topic Re: HOW TO GET A 720 SCORE in Rebuilding Your Credit

HOW TO GET A 720 SCORE

cdub69 — Thu, 25 Mar 2010 17:26:03 GMT

I am rebuilding my credit.My goal is to reach a score of 720.My score now is 619.Here is my current situation:

I have a paid judgment in 2006: DOFD(Nov 2013)

Unpaid collection for $5,000.00: DOFD(Feb 2014)

Paid Charge Off OFD(May 2014)

Repo OFD(Feb 2015)

Unpaid Charge Off OFD(July 2011)

I have 3 credit cards with limits of (500,400 &200) Kay Jewelry (1,600.00)

What can I do to raise my score even further?Would secured loans help?

Re: HOW TO GET A 720 SCORE

Anonymous — Thu, 25 Mar 2010 18:41:35 GMT

@cdub69 wrote:
I am rebuilding my credit.My goal is to reach a score of 720.My score now is 619.Here is my current situation:

I have a paid judgment in 2006: DOFD(Nov 2013)
Unpaid collection for $5,000.00: DOFD(Feb 2014)
Paid Charge Off OFD(May 2014)
Repo OFD(Feb 2015)
Unpaid Charge Off OFD(July 2011)
I have 3 credit cards with limits of (500,400 &200) Kay Jewelry (1,600.00)

What can I do to raise my score even further?Would secured loans help?

If you can get the paid judgment and CO removed you may see a slight increase. But with the other major baddies still on your CR it is iffy.

I don't think any more CC are going to help you much. You still have too much negatives on your CR. Paid and unpaid collections and COs are still negatives in FICO eyes.

You should focus on repairing before you attempt to rebuild.

Re: HOW TO GET A 720 SCORE

Pushto700 — Thu, 25 Mar 2010 19:58:03 GMT

@cdub69 wrote:
I am rebuilding my credit.My goal is to reach a score of 720.My score now is 619.Here is my current situation:

I have a paid judgment in 2006: DOFD(Nov 2013)
Unpaid collection for $5,000.00: DOFD(Feb 2014)
Paid Charge Off OFD(May 2014)
Repo OFD(Feb 2015)
Unpaid Charge Off OFD(July 2011)
I have 3 credit cards with limits of (500,400 &200) Kay Jewelry (1,600.00)

What can I do to raise my score even further?Would secured loans help?

The two worst (no matter the amount $2.00 or $2,000.00) negatives to have on a CR are a C/O or a judgement. C/O's carry a status with it where it can restrict growth and trigger auto denials. My fiance had a C/O in which the company was bought out by GEMB. Account had been C/O before the takeover, so the records just transferred over.

She saw the negative C/O report and DOLA as 4/2004, and she knew that was erroneous. We diputed through the CRA's, verified. We 623 OC disputed - verified. Asked of she was certain. She stated she knew that her last payment was in '02 (because of a situ regarding the passing of someone close to her), and the C/O was late that year. Disputed through the Attny Gen, & BBB - verified.

We threatened to go to the Office of Thrift supervision because they had not provided the proof we requested and were illegally reaging debt out of SOL and past CTRP, and they weren't providing records that we have requested to prove it's validity. They deleted in the "interest of customer service".

I say all that to note that this single old C/O (3-400.00) resulted in a slew of denials. After the C/O, she has since been approved for 2 CC's, 3 store cards, and has an Equifax of 711 as of 2-2010. If you can dispute any inaccuracy with them, get those C/O's off if they are out of SOL.

Re: HOW TO GET A 720 SCORE

creditbroke — Thu, 25 Mar 2010 21:04:28 GMT

guiness56 wrote: You should focus on repairing before you attempt to rebuild.

I completely diagree ^

Start rebuilding credit lines A.S.A.P. The sooner you start rebuilding the better, the accounts you add today no matter how small a score boost, will continue to give you boosts as they age. Add a secured line and a secured installment.

Also,dont pay anymore bad debt without sending PFD to the entire chain of command at any given CA you're dealing with.

Re: HOW TO GET A 720 SCORE

creditbroke — Thu, 25 Mar 2010 21:10:54 GMT

Also , my wife has a charge off thats from late 08. They are extremely bad as pushto700 stated. BUT you can counter thier impact , with positive trade lines. Just as I stated above , get positive accounts reporting ASAP.

Even with the CO and a paid less than full from the CA who bought it on my wifes report. I brought her EQ to 757 within 30 days.

The key is to counter the negatives as you work your way to removing them or waiting them out.

