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rudy2008
Posts: 1
Registered: ‎08-23-2007
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credit scenario

I currently have a fico score on 619, I have around 1600 in unpaid debt in collections, some bad credit card payment history from 7 years ago when i was in college and a judgement on rent from an apt 3 years ago which i am disputing. I also didnt have any credit history for 2 years but i now have a car loan and just got a new credit card. I am currently in the process of paying off my collections and will have the judgement on my record settled out by nov. If I pay off all my collections by nov and be on time with my car and credit card payments, by say Oct 2008 will my credit score go up to say the 660-680 level? If not, what else can i do to raise my credit score up 50-60 points in a year?
Moderator Emeritus
fused
Posts: 16,374
Registered: ‎03-12-2007
0

Re: credit scenario

Hi There! Have you read the credit scoring 101 thread?
 
Credit Profile -
FICO 08 Scores (09-16-2014): EQ 824, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)

Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
0

Re: credit scenario



rudy2008 wrote:
 
fico score on 619
...
1600 in unpaid debt in collections
...
some bad credit card payment history from 7 years ago
...
a judgement on rent from an apt 3 years ago which i am disputing
...
i now have a car loan and just got a new credit card
...
will have the judgement on my record settled out by nov
...
what else can i do to raise my credit score up 50-60 points in a year?


Just paying collections will NOT improve your score. If these collections are from 7 years ago, then you need to call the CRAs and inquire as to the DOFD. Sounds like some of the debt is too old to report, and you should dispute it as "too old to report". If it is too old, and you haven't been making payments on it, then they likely can't sue and can't report. Do you know the SOL?
 
What's the balance, CL and APR on the one CC you have? Is that your only open CC?
 
Adding more CCs establishes additional good credit. Is there an AMEX default in your past, ever? IS there a BK in the last 7 years? If no and no, apply for an AMEX Green, Delta and Hilton. Barclays is another one to consider. FCUs are also generally quite generous. See the Friendly CC thread in my sig.
 
Never be late on anything.
 

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