topic Re: Realistic? in General Credit Topics

Realistic?

Anonymous — Thu, 13 Sep 2007 18:47:17 GMT

My score is 573. Currently I have 6 cc with 90% of my limit being used. Is it realistic to work on my score (pay down cc) and hope to raise my score to 700 by 12/08? ( next year). If so, what other things can I do to help raise? I've paid my bills on time for over 2 years

Re: Realistic?

Anonymous — Thu, 13 Sep 2007 18:54:46 GMT

You should be able to raise your score substantially. However we cannot say 700 or 750, but we can say that if you pay it down to anywhere form 1% to 9% of your credit line on each of the cards and you do it right now, then in 12 month of paying in full and using up to 9% every month will get you scores up high. Discounting anything else that might contribute to your score as long as you don't apply for new credit. You should be right on track.

Re: Realistic?

Anonymous — Thu, 13 Sep 2007 19:13:12 GMT

so if i follow that plan, what could be a realistic score

Re: Realistic?

Anonymous — Thu, 13 Sep 2007 19:27:19 GMT

700 to 750 should be up there. 800's are with at least 12 years of history. so it's hard to say really

Re: Realistic?

Anonymous — Thu, 13 Sep 2007 19:39:23 GMT

Hi nofear18,

It's hard to say. FICO doesn't reveal the exact equation that they use to calculate your score, and there are some changes to the equation that are about to happen. It could get in the 700s, but it may only go up 20 points. While some posters post stories about getting their credit up 150 points within a year, some posters post stories about how they're disappointed that the score only went up 20 points.

I would continue to pay your bills on time and don't add anything else to your credit card balances. Continue to pay your credit card balances and try to get your balances between 1 - 9%. Better yet, get them down to 0.

If you have student loans and/or a car loan, try to pay down that balance as well (do double or triple payments if you can). That will reduce your debt utilization rate.

DON'T CLOSE ANY OF YOUR CCs! That will actually hurt your credit score if you do.

Make sure that you have no accounts in collections or "charged off".

Re: Realistic?

fused — Thu, 13 Sep 2007 20:04:57 GMT

nofear18 wrote:

My score is 573. Currently I have 6 cc with 90% of my limit being used. Is it realistic to work on my score (pay down cc) and hope to raise my score to 700 by 12/08? ( next year). If so, what other things can I do to help raise? I've paid my bills on time for over 2 years

Do you have any negatives items on your reports...old late payments, charge-offs, collections, etc? I agree with the others about paying down your CCs to 1-9% util.

Re: Realistic?

Anonymous — Thu, 13 Sep 2007 21:10:13 GMT

Yes I do have old bad accounts from the past.I have worked on paying them off, but I still owe on 2. My dola are as follows: 6/02,9/05,11/00,3/02,6/02,4/02,4/02,4/01,5/01,11/03 (disputed)10/02,11/01,7/01 (disputed) 9/02. I have paid all except 2 off. I have disputed several last month and have not heard anything yet. I know that all this takes time. Its like a diet, you just need to keep pluggin away. But its also like a diet in the way that you like to see results. Where I have paid off accounts, and paid off a judgement ( In the last 2 months), my score has not budged. Sorry, but I'm begining to think that no matter what I do, I'll never be able to get away from the past. For me, its very disheartening. I have paid ALL my bills ON TIME for over 2 years, so trying to "rebuild" my credit has done ....really, nothing. And paying old accounts just changes the dola. Can't win for trying. Thats kind of why, while I know no one can give me a "definate" answer, I'd like to have a realistic answer so I can have a goal. Right now my credit is in the poor range. What is the " average" or "good" range? If I can at least get there, I'd feel like I accomplished something. Right now, I have 6 cc with balances near the limits. So I am going to pay those down within the next 2 months. I just need something good to happen. Thanks for listening

Re: Realistic?

Anonymous — Thu, 13 Sep 2007 21:26:45 GMT

it sounds like you are really on the right track. i would suggest, based on what i've learned so far, that you send GW letters to the people you have paid in full. I might also suggest that you PFD the ones you are still paying on if you have the money. If you could get some of those removed then you will most likely see a nice little jump in your score. and remember, the older they are, the less heavily they weigh into your score, so the getting those newer ones PFD'd will be more beneficial to your score. hang in there!!

Re: Realistic?

Anonymous — Thu, 13 Sep 2007 22:06:57 GMT

Before paying old debts did you use PFD?? Have you send GW letters?

Re: Realistic?

Anonymous — Thu, 13 Sep 2007 22:17:19 GMT

Hi nofear! I'm fairly new here, 3 weeks ago I paid in full all of my cc balances. sears$1,300, jcpenny$1,500, gembcarecredit $1,000, lowesvisa$5,000, cap1$3,000. I now have 0 balance on all. Guess what, my score has not budged! I think for me is that I have some lates on them and that is what's hurting my score. I only have 1 inq. all my scores are hoovering around 600-640 fako's. go figure! I think it just takes time so I am waiting it out. I don't need any credit right now so when the time is right I will apply for a nice prime card and watch my scores jump

Re: Realistic?

Anonymous — Thu, 13 Sep 2007 22:23:26 GMT

wait a minute there partner! fako is not FICO. Unless you purchased FICO scores which i suggest you do, there is no real way of telling what happened. usually it is good idea to pay overtime. So if you now keep all your individual balanced at or below 9% and PIF each month....your FICO scores will shot up hight in 6 to 12 month and it will be hard for them to come down despite the inq you will have in 12 or 18 month. just don't apply for new credit.

Re: Realistic?

Anonymous — Thu, 13 Sep 2007 22:51:48 GMT

I know montana, I am just using fako to look at my new balances, I am going to get fico in a few months when i apply for cccu, discover and amx clear it's hard playing the waiting game though!!!!!!!!!!!!

Re: Realistic?

PayYouNever — Thu, 13 Sep 2007 23:23:50 GMT

You never know what is going to happen. I had a EQ 625 in March, after just opening an Orchard Bank card. Then in the summer, after I lost my job and fell behind on two different CC payments, I signed up for myFICO to check my EQ score and it was down to 545. Then it dropped to 515, when then balance on a CC increased. I've looked to DV, dispute and GW the various derog accounts, yet haven't heard word one from any of the OC (except for WaMu, who dismissed my GW) to know if there will be an adjustment in the reporting that will then affect my score.

I would hope that someone at the the OCs shows some mercy and makes a GW adjustment, or the dispute doesn't get handled in time.

But who knows how the cycling and recomputing at the various CRAs works and then is updated.

My advice to you is to work on the PFDs and on the GWs. Auto companies will probably respond favorably to GWs, if there wasn't a repo or something.

Re: Realistic?

Anonymous — Thu, 13 Sep 2007 23:36:13 GMT

I only went by FAKO for some time before paying for FICO....what a surprise...FICO was higher then FAKO....time makes a difference