Re: HOW TO GET A 720 SCORE

Anonymous — Thu, 25 Mar 2010 21:13:39 GMT

@creditbroke wrote:
guiness56 wrote: You should focus on repairing before you attempt to rebuild.

I completely diagree ^

Start rebuilding credit lines A.S.A.P. The sooner you start rebuilding the better, the accounts you add today no matter how small a score boost, will continue to give you boosts as they age. Add a secured line and a secured installment.

Also,dont pay anymore bad debt without sending PFD to the entire chain of command at any given CA you're dealing with.

Well, you are incorrect and any of the long time posters here will tell you that.

You should not try to rebuild when there are massive amounts of baddies on your report. Any amount of CC you may get will be overshadowed by the negatives.

Re: HOW TO GET A 720 SCORE

Anonymous — Thu, 25 Mar 2010 21:27:58 GMT

@Anonymous wrote:
@creditbroke wrote:
guiness56 wrote: You should focus on repairing before you attempt to rebuild.

I completely diagree ^

Start rebuilding credit lines A.S.A.P. The sooner you start rebuilding the better, the accounts you add today no matter how small a score boost, will continue to give you boosts as they age. Add a secured line and a secured installment.

Also,dont pay anymore bad debt without sending PFD to the entire chain of command at any given CA you're dealing with.

Well, you are incorrect and any of the long time posters here will tell you that.

You should not try to rebuild when there are massive amounts of baddies on your report. Any amount of CC you may get will be overshadowed by the negatives.

I'm sure this could have been worded differently. You both have points worth considering on the topic. But the tone of your comment may make newer posters feel they don't belong on this board. Imagine how many valuable veiw-points could be lost.

Re: HOW TO GET A 720 SCORE

Anonymous — Thu, 25 Mar 2010 21:32:09 GMT

@Anonymous wrote:

@Anonymous wrote:
@creditbroke wrote:
guiness56 wrote: You should focus on repairing before you attempt to rebuild.

I completely diagree ^

Start rebuilding credit lines A.S.A.P. The sooner you start rebuilding the better, the accounts you add today no matter how small a score boost, will continue to give you boosts as they age. Add a secured line and a secured installment.

Also,dont pay anymore bad debt without sending PFD to the entire chain of command at any given CA you're dealing with.

Well, you are incorrect and any of the long time posters here will tell you that.

You should not try to rebuild when there are massive amounts of baddies on your report. Any amount of CC you may get will be overshadowed by the negatives.

I'm sure this could have been worded differently. You both have points worth considering on the topic. But the tone of your comment may make newer posters feel they don't belong on this board. Imagine how many valuable veiw-points could be lost.

You could very well have pm'd me. If you have a problem bring it to me and not the entire forum.

And I do not apologize for my comment at all. I can't help how you read it.

How do you know what my "tone" was. I was stating the simple fact that people who have been here longer and done the repair longer know to repair first not rebuild.

Re: HOW TO GET A 720 SCORE

Anonymous — Thu, 25 Mar 2010 21:34:11 GMT

@Anonymous wrote:
@Anonymous wrote:

@Anonymous wrote:
@creditbroke wrote:
guiness56 wrote: You should focus on repairing before you attempt to rebuild.

I completely diagree ^

Start rebuilding credit lines A.S.A.P. The sooner you start rebuilding the better, the accounts you add today no matter how small a score boost, will continue to give you boosts as they age. Add a secured line and a secured installment.

Also,dont pay anymore bad debt without sending PFD to the entire chain of command at any given CA you're dealing with.

Well, you are incorrect and any of the long time posters here will tell you that.

You should not try to rebuild when there are massive amounts of baddies on your report. Any amount of CC you may get will be overshadowed by the negatives.

I'm sure this could have been worded differently. You both have points worth considering on the topic. But the tone of your comment may make newer posters feel they don't belong on this board. Imagine how many valuable veiw-points could be lost.

You could very well have pm'd me. If you have a problem bring it to me and not the entire forum.

And I do not apologize for my comment at all. I can't help how you read it.

How do you know what my "tone" was. I was stating the simple fact that people who have been here longer and done the repair longer know to repair first not rebuild.

I stand by my comment.

Re: HOW TO GET A 720 SCORE

creditbroke — Thu, 25 Mar 2010 21:37:22 GMT

Add positive trade lines now. It will pay off slightly now and alot more later.The longer these small secured trade lines are on his report the more good they will do.

To advise a person to spend possibly a year removing the bad reporting without adding anything new is absurd. Whens the last time you took a 500 to a 750+ guiness56?

I've done it 6 times in the last year. And I did it while reading not posting.

