Credit increase question

[Anonymous]

Hey guys, new to the forum. I know everybody has a different situation and all credit files are different but I want to ask anyway.

Background: had three old credit cards that are all falling off by January. Had 7 credit cards all maxed out and used a consolidation loan to pay off 5 and paid down 2, who forced me to close 5. I think two didn't close. Several late payments in 2013 and 2014 and some sprinkled in 2015/2016. After paying my cards and only now having ~$450 debt on credit cards, my scores jumped from low to mid 500's to 622/636/640.

Question:

Is it too far fetched to think I can bring at least my middle score into the 700's? Trying to buy a house a year from now.

[AverageJoesCredit]

Im not sure with lates showing, as i know mine still haunt my Ex til it falls off next year but one thing i do know from my time on this forum is anything IS possible and youd be amazed at how far one can go in only a years time.

Welcome to the forum by the way

[Anonymous]

Yea a lot of the Kate's are now two years old and only a few this year. I've since matured and started being financially responsible which I know only shows with time.

I also have a law firm working on my credit report so hopefully they can help clean stuff up.

[Anonymous]

Lates*

[SouthJamaica]

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@Anonymous wrote:
Hey guys, new to the forum. I know everybody has a different situation and all credit files are different but I want to ask anyway.

Background: had three old credit cards that are all falling off by January. Had 7 credit cards all maxed out and used a consolidation loan to pay off 5 and paid down 2, who forced me to close 5. I think two didn't close. Several late payments in 2013 and 2014 and some sprinkled in 2015/2016. After paying my cards and only now having ~$450 debt on credit cards, my scores jumped from low to mid 500's to 622/636/640.

Question:

Is it too far fetched to think I can bring at least my middle score into the 700's? Trying to buy a house a year from now.

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I would need more information.

How many revolving accounts do you have, what are the limits, and what are the balances.

Do you have any installment loans, if so what was original amount and what is balance.

What negatives do you have.

[fltireguy]

My advice: Fire the law firm that you hired. You can do it better yourself, and for free. Visit the rebuilding forum, they will help you

[Anonymous]

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@Anonymous wrote:
Hey guys, new to the forum. I know everybody has a different situation and all credit files are different but I want to ask anyway.

Background: had three old credit cards that are all falling off by January. Had 7 credit cards all maxed out and used a consolidation loan to pay off 5 and paid down 2, who forced me to close 5. I think two didn't close. Several late payments in 2013 and 2014 and some sprinkled in 2015/2016. After paying my cards and only now having ~$450 debt on credit cards, my scores jumped from low to mid 500's to 622/636/640.

Question:

Is it too far fetched to think I can bring at least my middle score into the 700's? Trying to buy a house a year from now.

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What type of score are these?   Remember mortgages generally use an older version of FICO (these are available if you buy the report here) and the scores can be quite different from standard FICO 8

[Anonymous]

Those scores were my Fico 8. My negatives include the late payments, collections accounts that are all old or paid.

Installment account includes auto loan with balance of around $17,300 and personal loan $4000/12 months

I have 4 open revolving accounts and 3600 total credit limit with approximately $450 across two cards with others at $0

[Anonymous]

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@fltireguy wrote:
My advice: Fire the law firm that you hired. You can do it better yourself, and for free. Visit the rebuilding forum, they will help you

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+1 I completely agree.

[NRB525]

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@Anonymous wrote:
Those scores were my Fico 8. My negatives include the late payments, collections accounts that are all old or paid.

Installment account includes auto loan with balance of around $17,300 and personal loan $4000/12 months

I have 4 open revolving accounts and 3600 total credit limit with approximately $450 across two cards with others at $0

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I suspect the lates will be the score drag for quite a while, even if only one remains after a bunch are removed or fall off. The 30-day lates may fade faster, but a complete listing of all the baddies would help get perspective. The open accounts are nice, and will be helpful as you rebuild, but acknowledging those baddies and addressing them is your main course of action.