Upset about FICO Score.

Anonymous · ‎03-16-2010

Hello everyone! I just checked my TransUnion credit score. I'm very upset because I haven't had a bad account for 3 years and I have been paying on time on all of my accounts for that amount of time. The problem is that back in 2007, I had many credit cards that went into collections and I paid them all off. The problem is that my score is still 570. What can I do to raise it? I'm looking to buy a house in 3 years and I would love my credit score to be up to about 700.

Thank you everyone!

JoeBJay20 · ‎03-16-2010

Paying collections off do not help your score. FICO scores paid and unpaid collections the same, the damage comes from the accounts falling into collections. What you can do now is appeal to the companies for goodwill (GW), and ask if they would be willing to delete those accounts from your reports. You can read up on goodwill here. In the score report, what did it list for things helping your score and things hurting your score?

Anonymous · ‎03-16-2010

Helping Score: Recent Credit Card use - Only have 1 credit card.

Hurting Score: Delinquency + public record, Bad Payment History, Short Account History - about 3-4 years.

JoeBJay20 · ‎03-16-2010

A second card would help your score. I would recommend getting a secured card that gives you a decent CL. Is the public record a lien or judgment? A lien falls off 7 years after being paid, a judgement stays on for 7 years regardless of payment, but can be renewed in the case of non-payment. Your payment history is being hurt by those collections even though they are paid. You should begin immediately on requesting GW from those companies. Search the boards to see if people have had success with the companies on your report, someone on here may have a contact that could help you.

Anonymous · ‎03-16-2010

It's a judgement that was paid before anything happened with that. Here it is listed:

Date filed Status Status date Date reported Date complete Date verified Date paid Amount Liability Asset Exempt Plaintiff Defendant Account holder Type of business Description

Aug 01, 2008

Not Reported

1/2009

Not Reported

$1,109

Not Reported

JoeBJay20 · ‎03-16-2010

Contact the filing party and see if it would be willing to allow you to vacate the judgement. If they agree, you can file the paperwork with the court clerk. It will be called a nonsuit or a stipulation to vacate. You can search online or on here for more information with that process.

Anonymous · ‎03-17-2010

How do I figure out which court it's from? It's not listed at all.

EDIT: I just called the court house I was sure it was filed at. They said I can come pick up a satisfaction letter from them and send it to the credit bureus

Anonymous · ‎03-17-2010

Good detective work!

Your CR will now state that the status for this lien is satisfied. It will still report and still have a score impact. Check out the post on vacating - that may have more of an impact for you.

You may want to do some additional work to GW or PIF some of your negative accounts - that will have a significant impact on your scores.

Good luck and congratulations on your good work!

JoeBJay20 · ‎03-17-2010

The satisfaction letter won't take it off your credit report, it will only update the status to paid, if it isn't show as such already. The only way to get it off your report is to have it vacated, either with the stipulation to vacate or letter of nonsuit. Since you have the satisfaction letter, you should now know the party that filed, so contact them and request to have it vacated.