Please Help Raise my FICO score

[moi]

Hello--

I've been lurking on these forums on and off for the past couple of months and thought I'd ask a question from the community. I am having a really difficult time raising my FICO score. Whatever I do, the number is just not moving. 

I am currently at 593 on Equifax. I was an authorized user on my mother's Chase credit card account for sometime, but the balance on the card was very high and almost maxed out. After several years, I've decided to be taken out from the card. After two month, the balance still reflects on my report and when I called Chase to asked them why that's the case, I was told that they removed my name from the list and it will take 60 days to reflect on my report.

What do I do now? What shall I do to raise my score?

Please advice.

Thanks,

Mike 

[LIGHTNIN]

Welcome moi,

Have you read Credit Scoring 101?  You only need to read the 1st post. And in there you will find How scores are calculated.

Do you have any negative info on your CR's, you can fix or needs corrected?

Do you have a good history of positive? short or new credit history?

Do you have CC's? if so, do they have balances low or high? 

It's hard to answer your question, would need more info, on what's in your CR's. 

[moi]

Lightnin, thanks for the response.

I've read the Credit Scoring 101 several times over the months to really understand how CS is calculated. I really thought I was doing all the right things. To answer your questions:  

Do you have any negative info on your CR's, you can fix or needs corrected?

Yes! I've made a some stupid mistakes from my college days. I have 3 collection records, which the latest was taken care of in 2005. There are also 2 late payment records from 2002

Do you have a good history of positive? short or new credit history?

My latest opened account is about 14 years old -- was added as 'authorized user' to another person's account. That was the only positive report on myFICO report. 

Do you have CC's? if so, do they have balances low or high?

I currently do not have any credit card. I have one home depot card with 1200 limit and 0 balance. I was added on my mother's Chase card about 5 years ago, but the card was maxed out with 10,000 dollars. I asked to be taken out from the card about two months ago, but it still reflects on my report. I hope this will taken out over the week month or so. Chase said, it should be delisted within 60 days.

What's baffling me is that, when I bought my house in September, my score was somewhere around 660. I could not phantom what changes since then. I have no late payment on anything!

Do long term accounts impact your score negatively?

Any help is greatly appreciated.

Thanks again. 

[llecs]

A paid collection is just as bad as an unpaid collection, per your FICO score. If reporting, send each a GW letter asking them to delete.

Repull your CRs. Generally negative info, like lates, will disappear by the 7 yr mark. The FCRA requires them to go away within 7-7.5 yrs from that month. I bet they aren't reporting now if from 2002.

I'd consider adding a new CC (Visa/MC - revolving) to help with the mix.

What EQ FICO did your lender pull? Was it the mid-score of the 660? Or could the 660 come from EX or TU? You'd want to look to see what the loan app said and compare that to the 593 to get an accurate comparison. If the score did drop by 60, then look at the before and after util of that Chase. Look to see if the Chase is even reporting on the new account (you might see a drop when removed due to the history). If the 593 report still shows Chase, then look to see if it surpassed 100% util. Look for lates on that TL. Look to see if any of those old baddies updated, etc.

[LIGHTNIN]

Do long term accounts impact your score negatively?

  Only if there is lates in this account.

[moi]

Great tips and information. Thank you!

As you suggested, I will send letters to the GWs and compare my credit scores. I will update you of any progress.

I'm grateful for the community!

Happy New Year!