How long does it take to realistically jump up 100-120 points?

[Anonymous]

Thank you for your advice, I never considered fighting the lates. I thought after 24 months or more the impact was minimal or null it just looked bad. I guess that will be my next crusade after I see what the 10 card paydown from max will bring me. I would of taken the 70 points for all 10. So I hope to see that type of return on my investment. thank you for sharing! 

[Anonymous]

So we all seem to prove that you get a short term drop from deleting collections/charge offs because of the loss of hx.

We see an example of a 70 points boost going from max to >10% for one card. This is informative and inspiring. We can let newcomers know that if they focus and try to stay current on what they do have open they can see a big boost as well.

 I know Brammy has a wonderful story as well if she gets a chance to weigh in. It has been inspiring to follow her hx of credit rebuild as well.

[Anonymous]

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dazednconfused wrote:

Because I do know that one late on an already damaged score will tank it like you would not believe.  However, if you have excellent credit, one late barely makes a difference.  It's all in the time/risk...

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Sorry, but this is so not true.  If you have excellent credit, a single late payment can drop 100 points off your score.  The way the scoring model sees it, if you've had perfect credit for eons and then you suddenly miss a payment, something must be very very wrong.  The score considers your recent history more heavily than your past.

ETA:  If you look at the FICO "High Achievers" very few have any late pays.  If they do, it was one time four years ago, not more recently.

Message Edited by masdeocho on 05-02-2007 03:28 PM

[smallfry]

Check lost in the mail just doesn't cut it huh? I pay a week early for that reason.

[Anonymous]

Good to know.  About 10 years back, I worked for a major cc company.  We never reported a 30 day late to the bureau.  The cardholder had to go 60 days past due and then it was reported as a 30 day.  I don't know if this still holds true, but I wonder if that is the reason that your score gets tanked so much for 1 late payment. 

[smallfry]

I wouldn't put it past them now to not even post checks they receive on time. Nowadays it seems everyone is just looking for the slightest reason to jam people up.

[Anonymous]

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dazednconfused wrote:

Good to know.  About 10 years back, I worked for a major cc company.  We never reported a 30 day late to the bureau.  The cardholder had to go 60 days past due and then it was reported as a 30 day.  I don't know if this still holds true, but I wonder if that is the reason that your score gets tanked so much for 1 late payment. 

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The times they are a changin'.

There was a time when student loan defaults weren't reported to the CRAs.

[Anonymous]

In april of 2006 my scores were 619,630 and 619. I started by paying down as much of my debt as I could and I had alot of it. I even took my income tax and used it all on debt in 2006. I got a personal loan from my credit union and paid off all of my credit cards. In 2007 I was able to use my income tax return to pay off my personal loan which was an intrest of 11%. I currently have a student loan and a car payment which I pay religiously on time. The key is paying down your debt and keeping it down. If you can't afford it....Don't charge it because you only end up paying more than you should.  I have about $50,000 worth of credit available. Every 3 months I choose a card and charge $25 dollars on it just so they have to keep reporting it. After that, that card goes back in the safety deposit box. Doing this changed my scores drastically in less than one year. They are now 721,745 and 743. By managing the credit cards like this I am saving tons in not paying intrest!

Oh Yeah...After my cards went to a zero balance several of the credit card companies generously increased my limits. (like i care.....They can't give me enough credit to be stupid and CHARGE that much...it would be like commiting suicide!)

Message Edited by ktalley on 05-02-2007 06:42 PM

Message Edited by ktalley on 05-02-2007 06:49 PM

Message Edited by ktalley on 05-02-2007 06:50 PM

[Anonymous]

Thanks for your post. Very encouraging since I did exactly what you did by taking a personal loan from my cu as well. Did that temp drop your score or since it was considered an installment loan it didn't effect your fico as much! Again, geat scores and I hope I can ditto you in a year

[Anonymous]

You are welcome! When I got my personal loan it only dropped my score just a bit because the loan was already posting to my credit report and the credit card balances had not hit zero. So it looked as if i had taken on more debt. But my score started skyrocketing once the balances on my credit cards hit zero or close to zero. You'll be there in no time! My next step is to hit 750 and higher!

Message Edited by ktalley on 05-03-2007 07:42 PM

Message Edited by ktalley on 05-03-2007 07:42 PM

Message Edited by ktalley on 05-03-2007 07:43 PM