topic Re: How to increase my score ASAP?? in Understanding FICO® Scoring

How to increase my score ASAP??

Anonymous — Mon, 06 Apr 2009 18:54:00 GMT

Hi guys, I really need some knowledgeable inputs right now. I am in the process of purchasing a Co-Op and the bank is checking my credit score to give me a rate on mortgage loan, it came out to be in the higher 600s, I was shocked because 1-2 months ago when I was checking my credit score I had 700 something, then I realized that one of my credit card was closed due to no payments, the reason why I didn't pay the total balance of $62 (fees added, it was originally a $20 balance) So I paid it off and told the rep that I've never received the bill which was true! So the rep put a note for the credit bureau for my excuse, I don't know if this is going to help to raise back up my score. Do you guys know what I can do or who to contact to find out when my score will be back up? At least to 700. This is really hurting my mortgage rate Thanks for the help!

Re: How to increase my score ASAP??

llecs — Mon, 06 Apr 2009 19:07:52 GMT

Welcome to the forums!

The fastest way to increase your score is to pay down all of your CCs to $0 and let one report a balance.

Looks like the creditor put a charge-off on your reports. How is it reporting now?

Do you have any lates or other baddies?

Re: How to increase my score ASAP??

Anonymous — Mon, 06 Apr 2009 19:35:58 GMT

Thanks for the welcome! This is a fast paced/informative forum I found.

All my CC have $0 balance, no debt, no late payments..etc. The creditor (Bloomingdale's) put a charge-off 1-2 months ago, and the bank checked my credit score last week, and the score's still the same. How long does it usually take to bring back up my credit?

Re: How to increase my score ASAP??

llecs — Mon, 06 Apr 2009 20:25:03 GMT

I would tackle Bloomies. From what I have read, DSNB is great on working with you on COs. I haven't read about Bloomingdales, but Macys is operated by the same. It would be worth calling them to see if you could re-establish the account with a full payment. I bet they'll work with you. Plus the Bloomies CO may be negatively factoring into utilization. If this is cleared out, you may see a decent bump in score.

Other than letting one CC report a small balance to tweak your score by a few points and TIME, there's nothing else you can do but wait.

Re: How to increase my score ASAP??

Anonymous — Mon, 06 Apr 2009 20:30:40 GMT

Cool! What is DSNB by th way? I just called Bloomies again to made sure that the put a note to discharge with the Bureau, and they said yes, there will be NO damage to my credit score but the wait time would be 30-60 days. They didn't give me a hard time at all maybe it's because I am a designer for Macy's Inc. Thanks !

Re: How to increase my score ASAP??

llecs — Mon, 06 Apr 2009 20:32:03 GMT

DSNB = Department Stores National Bank, I believe. They are the backers for Macys and Bloomies store cards.

Re: How to increase my score ASAP??

Anonymous — Mon, 06 Apr 2009 20:34:22 GMT

wow, cool! But do you think I should contact DSNB just to make sure everything will be okay?

Re: How to increase my score ASAP??

llecs — Mon, 06 Apr 2009 20:42:25 GMT

I would wait. Pull your reports from somewhere next month to see if they are reporting. If so, make sure it doesn't say "charged-off" or "settled" anywhere. Also make sure there are no lates. If not, then you'd have a great tradeline reporting. Also, Bloomies could reopen your account if you want them to.

Re: How to increase my score ASAP??

Anonymous — Mon, 06 Apr 2009 20:51:14 GMT

I will, like you said make sure it doesn't say charged off or settled on the report. But the bank would be the one who will pull the credit report (for the home loan).

It was a Bloomingdales card + Visa card under 1 card. They closed my Visa account w/o telling me until I called last month. The Visa card was the card that I didn't pay but now it's closed. I really don't need that Visa part anyways. But closing an CC would also hurt my credit right? It's too late anyways...Should I have them reopen my Visa card (same card #)?

Re: How to increase my score ASAP??

haulingthescoreup — Tue, 07 Apr 2009 10:47:14 GMT

By the way, make sure that all your cards are reporting $0, not just that you pay them promptly when the statement comes. It's the figure on the statement that is reporting to the credit bureaus and used for scoring, not the balance remaining on the due date.

