from 750 to 643 in one month. HELP!!!

[Lazaraki]

Hello myfico'ans

for 4 years I built my credit to go from 620 to 750 and because of my ignorance i have destroyed it.

I have a BOA credit card with a 7500 limit.  I made plans to buy my gf a ring so i called BOA and asked them if my spending will affect my score?  the rep said "no we dont report that information, all we report is your line amount"  after a 30 mins conversation of me asking if he was sure and him saying yes i charged half the amount to my credit card.  i also opened up a tiffanys card the same month which i didnt use because they told me it would be a soft hit. and to top it off my doc sent a bill to collections and it hit my report.  all this in 1 month.  all my hard work for nothing!

i need  help, how can i get my scoe back up to 750 in 6 months?  i plan on buying a home

[Anonymous]

Utilization is a huge factor in your score.  I am not sure what the CSR was talking about when he said the line amount.  If you charged half your limit, on that card alone your utilization is 50%.

And a collections on top of that.

Is it the OC reporting the collections or a CA?

Pay your balance down ASAP.

[Lazaraki]

i will pay down 6k tomorrow.  i only did it to get the points.  i should have never listened to the rep, i knew it wasnt true. hate myself for listening to him.

heres what it says...

Collection on debt to:

Med1 02 St Vincent S Medical Ctr Op

The collection agency "Transcrd&Col" was hired to collect a debt of $316 originally owed to "Med1 02 St Vincent S Medical Ctr Op" on account number "XXXXXXXXX71".              

Collection agency [?]Original balance [?]Current balance [?]Date assigned [?]Original lender [?]Account number [?]Account holder [?]Account descriptions [?]

Transcrd&Col

$316

$316

Jul 26, 2013

Med1 02 St Vincent S Medical Ctr Op

XXXXXXXXX

Individual

Placed for collection

[Anonymous]

I would contact the OC and see if they will recall the debt from the CA for full payment.  If they do the CA has to delete.

You could also see if the CA would do a PFD.

[Lazaraki]

thanks.  i will try that.  ill keep you posted.  thanks for the support. 

[compassion101]

No need to worry about the long term effects of the higher balance, the score will pop right back up when it is paid off (after it is reported). Once it is reporting as zero again then the only difference in your score will be due to the collection.

[Lazaraki]

Thanks, i really hope so.

How much will the collection affect my score, any idea? Is it wise that i call bank of america (backdoor number) and have them give me a bigger line?

[rydog]

Pretty sure they will hard pull you.

[wHiTeSoL]

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@compassion101 wrote:

No need to worry about the long term effects of the higher balance, the score will pop right back up when it is paid off (after it is reported). Once it is reporting as zero again then the only difference in your score will be due to the collection.

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Like compassion101 wrote, the only long term damage you did was the collection, your UTI will fix it'self no matter how long you take to pay it off, when you're done it'll rebound, the HP from Tiffany's should also be considered a non issue really. 

[nyancat]

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@Lazaraki wrote:
Thanks, i really hope so.

How much will the collection affect my score, any idea? Is it wise that i call bank of america (backdoor number) and have them give me a bigger line?

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Most likely, the collection accounts for the vast majority of your score drop.