It Takes Time to Improve

[ronq]

I have been reading this forum for a couple of months and working on my credit score since March 06. I wish I would have known about myFico sooner. I was using Citi credit monitor when I first knew how bad my score had become. My scores were low 600s when I started last year. I have no collections, BKs or COs just lots of lates 30 to 120. I have always paid everyone and most of my lates are just my fault for not worring about it. In late 04 and early 05 I changed jobs and moved across country and was behind on mortgage and CC. I sold the house and didn't really make anything but paid off the mortgage. I have not had a BADDIE for over 2 years now and my score is in the low 700s. My oldest account is a CC from NFCU that I got while in the military (89) and a Discover (91) I am so glad I never closed these accounts. I had forgotten about the Discover account until I saw it on the CR last year. It reported good for at least 7 years even though I hadn't used it. I know having a long history helps, but the biggest jump I've seen is when I went over 2 years since last late and dropping my UTL. The UTL was huge for me. I saw a jump of 23 points in one month in June when I went from 14% UTL to 7% UTL. I also had a +4 when my UTL dropped to 4%. I know this is long and drawn out, but anyone with a similar history might find this useful. I am also wondering if some GW letters to my old mortgage and 2 old CC might help even though they are closed now. I shouldn't complain since i am at 710, 707 and 695. a year or 2 can make a big difference.

[fused]

You have nothing to lose by sending out GW letters! Go for it!

[sl]

Welcome to the fico fourm.

I would start by writing GW letters to the accounts that are showing late that you are making payments on.  Some people have good luck and others no so.  If they say no, wait a month and resend the letters.

For the accounts/collection accounts that will fall off within a year.  I recommened a PDF letter.  If they do not accept the PDF letter, wait and let them fall off.

[ronq]

Thanks FUSED. I guess it couldn't hurt even though they are right as far as I can remember. I'll be surprised since some of those are PIF and closed now. I think the 2 year mark is pretty significant in their algorithms along with the UTL at least from my experience.

[ronq]

Thanks si. I have some that are current accounts so they may be more willing. My majority are accounts that are paid and closed so those might be a little harder. I'm not sure if they can update an account that hasn't been reporting in a couple of years.

[sl]

You have everything to gain and nothing to lose.  So I say go for it.

Also, if you have open accounts, call them and ask for a interest rate reduction.

[ronq]

Thanks again si. My credit union CC has had an 11.9% rate since 1989. I think I can get that one to 6% or so when I ask even with a 0 balance.I have raised the limit on that card from 1800 to 9500 in the last year online with no hard pulls. I will give Discover's CSRs high marks because i noticed that it was at 29.99% and I called them and asked for a reduced rate since I thought I had never been late and they told me I was in May and I looked back and I was 4 days late paying online but they still dropped it to 17% and told me to call back in 5 or 6 months and request their lowest rate at about 9%. They have been the most helpful CSRs I've ever dealt with.