Re: HOW TO GET A 720 SCORE

llecs — Thu, 25 Mar 2010 21:48:03 GMT

Back to the topic of adding TLs....OP, if you do so your score will drop. Any drop would be temporary for only 6-12 months. I started on here w/ many COs and CAs and had 0 CCs. Within the first 6 months I added about 9 new CCs. I did see an increase in score by adding the first 3 (one charge card included with that mix) and did that within the first month to two but then added 2-3 more shortly thereafter and saw an average of 20 points lost per new CC.

When you add new credit, the inquiry could ding you. The new credit will ding you. And the drop in AAoA, if applicable, could also ding you. Adding new CCs only helps in 2 ways: improved util and improved mix. If your balances are in check, then util shouldn't be a factor. You already have a good mix. Also, new and good credit doesn't dilute the bad. The only way to fix that is to remove the baddies.

ETA...If I had it do do over again, I'd stick with the 3, focus on aggressive repair (DVs, PFDs, GWs) and then app for new stuff if I needed it and I'd only need it to replace the starter cards that I had (namely Orchard and Credit One in my case).

Re: HOW TO GET A 720 SCORE

MarineVietVet — Thu, 25 Mar 2010 21:58:50 GMT

One of the risks I see and have also experienced from trying to add TL's with a low score and many negatives is the cycle of application and denial over and over. Then the denials start because too many inquiries make lenders nervous. That causes you to have to wait and repair whether you want to or not. To me it's not worth it.

I can't speak for guiness but I have brought all my scores to close to 800 after many lates and a BK by being very conservative and taking a very measured approach. Everyone has to decide their own strategy but repairing first seems to be the path that works best for most on these forums.

Just MO.

From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

You can do the same thing with hard work

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Re: HOW TO GET A 720 SCORE

creditbroke — Thu, 25 Mar 2010 22:02:23 GMT

llecs ,Good point . The 9 cc's you added were way to many in a short time. I would suggest adding 1 a month and monitoring your score for changes, as soon as a new card starts reporting and your score goes down instead of up, you've hit the max on good they are doing.

Let them age while you go back to PFD's,GW's and paying down bad debt.

With my credit report, I saw as much as a 40 point jump in Fico score from a single cc being added. The general rule is you will loose points for a small time after adding a new cc. But thats not carved in stone, my Fico score jumps are proof of that.

The impact a new cc will have is completely dependent on the credit profile its being added to.

Marinevietvet, the denials you experienced early on could have been avoided going with secured tradelines.Also congrats on to 8's!

Re: HOW TO GET A 720 SCORE

Anonymous — Thu, 25 Mar 2010 22:20:25 GMT

@cdub69 wrote:
I am rebuilding my credit.My goal is to reach a score of 720.My score now is 619.Here is my current situation:

I have a paid judgment in 2006: DOFD(Nov 2013)
Unpaid collection for $5,000.00: DOFD(Feb 2014)
Paid Charge Off OFD(May 2014)
Repo OFD(Feb 2015)
Unpaid Charge Off OFD(July 2011)
I have 3 credit cards with limits of (500,400 &200) Kay Jewelry (1,600.00)

What can I do to raise my score even further?Would secured loans help?

My question is what types of CCs do you have & how old are they? Any lates or negatives reporting? I think the question of whether or not you need new credit lies in the status of your current cards.

Re: HOW TO GET A 720 SCORE

MarineVietVet — Fri, 26 Mar 2010 00:27:08 GMT

@creditbroke wrote:
Add positive trade lines now. It will pay off slightly now and alot more later.The longer these small secured trade lines are on his report the more good they will do.

To advise a person to spend possibly a year removing the bad reporting without adding anything new is absurd. Whens the last time you took a 500 to a 750+ guiness56?

I've done it 6 times in the last year. And I did it while reading not posting.

What happened that you had to raise a 500 score to 750+ six times in a year?

Re: HOW TO GET A 720 SCORE

cdub69 — Fri, 26 Mar 2010 03:06:51 GMT

I'm not late on any cards and never have been.I've had an Orchard card for a year and a Credit One card,secured card & jewelry card for ayear.

Re: HOW TO GET A 720 SCORE

Anonymous — Fri, 26 Mar 2010 04:21:36 GMT

@cdub69 wrote:
I'm not late on any cards and never have been.I've had an Orchard card for a year and a Credit One card,secured card & jewelry card for ayear.

Applying for new credit is going to ding you as far as inquiries & your AAoA. Plus, and I hate to say it, with the other negatives on your report the additional inquiry might lead to a denial. I suggest letting the credit you have grow & age with no negatives (no lates, no going over the limits, etc). Also keep your CC utilization low (less than 9% utilization reporting on one card with the rest reporting $0).

