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08-18-2013 09:34 AM - edited 08-18-2013 08:42 PM
I worked for 6-8 months to get a coding error taken off my credit report that went to collections. It was only 53.00 and the hospital had coded it wrong so EMS picked it up wrong. Finally it came off this week and my score did nothing, Then like 4 days later it bumped 34 points. Now since then I have paid off all credit cards to zero and left one card with a balance of less than 9%. Is there anything else I can to to get the score into the mid to high 700 range. I am talking FICO only as all the FAKO scores are already in the 715-766 range. My FICO after the collections is now 695 and before the credit cards report in one week. I hope this credit card payoff will give me a good bump but its only 3500 total in credit card debt paid. I have one installment loan I was using to rebuild and I have read a consumer finance company will hurt you but I read another post says don't pay it off the history will help you and beside the CF company is only like 1% of your score where the collection and perfect payment and utilization is your major part and I have that all but perfect. Never made a late payment standing at 128 straight payments now made on time with my credit cards. Any more ideas ? I want 760 as I am about to purchase property and I want the credit end to look great and only have the income end to deal with as far as how much I can borrow. Thanks
08-18-2013 11:12 AM
08-18-2013 11:18 AM
I had been paying them down so right there at the end some were below 30% and one was at 38% and one other at 32%
08-18-2013 11:55 AM
08-18-2013 12:37 PM
I paid 1300 off a 4800 credit limit card
980 off a 2700 paypal limit that has been giving me good bumps as I pay it down
Paid jc penny to zero that has only 16.00 on it out of 900 CL
paid 400 of 2000 cl left 150 balance on Cap One.
08-18-2013 12:39 PM
So all are now Zero balance except for Cap one with a 150 bal of 2000 cl
Forgot the Credit One paid it off, it was 230.00 out of 550 CL
08-18-2013 12:45 PM
I would just enjoy if it hits the next bracket of 720. I am about to buy a piece of property and I need it as close to 760 as I can get a 720 will be pretty good. Speaking FICO only of course. Those FAKO scores are misleading. Mine have been in the 700 range for months and my FICO would hardly move. Finally it jumped last week from 650 to 695 from the Collection coming off.
Will the installment loan from a finance company hurt me and should I just pay that off too ? I have the money to pay it off about 2700 but it shows a CL of 5800 so not sure what to do. I had thought about getting the loan from the bank and get it on my savings so interest is less than 3% and no hard pull required but it will start a new line of credit even though I have dealt with this bank for years in borrowing like this, It also shows secured loan but it does report to all 3 like clock work every month the bank does also the finance co does as well and I have over a year payment history with the finance company.
08-18-2013 04:36 PM - edited 08-18-2013 04:36 PM
08-18-2013 05:10 PM
Ok thanks and teach me how you figure it please ?
08-18-2013 06:04 PM
I'll teach you then you can figure it out LOL. I will double check for you.,
To find what your utilization, overall, was before payments, add up all your balances and divide by total CL. Multiply by 100 and round up.
Do the same thing for your after payment balances and you will have your utilization overall for what will report after the payments.