topic Re: Scoring increase with new CC in General Credit Topics

Scoring increase with new CC

jsk300 — Thu, 01 May 2008 13:49:22 GMT

Hello FICO family-

I am in the process of rebuilding my credit and have applied for and received an unsecured CC with Cap1 for $300. My current FICO score for EQ is 630 (I can not obtain my TU/EX scores due to lack of information or open accounts to calculate a score). Anyways, the new TL for Cap1 is not reporting yet. I did run the FICO simulator option of obtaining a new CC with $300 limit, to see how my score would change. It indicates that my scores could increase to the 690-720 range!?!?!? Would I see such a big jump in scores like this, or am I getting my hopes up? I hope that once this new TL starts reporting, that I will be able to pull my TU/EX FICOS. Those were in the high 500's last time I was able to pull them (10/07). I've seen on here that having less that 30% utilization would be ideal for scoring. I do plan on not using more than that ($90/month or so) and will be paying off the balance in full every month, so I am hopeful that will help raise my scores even more. Any other suggestions as to how else I could get my score to increase?

I do still have 2 baddies on my CR's that I've been disputing/DV'ing for some time, but LVNV and Midland don't like to play nice. Both are old CC debts that the SOL has passed on (I'm in IL and it's 5 years for Open Accounts) and they are both due to fall off in 05/2009 (LVNV) and 11/2009 (Midland). I've sent them both FOAD letters, and have sent copies of all my documentation (letters/CMRRR's) to the CRA's and hopefully they will remove them since neither one has provided me any validation.

Thanks all!!!

Re: Scoring increase with new CC

ckostecki — Thu, 01 May 2008 14:36:27 GMT

@jsk300 wrote:
Hello FICO family-
I am in the process of rebuilding my credit and have applied for and received an unsecured CC with Cap1 for $300. My current FICO score for EQ is 630 (I can not obtain my TU/EX scores due to lack of information or open accounts to calculate a score). Anyways, the new TL for Cap1 is not reporting yet. I did run the FICO simulator option of obtaining a new CC with $300 limit, to see how my score would change. It indicates that my scores could increase to the 690-720 range!?!?!? Would I see such a big jump in scores like this, or am I getting my hopes up? I hope that once this new TL starts reporting, that I will be able to pull my TU/EX FICOS. Those were in the high 500's last time I was able to pull them (10/07). I've seen on here that having less that 30% utilization would be ideal for scoring. I do plan on not using more than that ($90/month or so) and will be paying off the balance in full every month, so I am hopeful that will help raise my scores even more. Any other suggestions as to how else I could get my score to increase?
I do still have 2 baddies on my CR's that I've been disputing/DV'ing for some time, but LVNV and Midland don't like to play nice. Both are old CC debts that the SOL has passed on (I'm in IL and it's 5 years for Open Accounts) and they are both due to fall off in 05/2009 (LVNV) and 11/2009 (Midland). I've sent them both FOAD letters, and have sent copies of all my documentation (letters/CMRRR's) to the CRA's and hopefully they will remove them since neither one has provided me any validation.
Thanks all!!!

If you can't wait for LVNV to drop off try and dispute it through all the CRAs TU and EX were good about it EQ was not.

Re: Scoring increase with new CC

jsk300 — Thu, 01 May 2008 15:34:53 GMT

I've already DV'd LVNV 4 times and disputed with all the CRA's. They continue to verify. I'm beating a dead horse. My last letters were to all the CRA's documenting all my DV attempts to have LVNV validate this debt along with my CMRRR's and hopefully they will do what they legally required to do and remove it. Only time will tell I guess.