Will this increase my score enough?

[Anonymous]

Right now my mid score is at 564, and we need it to get to 620 to secure a mortgage loan.  I have 3 credit cards with a balance:

1. Dell - $2000/ CLI $3000

2. Kays- $1000/ CLI $1500

3. GEMB walmart- $245/ CLI$620

If I pay Dell and Kays off fully and GEMB to below 9% Util, will my score increase enough? the only other debt is a GEMB paypalbuyercredit that is charged off as of 8/08 but it hasn't gone to collections, it seems to be in limbo. That debt is for $560. Any advice would be much appreciated, we just had to pull an offer on a house of our dreams because of needing to get to 620. Thank you. 

[davidboca]

My considered opinion is if the GEMB PayPal CO is your only derogatory account, then you should try a Pay for Delete (PFD). This should bring your score higher than any other option that you could do to bring up your score.

Including paying down your other cards.

[Anonymous]

I've sent a PFD to gemb with no response, but it has only been 28 days. After I sent the letter, they did update my account which dinged me about 6 points. Should I send another PFD letter?

[davidboca]

It certainly can't hurt to send another letter. First do some research with particular regard to whom to send it to. You might have better success by sending copies to heigher ups in the department. Cry, cry, and cry. Let them know how important the removal is and how it will affect you and your family's living experience. CRY, CRY, CRY! Keep telling them you want to pay it off. Give them a clear understanding of what exactly you will be able to do with the CO gone and how it will make your time easier and at the same time taking care of your debt.

[haulingthescoreup]

And in the meantime, yes, do pay off the first two cards and let the third report at 9% or below. Don't know if that would get you all the way to to 620, but it should give you a good chunk of points.

[Junejer]

Sorry to dig this up, but if you haven't already done so, please pay down the cards as you suggested in your initial post. I believe that you will get a nice bump.