scores from EQ and EX. I hope to get another increase once I bring down my utilization from 49% to 27% next week.

Should I expect another increase once my utilization falls to 27%? I have no other baddies. Nor do I have any new accounts since 2014. Being working the hoe, the rake and the shovel since 2014. 

[CreditBob]

You should expect an increase. But it is unknown by how much because it depends on what other factors are in your credit profile. If you can bring your percentage down to 3-5% utilization that would work out better. Also, are there any hard inquiries that are 12 months or less?  And then looking at what you posted, how many of all your accounts have a balance?

[Sexyblue]

I have no inquires on any reports. Out of 21 accounts I have 8 reporting a balances.

[CreditBob]

With the 8 accounts having a balance, payoff 7 of them to a zero balance & leave a 5% balance on the last one. This will eliminate the reason risk code #05-too many accounts with balances, #11 amount owed on revolving accounts is too high. So after this done & over with pull another report to see where you stand. The only other things that I can think of is too allow your accounts to keep aging. Also, keep in mind that you have 21 open accounts which triggers, too many revolving accounts. For now pay off the 7 out of the 8 accounts. See what happens after you make sure they have all reported the new information to each credit bureau.

[fltireguy]

CreditBob, at what # does it flag you for too many open accounts?

[CreditBob]

I belive 4+ on open revolving accounts. 

[SouthJamaica]

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@CreditBob wrote:

I belive 4+ on open revolving accounts. 

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IMHO it is preferable to have less than 50% of open CC accounts reporting balances. But it is percentage, not number of accounts.

[Sexyblue]

I have yet to pull my EQUIFAX fico score since the collection was removed from the report.

Should I pulled it now so I have a baseline to start monitoring my EQ report from?   

[Aallmo]

Congratulations on getting FCO off of your credit! May I ask how you were able to do that?

[sjt]

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@Sexyblue wrote:

34 point score increase from TU after FCO collection removed with score going from 626 to 660 on FICO 08. Awaiting new scores from EQ and EX. I hope to get another increase once I bring down my utilization from 49% to 27% next week.

Should I expect another increase once my utilization falls to 27%? I have no other baddies. Nor do I have any new accounts since 2014. Being working the hoe, the rake and the shovel since 2014. 

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Congrats!

For data points, how old was the collection and do you have other baddies.