How much do you think my score will raise?

[Anonymous]

Hi everyone,
I'm new here but have been following these forums.
Here's my story:
I am about to apply for personal loan for $25000 with my crefit union. I want my score to be perfect. It is for cosmetic surgery that I have been planning for around 5 yrs now. In February my score with equifax was a 612 . I had no blemishes but my credit utilization was 89%. I am currently at 41% but had an unexpected collection for $579 for an electric bill that I forgot about when I moved. I just got off the phone with the collection co. ( who was very pleasant and accommodating btw) and they are emailing me confirmation that the mark will be completely removed and at that point I will pay in full. This should happen by end of day tomorrow. My current EQ is 646. Also my bureau should update my actual utilization of 1% in the next couple of days. I am hoping these two things will take me to a 720 score or higher. I make $88000 a year or more. I have no mortgage and don't pay rent. My debt to income is at 2% which is hopefully very attractive to my lender.

Do you think a 720 score is a realistic gain and how likely is it I will be approved for this amount for an unsecured personal loan??

I have no other blemishes. Every payment is on time. I have 2k total in cc limits on 5 different cards and will show a 1% utilization. Collection will be non existent. I have had 4 auto loans in 5 yrs all paid perfectly and paid off in full. Have a current auto loan now that I have had for 5 months on a leased vehicle. Never had a mortgage.

Any thoughts???

[llecs]

720 is possible if the 646 is pulled from myFICO. It'll definitely work out I bet if the collection and utilization is listed as the top one and two negative scoring items by FICO. Of course FICO isn't the only thing. Aside from DTI, they'll look at employment, length of employment, assets in relation to the liabilities, etc. 

[Anonymous]

Yay! Thanks! I think I am feeling insecure because I have meticulously planned this for so long and I have fear that the bottom will drop out from under me.
To answer you, yes I pulled from myfico and they are the top two. The collection just happened last month. I have been at my job for over 5 yrs. My worry is that I do not actually own anything. My assets are minimal which is why my actual score is so important. They have give me this loan or I will die lol. Just kidding but I just might slip into an unrecoverable depression
Anyway you give me hope and I will let you know the results my goal application date is July 2nd as long as everything goes as planned!

[Anonymous]

If the CU is not willing to approve the loan then you may want to check with the medical office where you intend to get the procedures done. There are a couple of companies out there that specialize in credit accounts for medical procedures, including elective, and most doctors, dentists, vets seem to have a connection with them nowadays.

[Anonymous]

Hmmm great idea! I am going to use the cu as my base in hopes that the majority if not full amount will be given to me. If not i will explore every other option known to man to obtain the remainder.

[Slab]

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@Anonymous wrote:
Hi everyone,
I'm new here but have been following these forums.
Here's my story:
I am about to apply for personal loan for $25000 with my crefit union. I want my score to be perfect. It is for cosmetic surgery that I have been planning for around 5 yrs now. In February my score with equifax was a 612 . I had no blemishes but my credit utilization was 89%. I am currently at 41% but had an unexpected collection for $579 for an electric bill that I forgot about when I moved. I just got off the phone with the collection co. ( who was very pleasant and accommodating btw) and they are emailing me confirmation that the mark will be completely removed and at that point I will pay in full. This should happen by end of day tomorrow. My current EQ is 646. Also my bureau should update my actual utilization of 1% in the next couple of days. I am hoping these two things will take me to a 720 score or higher. I make $88000 a year or more. I have no mortgage and don't pay rent. My debt to income is at 2% which is hopefully very attractive to my lender.

Do you think a 720 score is a realistic gain and how likely is it I will be approved for this amount for an unsecured personal loan??

I have no other blemishes. Every payment is on time. I have 2k total in cc limits on 5 different cards and will show a 1% utilization. Collection will be non existent. I have had 4 auto loans in 5 yrs all paid perfectly and paid off in full. Have a current auto loan now that I have had for 5 months on a leased vehicle. Never had a mortgage.

Any thoughts???

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I recently had my last baddie fall off which happened to be an electric bill. All things are not equal in the credit world so, this has to be taken with a grain of sugar. My Equifax FICO went from 683 to 729 at that time. Your electric bill might be a lot newer than mine was, 2006 so the older my bad mark got, the less it impacted my score or, so I thought. Anyhow, I was expecting a 10 to 20 point raise after my baddie fell off and needless to say, I was blown away when I saw my new score. Our credit files are somewhat similar, I have five cars paid off in the last 5 years with a car payment now. I have seven cards worth 33k and I don't have a mortgage. You almost double me in salary. If things were cut and dried, I would say that you will be happy with your new score. Good luck and keep us informed. If you keep us informed as to how your scenario plays out we will all gain knowledge to help others be more informed. 

[Anonymous]

Woop! Woop! I hope, I pray that all this works out, but I must say you all are giving me con-fi-dence! I am soooooo close... I got the written confirmation today that the electric bill thing will be removed from my credit within 10 business days. She said usually it only takes 2-3 but she couldn't guarantee. Honestly I was dumbfounded with how pleasant this lady was. Never dealt with a creditor like her before...... EVER! Wasn't the first person I spoke to, of course...( they were the usual awful and unwilling to help). All I can say is ALWAYS ask to speak to a supervisor, you just might get lucky !

I will definitely post how it goes and what happens to my score. I recognize the importance of reading peoples individual stories rather than an article written for the masses that all redundantly say the same thing in very general terms. All my strategic moves came from forums and REAL peoples stories and journeys. IT WORKS! 3 short years ago I was a 485 beacon. I just didn't know any better and I grew up poor, never had a steady income of my own and nobody ever bothered to teach me how important credit and being responsible is. I have fought for every scrap and now I am comfortable, credit is strong and I am about to have one of the most sought after Plastic Surgeons in the United States make me beautiful and using credit to do it!! Are you serious?!?! If you would have asked me 5 years ago if this was possible, I would have laughed in your face. Its all about a process and diligence. One step up, a jump, a leap another step..... !!

BTW congrats on your scores... They are AWESOME!!! It feels good to win doesn't it? Yay You!!!

[Slab]

You have a great attitude and it has served you well and will continue to. When your credit file gets staightened out in the coming days just keep in mind that even if your score does not hit 720, you might still qualify with your credit union. I know this surgery means a lot to you and we all wish you the best of luck.

[Anonymous]

***** update!!!!!
I just couldn't take it so I got on equifax and pulled my report to see if my score changed. It did!!!! 692!!!! Due to the credit utilization being under 5% ( one low limit $250 shows a balance of $55 but it is actually $3). So yay for that!!!! *** side note: score watch neither caught the change nor alerted me of it
Unfortunately the electric bill with an age of 3 months and a balance of $579 didn't come off yet but I have confidence that it, once removed will take me to my goal of 720. Especially since it is so recent. Man I wish that showed today, I would go apply for my loan and put all this anxiousness behind me.
Question? Should I do a rapid rescore since I have the confirmation number/letter for the collection to be removed?
Is it instant or will it take several days?

Thanks for the compliment slab.... I do try

[Slab]

Being at 692 and still having the electric still on there means to me that you should hit your goal as soon as it comes off. That's just my opinion and someone else probably needs to weigh in on how you should proceed. As for me, I would make sure the baddie is off before going forward. Sounds like it's all rounding into form. Good luck. You might want to repost an updated post to get some more people giving you advice.