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How much score increase by adding a 12 year aged tradeline with 5K limit?

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Red1Blue
Super Contributor

Re: How much score increase by adding a 12 year aged tradeline with 5K limit?

Hi fused, I just sent the info what ever I saw in the TrueCredit. However the balances on onavy/dillards/jcp/macy are paid and they are 0. When they update the billing statement it should be 0.
 
Yes, there is one Judgement on TU that needs to come out by next friday. I have send them a court certified letter to TU and they said once they received the letter they will remove in 4-5 days. I think it should come out by next week.
 
Nothing is unpaid on the CR. There are 3 paid collections and 2 or 3 paid chargeoffs.  I am trying to get them out. Might take another month or two for them to come out. Also there some lates reported SL reporting 22 - 120+. That is paid in full, I am trying to get that out. Over all in the next 6 months as the new accounts age and some more old data to come off hopefully the score should go up steadily, If I can make 700 by next march that would be good.
 
I am planning on buying a house around March / April of next year. Hopefully things should be in much better shape on my report.
 
If you think we can see at least 30-40 point gain by adding the Oasis, then I'll go for it and it now. If you think that is doubtful then I'll wait couple of months and then get it. I want to get it for sure, just a matter of how much cash I want to give up at what time frame. If I dont see the jump in the score, I would rather wait and put that extra 10K towards the downpayment of the house. With more down, I might get better terms on the loan.
 
 If score were to go up due to the amex how much do you think, it might be? 10 or 20 or 50? I know we can not guess, things I wanted a general openion.
 
 
 
Message 11 of 13
fused
Moderator Emeritus

Re: How much score increase by adding a 12 year aged tradeline with 5K limit?

concorduser:
 
You have a whole lot going on here. With this many baddies, I don't think you will change score buckets even by adding 3 years to your credit history length. So between the lower util on your CCs and the addition of this 12 year-old Optima CC, my guess would be a 5-25 point increase. Again this is a guess.
Message 12 of 13
Red1Blue
Super Contributor

Re: How much score increase by adding a 12 year aged tradeline with 5K limit?

Hi fused, Thank you. Ok, being conservative let us say, I might gain 10 points by adding the Amex.
 
I'll focus on getting some of the baddies out in the next few weeks. I am pretty optimistic some of them will come out. As you know in credit business things take long time.
 
Another quick question, As per the new tradelines I added, after 6 months what will their effect on my scores? Will I see any gain on my scores due to new accounts being 6 month old or the scores will remain the same? Overall if every thing improves in the next 6 months would I see any gain of 20-40 points?
 
My goal is, if possible to get a jump or 50 points to make it to 700  by next April.  Thanks for your help and support.
Message 13 of 13
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