topic Re: Need 20 points to fico in 4-6 months in Understanding FICO® Scoring

Need 20 points to fico in 4-6 months

Anonymous — Sat, 31 Dec 2011 02:40:35 GMT

How easy or hard is it to gain 20+ points to my FICO in 4-6 months? I am planning on paying down my CCs they have a high utility I am never late and plan to never be late. I did open a new store card and another cc in the last 6 months. I also had a collection that I paid off, a parking ticket my husband forgot to pay grrrr.... So let's say 4 months of aggressive paydown no lates collection aging and new credit lines aging, could I gain 20+?

Thanks so much.

Re: Need 20 points to fico in 4-6 months

Anonymous — Sat, 31 Dec 2011 03:25:59 GMT

I'm new to all of this but from what I've seen in my own scores and read on here I think you could easy gain 20 points. Not sure how old any of your negatives are, that could play a part but paying down high utility I think would make a big difference. Good luck!

Re: Need 20 points to fico in 4-6 months

Anonymous — Sat, 31 Dec 2011 03:39:56 GMT

Thank you the collection was reported 9/12 so really recently, do they go by report date or date opened?

Re: Need 20 points to fico in 4-6 months

llecs — Sat, 31 Dec 2011 07:25:31 GMT

20 can be very easy.

Utilization is a very large component to FICO scoring. Get all of your CCs, except for one, to report $0, and get the remaining to report a balance of under 9% of the CL. You'll start to see some significant movement when they report 30% to 20% and less. I went from 89% to less than 3% and saw over 100 pts on EQ and over 70 on TU.

The new CCs could be hurting, but in the next 4-6 months, more of that drain would be gone anyway, so you might see some intermitent gains as they age. You also might see additional gains when they turn a year old.

Now that you paid the collection, send a GW asking for favor in deleting. A $0 balance CA is equally as harmful as one that's unpaid, score-wise.

Re: Need 20 points to fico in 4-6 months

Booner72 — Sat, 31 Dec 2011 19:29:48 GMT

You can easily get 20 by paying down utilization. See my sigs for how high I've gotten in a six month period of time. All resulted by paying down revolving. Good Luck!!

Re: Need 20 points to fico in 4-6 months

Anonymous — Sun, 01 Jan 2012 00:19:10 GMT

will the recent collections affect my chances of being approved for FHA?

Re: Need 20 points to fico in 4-6 months

llecs — Sun, 01 Jan 2012 06:11:08 GMT

Score aside, none because it is paid. Again, send a GW.

Re: Need 20 points to fico in 4-6 months

Booner72 — Sun, 01 Jan 2012 18:20:08 GMT

How recent? If less than 12 months then absolutely yes it could affect your chances. If you can afford to pay it, send a PFD letter ASAP.

Re: Need 20 points to fico in 4-6 months

Anonymous — Sun, 01 Jan 2012 20:38:51 GMT

If I understood correctly, I think OP stated it was already paid.

If that's the case, look at GW'ing the account.

Re: Need 20 points to fico in 4-6 months

Anonymous — Mon, 02 Jan 2012 00:32:15 GMT

It is paid I didn't know about pay for deletion till like a few days after I paid it. It is for an unpaid parking ticket so I am guessing will be much harder to get a deletion I am not a consumer to them, guessing they get these requests constantly. Has anyone had luck or expeience with GW letters and removals for such collections? Also is there a format for these specific CAs?

Re: Need 20 points to fico in 4-6 months

LS2982 — Mon, 02 Jan 2012 01:37:43 GMT

@Anonymous wrote:
How easy or hard is it to gain 20+ points to my FICO in 4-6 months? I am planning on paying down my CCs they have a high utility I am never late and plan to never be late. I did open a new store card and another cc in the last 6 months. I also had a collection that I paid off, a parking ticket my husband forgot to pay grrrr.... So let's say 4 months of aggressive paydown no lates collection aging and new credit lines aging, could I gain 20+?

Thanks so much.

Paying down high util is probably the easiest way to gain alot of FICO points.

Re: Need 20 points to fico in 4-6 months

Anonymous — Tue, 03 Jan 2012 15:34:37 GMT

Ok I responded to the email I got for payment of the parking ticket and asked for a deletion, she got back to me and told me to call the original CA and gave me reference #. I called the other CA and the lady put in a request for deletion. Now i just have to wait 2-3 weeks and see if it works. Anyone have luck removing over the phone? Fingers crossed.

Re: Need 20 points to fico in 4-6 months

Booner72 — Sat, 07 Jan 2012 03:31:26 GMT

Hi Shelby. I've had more luck on the phone than any other method.

Re: Need 20 points to fico in 4-6 months

namvet — Sat, 07 Jan 2012 03:35:05 GMT

@LS2982 wrote:
@Anonymous wrote:
How easy or hard is it to gain 20+ points to my FICO in 4-6 months? I am planning on paying down my CCs they have a high utility I am never late and plan to never be late. I did open a new store card and another cc in the last 6 months. I also had a collection that I paid off, a parking ticket my husband forgot to pay grrrr.... So let's say 4 months of aggressive paydown no lates collection aging and new credit lines aging, could I gain 20+?

Thanks so much.
Paying down high util is probably the easiest way to gain alot of FICO points. +1

Re: Need 20 points to fico in 4-6 months

Anonymous — Sat, 07 Jan 2012 10:25:43 GMT

This thread is very helpful for me! I am starting the re-building process and didn't realize that util was so important. I only have a secured card currently (since my credit tanked badly) and for the first 12 months or so I paid the balance in full every month. The past couple of months (after I lost my job) I only paid the minimum balance and then would even use that up.

I am going to make sure that I pay the balance off and then use it only sparingly if I am not able to pay it off in full at the end of each month. Good to know that under 10% util can help raise the score tremendously.