I need your opinion about possible credit score increase

[Anonymous]

Hello! I am fairly new to posting, but have learned alot from lurking and reading for almost a year. I just got my credit score from my Credit Union and it is 606. On March 6th I paid off a judgement for medical bill of $505 as well as a collection account for $50 for a medical bill.

I have the following credit:

Used care loan from credit union - $1500 - bal is $1181 - Opened in 08/08

Cap 1 - $1000 CL - $514.99 bal - opened 11/08

Kays - $800 CL - $98 bal - Opened 1/09

Kohls - $300 CL - $226 bal - opened 11/08

Chessis FCU VIsa - $500 CL - $0 bal - Just opened 3/09

I also made the mistake of going app crazy, so I have approx 14 inquiries?

How much do you think my score will raise since I paid off the 2 neg accounts. I have NEVER been late and ALWAYS pay more than min payment?

Being that I paid both on 3/6/09, when will the score be updated?

Thanks

[Anonymous]

I'm no expert but I'm going to say 0 points. Also, if neither account had been updated in a while and they update with the new "paid" information, you could lose a few points.

[llecs]

Ditto. I'd guess at a loss in points if these CAs haven't updated in a while.

A paid CA is just as bad or even worse than an unpaid CA. Your best option would have been to DV the CA and then offer a PFD if they verify and you agree. Now you could try to send them a GW to ask for removal. You won't gain any points with these until they are removed.

[PayingTheBills]

#1 Paying off a collection agency will not help your FICO score unless the agency has agreed IN WRITING to delete the account after it is paid.  Do some reading here on the forums about PFD letters.  There is a stickied thread at the top of the Rebuilding Your Credit subforum.  Now your only option is a GW letter.  Read up on those too.

#2 No more apps for you. They are dinging your score each time.

#3 Pay down all CC balances to $0 except for one.  Let one CC report a small balance of $5 or $10.

EDIT: The mods here type fast.

Message Edited by PayingTheBills on 03-14-2009 10:15 AM