How much would my score increase after removing a collection ?

[AlwaysUp]

Hi,

I have a fraud colletion listed on my CR. I'm trying to have it removed. My first generated score is 639 EX and 560 EQ. I only have two accounts, WF secured card with a 1k limit (I just asked them to increase to 1.5K. I'm aiming 3K in the next 30 days since I maxed out the card before) and the 2nd account is a fresh collection from T-Mobile.

So if I have the collection removed in the next 30 days, how much would my score improve ?

Also, should I apply for other cards ? I want to get an auto loan in June for 45K (15k down).

Thanks !!

[MarineVietVet]

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@AlwaysUp wrote:

Hi,

I have a fraud colletion listed on my CR. I'm trying to have it removed. My first generated score is 639 EX and 560 EQ. I only have two accounts, WF secured card with a 1k limit (I just asked them to increase to 1.5K. I'm aiming 3K in the next 30 days since I maxed out the card before) and the 2nd account is a fresh collection from T-Mobile.

So if I have the collection removed in the next 30 days, how much would my score improve ?

Also, should I apply for other cards ? I want to get an auto loan in June for 45K (15k down).

Thanks !!

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I'm confused which is quite normal.

Are these separate collections? If so then you probably won't see any score help by having the older collection removed (but by all means don't hesitste to do it) because you will have a more recent collection still on your reports.

[AlwaysUp]

Sorry for my bad grammar. It's the same collection from T-Mobile and it's a fraud.

[MarineVietVet]

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@AlwaysUp wrote:

Sorry for my bad grammar. It's the same collection from T-Mobile and it's a fraud.

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So will your reports be clean after this is removed? I ask because often what remains is just as critical as what is removed.

If this is your last negative I would guess a score bump but how much? I'm terrible at guessing and will leave that to others.

Edited for a typo.

[AlwaysUp]

Well I'm 20 so I'm building my credit, but with my bad luck I've got a bad start... the collection is not mine and it's showing up on my report. If it will be removed, my report will be clean. The only thing that can probably hurt me is the inquiries that I made. I made an inquiry for Macy's card (denied), one inquiry for Cap One secured card (they still didn't respond), and one for discover (denied), and another one for state farm (also denied).. I was applying and I wasn't aware about that collection... now I guess i'm paying for my mistakes... lol

[FrugalRican]

You're 20, you're young, you have time to make "mistakes".

Once you get this collection off, I'd say try a secured card again first or a credit union. At your age, I wouldn't worry too much about inquiries yet.

[AlwaysUp]

I want to apply for an auto loan in June I don't want to be ripped off with interests, I basically have like a month or two to fix all these problems.

If I get a new secured card, would that reduce my score or improve it ?

Thanks