topic Re: Is a 620+ score possible in the next 3 months in Rebuilding Your Credit

Is a 620+ score possible in the next 3 months

SHAI — Tue, 09 Mar 2010 02:26:24 GMT

My current scores are as follows:

TU-489

EX-488

EQ-488

paid my BOA card down to $0 last week $500 limit

paid mastercard down to $22 last week $250 limit

paid Emblem mastercard to $350 last week $700 limit

Just got NCO collection deleted

Car loan that was charged off I was able to settle for $750 w/a PFD

Please advise if you think this is possible.

Re: Is a 620+ score possible in the next 3 months

MrChairman — Tue, 09 Mar 2010 02:55:57 GMT

What other baddies do you have on your report besides the PFD which is coming off and the repo. There has to be some other reason, i.e. more charge off's or a BK as to why your score is still so low. You should start by posting a "complete" credit picture.

Re: Is a 620+ score possible in the next 3 months

Anonymous — Tue, 09 Mar 2010 02:56:33 GMT

It's really hard to say what is possible without knowing what is and isn't on your report; but if you keep at it a lot can be done in 3 months time.

Re: Is a 620+ score possible in the next 3 months

llecs — Tue, 09 Mar 2010 03:34:38 GMT

SHAI wrote:
My current scores are as follows:

TU-489
EX-488
EQ-488

paid my BOA card down to $0 last week $500 limit
paid mastercard down to $22 last week $250 limit
paid Emblem mastercard to $350 last week $700 limit
Just got NCO collection deleted
Car loan that was charged off I was able to settle for $750 w/a PFD

Please advise if you think this is possible.

Make sure you are comparing apples to apples. As of last year, it is impossible to pull your own EX FICO score. If you pulled all 3 of your scores from the same source, then you don't have any FICO scores. You can get your EQ FICO from myFICO, Equifax.com or from your lender. You can get your TU FICO from myFICO.com, transunioncs.com (note the -cs), and from your lender. Finally, you can only get your EX FICO from your lender or from a CU in PA called PSECU if you happen to have a checking account with them. Good news is, for many anyway, your FICO scores could be higher than the scores you posted.

If you have no other CCs other than listed above, and assuming they were maxed out at or near, but not exceeding 100%, then I bet you'll see a 30-40 point gain for the drop in utilization. If you have no other baddies reporting than the two above, then I bet you'll see a 20-100 point gain with the removal of the CA, more points if newer obviously. Finally, YMMV for the car loan. If your oldest account then maybe anywhere from a loss to a small gain, depending on how recent the baddie is, bucketing, etc. to a possible gain if newer and even more if very recent. There's no way to be precise. This is just a random guess. If scores shown aren't FICO scores, then your increase may not be as much.

Re: Is a 620+ score possible in the next 3 months

SHAI — Tue, 09 Mar 2010 03:54:30 GMT

I got the car in august of "08" it got totaled in october "08" insurance paid late so $1500 was charged off. The loan company agreed to remove after insurance company wrote them a letter advising of issue.

other items on report include a student loan that was paid late many times when I was out of a job, this is more than likely why scores are so low.

Re: Is a 620+ score possible in the next 3 months

SHAI — Tue, 09 Mar 2010 03:56:00 GMT

TU and EQ scores are from Myfico. EX is directly from them.