The judgement, although paid, is hurting your score. Check your state's statutes to see if your state has a provision for vacating satisfied judgements (IL does).

I'd work on GW'ing & PFD'ing anything I could. Keep in mind that the more recent a baddie/negative is, the more it is affecting your score. If you list the specific OCs/CAs, someone here may have more in-depth knowledge on how to deal with them.

Good luck!

Re: HOW TO GET A 720 SCORE

BungalowMo — Fri, 26 Mar 2010 13:22:18 GMT

What worked for me when my credit was circling the drain....Feb/04...I needed a car & got one at 18.9% interest! Totally sucked, but I wanted to begin my repair on my own! No cosigners or anything. I knew it was a big price to pay, but looked at it as my punishment for screwing things up so bad.

During this time (beginning 01/04) I was also making scheduled payments with Cap One for a C/O & with Midland for a collection on an HSBC card. By the end of 04, Crap one was paid off, I'd had the car loan for 10 mos & was nearly done paying off Midland. (this was long before I found these forums, but was repairiong & rebuilding on my own)

So, my next step, well into the car loan, 10/05, I apped for a Credit One card. Approved for $350. I was happy to get this. Over the next year or so, I got a few cli's at $100 each. woo hoo...I was happy with myself!! Then, in Feb 06, while the car I no longer cared for was still under mfgrs warranty, I sold it for about $500 under what I owed. BEST thing I could have done. Got me 2 years of perfect payments reporting & the vehicle served it's purpose(s). One year after opening the credit one, I apped with my bank for a cc. I wanted to see what they would say. Instant approval, but I didn't yet know the limit. About 2 weeks later, it showed up on my EQ report.... $7k!!!! I nearly cried!

During this time (about 2 yrs) I had several old baddies drop off. Slow but sure FICO bumps. I then was approved in May of 07, for a $215k mortgage on my house!!! (remember, I had yet to find these forums....) Then came May 1, 08...I found & joined the forums here.

If I'd have known when I got my house, what I know now! My Midland collection would have already been GW'd away, My WFNNB Victorias Secret would have been disputed & removed, my scores would have been greatly improved, and even though 6.6 isn't a "bad" rate, I would have something even lower now!

My advice to anyone in this sort of catch-22 situation....before apping for anything else, do some GW's! See what you actually can get deleted before applying for anything else. I know that even with other, newer baddies, every time one drops, your score DOES, in fact, go up! My Midland Collection was just over 6 years old & when it dropped, my TU score went up 29 points!! That is not chump change....that could have been one more interest point less on my mortgage!! And all I did was ask!!!!! Poof....gone!

This past November, I apped for & received a Nationwide Visa with a 10k limit. That very day, I called Credit One & cancelled my card. They were going to be upping my yearly fee to something like $99. They, just like my old inflated car loan, had served it's purpose & the time had come to sever the ties.

Try to remove what you can....every time it will only serve you well! This has been a long freakin road, my friends. It was not easy, but without what I learned here from the seasoned members of this forum, I would not be where I am today.

I learned to apply for what I can get, rather than what I want. I have learned the art of patience and self control in the application process, and I have also learned to strategize. Wait for crap one to drop this summer...then go for my mortgage refi....then go for my NFCU Visa!

Then....let my FICO garden grow!!!

FWIW.....Mo

Re: HOW TO GET A 720 SCORE

Kiwill — Fri, 26 Mar 2010 14:39:59 GMT

Here's my 2 "little" cents. Repair your credit to the best of your ability and once you begin to hit dead ends, only then start the rebuilding process. If you start getting cc's prior to getting somewhat decent scores, those poor cc's will eventually effect your ability to get prime cs's. your AAoA will be effected and you will only have cards that will not grow with you that you are stuck with for at least 10yrs, closed or open. Prime ccc's look at these low limit sub-prime, rebuilder cards and get scared and if they approve you at all, they will be with lower limits and higher apr's. I wouldn't worry too much about the inquiries because by the time you're ready for some prime cards, the inquiries will no longer effect your score which is after 1 year. When I first began to repair and rebuild, I did it simultaneously because I was impatient and my regret is that I shouldn't have gotten soo many in one year, which put a serious hurtn' on my AAoa and if I close them prior to getting high CL on prime cards, I risk losing points because my util will go up. The question is, what risks are you willing to make and how soon are you looking to qualify for a loan prime card. It may be difficult but patience is the way to go so i'd suggest to rebuild first.