With a score of 470, how long before score can hit 700?

[Anonymous]

This case has collections and other negatives. If all remains on CR unchanged and we keep filling it with good history how long before score can go up again or until negs start hurting less. How many years? Disputes and GWs are out. Just hard work to fill with good data.

[Anonymous]

As you know Mr Pizza

I went from 480 to 700+ in a year-

However- I did had a fairly solid profile to start with-just lates and collections-

It is very tough to get over 630-650 with any CA's

Recent CA's make it even harder-

You can only dilute negative information so much-

[Anonymous]

Thanks. After 1 great year helping a friend it all went under. He got up to 600, bought a car, got lots of subprime ccs, had an installment then collections noticed his improvements and sank him. He lost hope and let a charge off and a 90 day let happen after that and all was lost again. This was just really frustrating for me. The charge off almost made me want to quit but he wanted to make good on it after. So I kept helping. I need to let him do it on his own from here and see what happens. I gave him some PFD letters, GW letters and helped him open a bunch of new accounts before the charge off hit. He can't get any credit now so he must keep good what he has.

Message Edited by ilovepizza on 02-11-2008 10:00 PM

[CreditBob]

The fico score will look at how recently you have had the last derogatory account added. The further you get away from that date the less negative impact it will have unless you are late again or other negative information is added to any account.  So make sure that you are never late for any reason. Major credit cards such as visa, mastercard, amex, discover, etc have the most impact on the report. For now you can pay off your credit cards each month or leave a 5% balance of what your line of credit is for each account. Maybe open a secured installment loan so that you have a healthy mix of credit. The bottom line is that you have to work on thsi and it will take more than a year. Do not be suprised if it takes you at least 2-4 years.

[Anonymous]

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CreditBob wrote: Do not be suprised if it takes you at least 2-4 years.

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I was thinking 4-5 years. Just looking for hope. I worked hard for him for over a year. One more year and he could get a mortgage and prime cards. He let it go to charge off because he was angry at the CC company. Lates happen. Charge offs don't just happen. I can't keep helping him when things like this happen. I'm trying to GW the charge off. If no luck, he will have to wait it out. Maybe in 7 years he will take it more seriously because that is how long it will be there.

Message Edited by ilovepizza on 02-11-2008 10:01 PM

[Anonymous]

You can help me anytime you want Pizza and I'll listen

[modernsurrender]

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DillPickel wrote:
You can help me anytime you want Pizza and I'll listen

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LOL I agree, I'd let you take care of my CR's anytime!

[scramblingin2007]

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Timothy wrote:

As you know Mr Pizza

I went from 480 to 700+ in a year-

However- I did had a fairly solid profile to start with-just lates and collections-

It is very tough to get over 630-650 with any CA's

Recent CA's make it even harder-

You can only dilute negative information so much-

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Timothy, That is amazing! I have just lates (5 months ago) and 1 paid collection that I just got removed. I was at 533 in july and now I am at 635. You give me hope! Thanks!