Raising a credit score from 611 to 700?

[Anonymous]

Until recently I had zero credit history. I have a car loan that started in may. Secured credit card with capitol one and a unsecured card. Both of those i keep around 7% utilization. And a 500 dollar workplace loan. Now for the bad. I have 12 credit inquiries and a medical bill in collections that I didn't know about. Is it possible to go from low 600 to 700 or higher in a year? Thank you

[Horseshoez]

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@Anonymous wrote:

Until recently I had zero credit history. I have a car loan that started in may. Secured credit card with capitol one and a unsecured card. Both of those i keep around 7% utilization. And a 500 dollar workplace loan. Now for the bad. I have 12 credit inquiries and a medical bill in collections that I didn't know about. Is it possible to go from low 600 to 700 or higher in a year? Thank you

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Yes, possible, but by no means guaranteed.  The inquiries will take care of themselves; focus on the medical debt first and foremost.

[OmarGB9]

Definitely possible. That medical collection is holding you back. Try to get a pay for delete (PFD) on it and you should see some nice gains once it's deleted.

[Anonymous]

Let one card report a zero balance each month abd the other report $10-15. That should be good for some points as well.

[Anonymous]

I heard that you shouldn't pay the medical collection because the damage is already done and it still stays on your credit report

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@OmarGB9 wrote:

Definitely possible. That medical collection is holding you back. Try to get a pay for delete (PFD) on it and you should see some nice gains once it's deleted.

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[Anonymous]

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@Anonymous wrote:

I heard that you shouldn't pay the medical collection because the damage is already done and it still stays on your credit report

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@OmarGB9 wrote:

Definitely possible. That medical collection is holding you back. Try to get a pay for delete (PFD) on it and you should see some nice gains once it's deleted.

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What you heard is true but it's not true.   If your medical collection is recent and is reporting every month as a collection then every month you do not pay it, it's taking points off your score.  If the medical is a "charge off" that means the company has already tried to collect, could not collect so they basically charge it off or write it off then it is no longer impacting your score on a monthly basis.  Again if every month that collection is an open collection then every month points are being taken away from you.  So if that is the case pay it so that it stops being reported monthly.  It will still be on your credit.  It will still have some impact on your scores but points will not be taken off monthly like it had.  You have to stop the bleeding by paying off any OPEN collections.   Charge offs those you can wait to pay off unless you're getting a house then you will usually have to pay them off.  Open collections hurt your score more than a charge off.  Hope this makes sense.  

[FireMedic1]

Credit to @gdale6 

1. Call the OC and see if insurance can be billed, (or-rebilled), collections ultimately paid by insurance get removed per new rules that came from CRAs settlement with 22 state AGs. If not then
2. see if you qualify for Charity Care, if not then
3. ask that they recall the collection in exchange for full payment
4. Send the reporting CA a PFD offer
5. Google the HIPAA Process and contact its creator for help, this process cannot be discussed in any forum of myFico.

[SoCalGardener]

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@Anonymous wrote:

I heard that you shouldn't pay the medical collection because the damage is already done and it still stays on your credit report

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The OP said they didn't know about the medical bill that went to collections. I had a similar situation: I was still in the hospital, medical bills were pouring in, but they sat unopened. Once I was well enough to think about such things, we made contact with each of the creditors; we explained what had happened (and it was easily verifiable). EVERY single one agreed to delete the derogatory record upon receipt of payment in full. And they did.

My advice for the OP: do the same! Contact the creditor, tell them you were unaware of the bill, and if they'll agree (in writing) to remove the bad entry upon receipt of payment, do it! (I'm assuming you can. If not...never mind!)