Problem raising score...

[llecs]

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jsjroo wrote:

There are about 5-90's & 3-30's on 3 diff accounts.  then 6 30's on 5 other accounts.  About 11 accounts were open then.  2 showed no negs.  1 of the 90 account and one 30 were settled.  I have 2 open cards.  One 700(9yrs) and one 950(3yrs).  No pulbic records, no collections, pulled from experian FICO scores.

Any ideas?

Thanks

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The 90 days are still hurting and may continue to do so up to the 7 yrs mark. Wherever possible, send out GWs and ask for the lates to be removed.

If any of your accounts have the word "settled" in it, you'd also want to get that remark removed. Per FICO scoring, settled is the same as a charge-off.

Which website did you pull your scores from?

Sites like freecreditreport.com, creditchecktotal, and other Experian-related websites sell their own score and do not sell FICO scores. Their FAKO score is called an Experian PLUS score and mine has been traditionally lower by as much as 100 points.

[jsjroo]

freecreditreport.com is where I got the # from.  I though they used a true FICO score?  When I got my home mortgage about a year ago it was almost identical for all three bureaus.  At that time I purchased the other 2 to see what all three were.

Is it tougher to remove the settlement marks on my credit?  I have heard on the forum here that it might be possible to pay some of the settlement difference to help them to remove the strike.  Does that work? 

Which hurts my score more, the 90's or the 2 settlements?

Thanks again for your help.

[llecs]

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jsjroo wrote:

freecreditreport.com is where I got the # from.  I though they used a true FICO score?  When I got my home mortgage about a year ago it was almost identical for all three bureaus.  At that time I purchased the other 2 to see what all three were.

Is it tougher to remove the settlement marks on my credit?  I have heard on the forum here that it might be possible to pay some of the settlement difference to help them to remove the strike.  Does that work? 

Which hurts my score more, the 90's or the 2 settlements?

Thanks again for your help.

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Ah ha moment. FCR doesn't use a FICO score, but rather their own scoring system that is totally off-base from a FICO score. As an example, my last CA popped off in August. My score through CCT (FCR and CCT use the same scores called a PLUS score) after the CA was removed dropped 8 points. My real EX FICO score increased 58 points. Unfortunately, lenders don't use the PLUS score and I always recommend that people ignore these scores and the annoying jingle from FCR too! Your FICO can go up and FAKO down for the same event and vice versa. My FAKO through the PLUS score has been as much as 150 points lower than the FICO. Pull all three scores and you'll likely see a stark difference.

IMO, the settlements hurt your FICO score more. Before doing anything, keep a super close eye on your history. Look for your avg. age of accounts (found on TU or EQ FICO reports or calculate it yourself) and if the account in question is younger than your AAoA, the GW away. If they delete then they delete. No harm. But if older, tip toe around them and proceed carefully. Yes, GWs can get it fixed, but some have had success by paying the difference after offering a PFD, or modify the PFD to fix the "settlement" remark.

[jsjroo]

Thanks for all the good info.  I just pulled a Experian here and got 665.  That a great difference.

Can you PFD for less than the amount that was waved.  I owed discover 6600 and I was only late for 60 days then they sent a letter to settle for $3200. I didn't know the ramifications back then.  Would a creditor remove the strike for less than the full difference? 

Thanks again

[llecs]

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jsjroo wrote:

Thanks for all the good info.  I just pulled a Experian here and got 665.  That a great difference.

Can you PFD for less than the amount that was waved.  I owed discover 6600 and I was only late for 60 days then they sent a letter to settle for $3200. I didn't know the ramifications back then.  Would a creditor remove the strike for less than the full difference? 

Thanks again

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You can offer a PFD of sorts to get them to either remove the TL or fix the lates, settled remark, etc. It has been done successfully w/ a number of CCCs, but I can't speak for Discover. Another option is to have them reopen the CC if you pay off the balance. Some actually do that (Amex via their Oasis program and Macys comes to mind). I'd call several times to get a "yes" about fixing the TL or new card (if that is what you want). After several "no's", I'd start w/ the PFDs.