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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
Re: rapid re-score shot my score up in 3 working days...
Hi, madsans, welcome to the forums, and congrats on the report clean-up and great new scores! And a new house too, it would seem.

As the others said, it looks like the OC submitted the letter to the CRA's, as the rapid rescore resulted in the high score jump. Scores reflect what's on the reports at the time that the scores are pulled, so the collection must have already been gone. To verify that it doesn't pop back up, you can wait 3-4 weeks or so and pull again to confirm that it really is gone.

The common advice is to not close cards unless there are fees, or unless they somehow annoy you to death. If you want to close them, realize that their credit limits are removed from your overall total credit limit, so your current util will rise by some amount. (With your low util, it doesn't sound like a big issue, though.) Even after closing, though, they will report for 10 years.

The following is a scoring issue. If you aren't going to apply for anything else in a good while, please disregard:

One extra thing to consider is that now that you have a mortgage, that's an account that will report a balance every month. There is a score ding for "too many reports with balances" that results from half or more of your accounts (loans, mortgages, revolving, all of them) showing a balance. I'd try to have at least 2 more CC's than the total number of open loans and mortgages, plus any cards carrying balances; three would be better.

So if you have, say, a mortgage, a car loan, a student loan, and a CC with a 0% balance transfer that will take a while to pay off, that's four accounts with balances. To avoid the scoring ding, while allowing wiggle room for updating problems, you should have an additional 6 cards that can report $0. I've had 15-20 point swings, especially on TU, for minimizing the number of accounts reporting.

Again, this is strictly a scoring tweak. I keep my extra cards in the sock drawer, and use them occasionally to keep them alive. If you have all the credit you need for the foreseeable future, you don't need to worry about this.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007