If you have balances showing on your credit reports, pay off your cards several days before their statements are due to post. That might bump your scores as well.

Re: How to increase my score ASAP??

Anonymous — Tue, 07 Apr 2009 13:41:48 GMT

Understood, but I have paid off all my balances like 1-2 years ago. I hope it's fine on the report.

Re: How to increase my score ASAP??

phxphun — Thu, 23 Apr 2009 10:44:18 GMT

@haulingthescoreup wrote:
By the way, make sure that all your cards are reporting $0, not just that you pay them promptly when the statement comes.

I thought it helped to let just one of your cards carry a small balance. Is that true or is it best to take them all down to $0?

Re: How to increase my score ASAP??

haulingthescoreup — Thu, 23 Apr 2009 11:29:36 GMT

phxphun wrote:

@haulingthescoreup wrote:
By the way, make sure that all your cards are reporting $0, not just that you pay them promptly when the statement comes.
I thought it helped to let just one of your cards carry a small balance. Is that true or is it best to take them all down to $0?

Yes, that's best for tweaking scores; I just couldn't bear to type it again. I was mainly trying to point out that it's the balance on the statement, not whether you PIF by the due date, that gets reported to the CRA's and is factored into your scores.

Re: How to increase my score ASAP??

phxphun — Thu, 23 Apr 2009 13:27:02 GMT

Understood. Thanks for the minor clarification.

Re: How to increase my score ASAP??

Anonymous — Thu, 23 Apr 2009 14:59:16 GMT

Some good info here, but theres more you can do. Understand you cant immediately improve your score over night. Your score is complex and reflects everything about your recorded financial history. In this case I would firstly pull your credit report. You can get all three for free once a year, but you might be better off just getting one at a time. Secondly pay off these little baby accounts and yes make sure they are $0 balance and paid in full. After that ask your creditor which credit bureau they report to and give those bureau's a call. Specifically cite which remark on your credit report which is innacurate, these are now the paid accounts, and they will have to follow through and check. In most cases they wont check, unless prompted to, but when they do get notice, they will surely do their due dilligence to ensure accuracy. You dont have to do this step because it will be reported in your next cycle to the credit bureau, however as you have noticed there are miscommunication errors. Best bet is keeping the last 24 months of your credit report clean. the last 24 months are the most important when your credit score is calculated.

and for what it matters, most of the stores like bloomies are backed by WFNB, i dont know what DSNB is.

Re: How to increase my score ASAP??

llecs — Thu, 23 Apr 2009 15:33:31 GMT

illuznpro wrote:
and for what it matters, most of the stores like bloomies are backed by WFNB, i dont know what DSNB is.

Bloomies store, like Macys, is backed by DSNB (Department Stores National Bank). The Visa option is backed by Citi.

Re: How to increase my score ASAP??

Anonymous — Thu, 23 Apr 2009 19:39:50 GMT

Can someone link me to the website where I can get my credit report for free (once an yr)? Thanks! I want to know if they increased my score.

Re: How to increase my score ASAP??

llecs — Thu, 23 Apr 2009 19:56:20 GMT

Design1314 wrote:
Can someone link me to the website where I can get my credit report for free (once an yr)? Thanks! I want to know if they increased my score.

www.annualcreditreport.com

Message Edited by llecs on 04-23-2009 03:56 PM

Re: How to increase my score ASAP??

Anonymous — Thu, 23 Apr 2009 20:01:45 GMT

Thank you so much Mod for the quick reply!

Re: How to increase my score ASAP??

Anonymous — Fri, 24 Apr 2009 20:02:56 GMT

Hi mod the site you link me for credit score only gives free credit reports not scores, Do you know any free credit score ones? Thanks again.

I've found 2 negetive accounts, one is Gap which never used but I closed the account, 2nd one is Bloomingdales VISA which I explained to Bloomingdales why I didn't pay the account and they told the credit bureau. It shows that the balance for both accounts are $0. What should I do now?