topic Re: Please Help Me Estimate this Equifax Score in Rebuilding Your Credit

Please Help Me Estimate this Equifax Score

panicattack — Fri, 29 Mar 2013 20:31:05 GMT

I am trying to make sense of my Equifax credit report FICO score. If you have a moment, please read my situation and actions taken and give me your best guess.

Here are my tradelines...

Credit Cards: 6 with a total CL of $3,475. My balance is $0 on all cards.

Auto: 2 loans, one four years old with a $6,000 balance, the other two months old with $31,000 balance.

Here are my baddies...

Credit Cards:

- One 30 day late in December 2012. No other late payments since mid 2011.

Collections:

- I have 1 for an old cable bill

- I have 8 medical collections

Public:

- California State Tax Lien for $1212

My Actions...

- The tax lien was filed in error by the state. I have managed to get them to admit this and withdraw the lien. I faxed the letter stating it was an error to Equifax and am awaiting their investigation to complete.

- The cable bill was paid and CA requested it be removed from my file last week. It has yet to be removed.

- The medical bills should be withdrawn from the CAs. I made payment direct to the original creditor (hospital) and they were supposed to withdraw them from the CAs.

Current Score: 561

Can anybody suggest what my score might be after all the collections and the lien are removed? I realize it would be a guess, but based on your experience and knowledge, I would appreciate some educated guesses. Thanks!

Re: Please Help Me Estimate this Equifax Score

DaBears — Fri, 29 Mar 2013 20:44:13 GMT

You do not want all your credit cards reporting a $0 bal. Fico doesn't like to see that. Just keep them between 1-9% UTIL. I would keep your smallest limit card at a $0 bal.

Re: Please Help Me Estimate this Equifax Score

panicattack — Fri, 29 Mar 2013 20:46:26 GMT

Thank you, DaBears! I will rectify this ASAP. Any bump guesses on my original question?

Re: Please Help Me Estimate this Equifax Score

DaBears — Fri, 29 Mar 2013 20:55:32 GMT

@panicattack wrote:
I am trying to make sense of my Equifax credit report FICO score. If you have a moment, please read my situation and actions taken and give me your best guess.

Here are my tradelines...

Credit Cards: 6 with a total CL of $3,475. My balance is $0 on all cards.

Auto: 2 loans, one four years old with a $6,000 balance, the other two months old with $31,000 balance.

Here are my baddies...

Credit Cards:

- One 30 day late in December 2012. No other late payments since mid 2011.

Collections:

- I have 1 for an old cable bill

- I have 8 medical collections

Public:

- California State Tax Lien for $1212

My Actions...

- The tax lien was filed in error by the state. I have managed to get them to admit this and withdraw the lien. I faxed the letter stating it was an error to Equifax and am awaiting their investigation to complete.

- The cable bill was paid and CA requested it be removed from my file last week. It has yet to be removed.

- The medical bills should be withdrawn from the CAs. I made payment direct to the original creditor (hospital) and they were supposed to withdraw them from the CAs.

Current Score: 561

Can anybody suggest what my score might be after all the collections and the lien are removed? I realize it would be a guess, but based on your experience and knowledge, I would appreciate some educated guesses. Thanks!

You will see a very nice bump when the tazx lien gets removed. If the the collections are recent then you will also get a nice bump. I can't say exactly what it will be but it should be pretty nice. Anything else bad on your report?

Re: Please Help Me Estimate this Equifax Score

panicattack — Fri, 29 Mar 2013 20:59:40 GMT

Nope, nothing else bad recently. I have some 30 and one 60 from 2011 and 2010, but I don't think they are effecting me.

Re: Please Help Me Estimate this Equifax Score

Jaxavier — Fri, 29 Mar 2013 21:30:13 GMT

You do not want all your credit cards reporting a $0 bal. Fico doesn't like to see that. Just keep them between 1-9% UTIL. I would keep your smallest limit card at a $0 bal.

Why does FICO not like a zero balance/zero utilization on revolving lines?

Re: Please Help Me Estimate this Equifax Score

DaBears — Fri, 29 Mar 2013 21:53:44 GMT

@Jaxavier wrote:
You do not want all your credit cards reporting a $0 bal. Fico doesn't like to see that. Just keep them between 1-9% UTIL. I would keep your smallest limit card at a $0 bal.

Why does FICO not like a zero balance/zero utilization on revolving lines?

What would be the point of having a credit card if your not using it? defeats the purpose. You want to use your cards smart, but wisely!!!!!

Re: Please Help Me Estimate this Equifax Score

Jaxavier — Sat, 30 Mar 2013 01:52:03 GMT

So folks who pay their credit card accounts in full several times a month that happen to be at zero when the creditor reports actually get penalized? Wow. Guess ill start leaving 1% on the table for now on, always thought I was doing the right thing by using them a lot during the month and paying off constantly.