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New Contributor
knightlynews
Posts: 81
Registered: ‎01-29-2013
0

Slight FICO increase!!!

I received an email alert from my fico score watch today teling me there was a change to my credit report. I was happy to see that it was good news, a recent collection debt that I had settled and paid, its staus was updated. The status change resulted in a 4 point increase taking my EQ score to 563. Although this is a small positve step, I thought the increase would have been a little higher. Does the fact that I paid a settled amount instead of Paid in full make much of a difference? Also, if I write a GW letter to the CA for removal, will there be an additional increase? Thanks for any and all reponses!!!


Starting Score: 548
Current Score: EX686EQ682,TU???
Goal Score: 760


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Valued Contributor
dodgerslv
Posts: 1,838
Registered: ‎06-16-2012
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Re: Slight FICO increase!!!

[ Edited ]

knightlynews wrote:

I received an email alert from my fico score watch today teling me there was a change to my credit report. I was happy to see that it was good news, a recent collection debt that I had settled and paid, its staus was updated. The status change resulted in a 4 point increase taking my EQ score to 563. Although this is a small positve step, I thought the increase would have been a little higher. Does the fact that I paid a settled amount instead of Paid in full make much of a difference? Also, if I write a GW letter to the CA for removal, will there be an additional increase? Thanks for any and all reponses!!!


There was just a slight increase in score because the collection was paid so it factors in your debt utilization but it is still rated as a collection unfortunately. Now like you said if you send a GW letter and get it removed the deragotory mark is removed and you will most likely see a pretty nice jump in score. But remember even if you dont get it removed, under a manual review a paid collection is much better than an unpaid one.


Cards: (Citi- 82.7k) (Chase- 65k)) (US Bank- 18k) (Amex- 22.5k) (Barclays-40k) (BofA- 68k) (Cap1- 49.5K) (WF- 11k) (Penfed- 22.5k) (Discover- 8k) (Sync/GE- 15.7k) (NASA- 30k) (Diners- 15k)
Fico 08 scores (8/27/14) EX: 772 TU: 767 EQ: 778 (Utilization at 8% right now).





New Contributor
knightlynews
Posts: 81
Registered: ‎01-29-2013
0

Re: Slight FICO increase!!!

[ Edited ]

You said, a slight increase due to my credit utilization? Please explain. If you mean my debt to income ratio, I make 75K, my total debt is $4,500, I just don't have much new credit ( Cap1 secured-$200) hence the low fico score (563).


Starting Score: 548
Current Score: EX686EQ682,TU???
Goal Score: 760


Take the myFICO Fitness Challenge

New Contributor
knightlynews
Posts: 81
Registered: ‎01-29-2013
0

Re: Slight FICO increase!!!

[ Edited ]

Still kinda new to understanding utilization!


Starting Score: 548
Current Score: EX686EQ682,TU???
Goal Score: 760


Take the myFICO Fitness Challenge


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