07-04-2013 03:21 PM
Ok, so my Experian score is 818 - I have a 7 year old $175 medical debt which was paid 3 years ago. I moved and never got the bill. Paid as soon as I found about it, but it's still on my record. Collection Agency won't remove it. It's on Equifax and TU, but not on Experian.
My Equifax score is 717, and the three things that it says that is keeping the score low are:
1) The 7 year old collection for $175 that is paid. It will drop off next year. I thought old collections weren't supposed to make a big impact?
2) Short credit history 17.5 years, 9 years average. Strangely, on the TU report, this is seen as a positive.
3) 26% CC utilization. We rack up about $6000/mo but pay it in full every month.
I can just pay the credit card balance before the statement to get that down to just couple of hundred dollars. Will that make a big impact?
My TU score is 712 because it's missing my main credit card. I've given up on trying to get it reported after countless calls and letters to both Chase and TU. This one is hopeless for me. I don't really use any other credit cards so it says that I need to utilize my credit and open an installment loan. Maybe I'll finance like $1000 of a car loan next time I buy a car.
Anyways, any help is appreciated. I would like to get my Equifax score bumped up to 740 if possible. Ironically, when I originally bought my house 3.5 years ago, that score was 724. I can't believe that after paying my mortgage for 3.5 years, it's actually dropped. I have no negatives other than the 7 year old collection.
07-04-2013 03:25 PM
07-04-2013 03:29 PM
Well, it's low enough where I lost about $7000 over the last 3.5 years because I couldn't get the best mortgage rates.
I'm trying to refinace before the rates really go up. My last hope.
07-05-2013 09:08 AM
rarrrr wrote: I thought old collections weren't supposed to make a big impact?
When I had an old, fully paid off, collection drop from my reports the average score increase was 50-52 points (I can't remember exactly). It was the one and only baddie on my reports
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.