Not very long ago, I had a very good credit score. About a year ago, I got into a dispute with my dentist about the charges I had to pay for a root canal. The amount they charged was way more than what they estimated for. The long story short, I ended up with a CA on my report for $246 (even after paying $1500+ to the dentist). I have 15 years of credit history and have always paid bills on time.
I was shocked to see the CS drop more than 100+ as the collection hit the CR. I have score watch with Equifax. I paid the amount to CA as soon as I saw this drop. I didn't know any better. Had no clues about what else I would have done, and had no knowledge of HIPPA process whatsoever.
Here is a brief history of how/when it dropped:
1/2/2009 665 Score Watch® alert: Your score dropped below your target of 774. Yes More info
12/15/2008 774 Score Watch® alert: Your score is unchanged. Yes More info
12/8/2008 774 Score Watch® alert: Your score dropped below your target of 780. Yes More info
12/5/2008 780 Score Watch® alert: Your score is unchanged. Yes More info
12/4/2008 780 Score Power report: Your score is 780.
My current score with EQ is 670. I have been paying all my bills on time, as soon as the statement cycle ends. Here is what the Collection account looks like on the CR with EQ:
Original balance [?] $246
Current balance [?] $0
Status [?] Paid
Date assigned [?] Oct 01, 2008
Date reported [?] Aug 01, 2009
Date last active [?] Jan 01, 2008
Date paid [?] Not Reported
Date closed [?] Not Reported
Original lender [?] Not Reported
Type of account [?] Not Reported
Account holder [?] Individual
Type of credit [?] Not Reported
Payment status [?] Not Reported
Largest past balance [?] Not Reported
Amount past due [?] Not Reported
Account descriptions [?] Not Reported
I have one mortgage and my credit line with CCs looks like this:
CL on Chase Card: 10,5000
CL on Discover: 13500
CL on Discover 2: 8000
CL on City Card: 1500
I was dumb enough (literally) to close all other CCs (some with very high CLs) few years ago.
I requestd CLI on my second discover (thinking it would imporve CS) few days ago which was denied due to the recent collection account on CR (was told it will be a soft pull).
Here are my questions:
What are my best bets to get my score improved?
Do I have any chance at all to get the paid collection removed from CR?
The reason I am concerend about my CS now is becuase I am planning on buying properties for investement in the near future. I already bought one on cash but for the other ones I plan on getting some loans.
Thanks alot in advance. Any help is truely appreciated.
