How much will my credit score increase?

[Anonymous]

Hey everyone, I currently have a 639 credit score. However, I have 10 late payments in the last two years some of them being beyond 90 days late (save me the lecture, I was young, dumb, and in college with no concept of money). My credit card utilization is currently at 52% but I paid that to 0% today. Also, due to my letters of goodwill and my faithful payments since college, my creditors have agreed to remove all my missed payments. I know a bunch of factors play into this but can someone estimate my credit score after these adjustments?

Thanks!

[Anonymous]

Welcome to the forums!

If you get lectured in that way, please contact the moderators.  We are almost all really good about being friendly and supportive to each other, and it would really bite if you ever experience anything else here.

OMG your score is going to go way WAY up!  You had some serious derogs (90+ days late) and a high CC utilization.  You are making major improvements to your profile.

The one way I would tweak your plan is to avoid having all of your credit cards reporting $0.  FICO will penalize you if all cards report $0.  It wants you to have on card reporting with a fairly small balance and all other cards (if you have any others) reporting at $0. 

It's hard to predict confidently how much of a raise you will get, but when all those changes materialize the score increase will be pretty huge.

You should know in the next month or two.  Why don't you let us know what happens?

[Anonymous]

Welcome,  nobody here will lecuture you, life happens to all of us and we all make mistakes.  This community is all about overcoming those mistakes to make our lives easier. I owe much to the folks here and was similarly nervous when I shared my story a couple of years ago.  I believe you will see tremendous increases in scores from your work so far.  It is important to remember that building and rebuilding credit is more of a marathon than a sprint so even if you don't get the exact results you seek right away never get discouraged.  Keep up the good work and please let us know how it goes.

[DollyLama]

Hope the creditors honor removing the lates. I'm trying to do the same as you, except keep 1 card at <10%. Just got 1 alert on 1 FICO report with EX jumped 14 pts on just one card I paid off. Waiting on alerts from the others (fingers crossed), and the other paid off one to hit.  I believe it will be a signficant change for you! 

[Anonymous]

I recently was successful in TU doing early exclusion for some lates on student loans due to drop off starting in May.  They did it immediately while I was on the phone with them and within 2 days I got an alert my TU went up 14 pts.

I sent letters to EX and EQ to do the same.  Sitting on the phone with EX is LONG so I just kept having to hang up.  Hopefully they will do it as well.  Ive read EQ wont; I just have to wait on them because they never do EE.

Good luck!

[Anonymous]

Without knowing anything else about the profile of the OP, I would estimate a score increase of around 100 points if he is able to have ALL of his negative items removed (some of which are majors @ 90+ days) and he pays his aggregate utilization down from the 50's to the single digits.  So, if he's in the low-mid 600's now he'll see low-mid 700's once these changes hit his reports.  Add in a SSL (assuming no other installment loans are present) and there's no reason to believe that 760-770 scores couldn't be achieved here.