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45 point Increase in less than a month!!!

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Valued Member

45 point Increase in less than a month!!!

I'm so excited.  Thank you MyFico!!  Could not have done it without you.
 
Scores 05/01/08
 
TU-598
EQ-566
EX-598
 
Scores 05/29/08
 
TU-638
EQ-593 (They hate me Smiley Sad  )
EX-643
 
This score increase was the result of being added as a joint user of a Discover card with a long, positive history.
 
I have a couple of med collections to dispute and I'm not sure what that will do to my score....but...has to be done. CA agreed to remove but they only updated on CR's as paid.
 
Question....I paid a OC for a bill, but the CA will not remove.  Should I DV the CA or GW? 
 
Thanks everyone for your wonderful advice!!!
 
 
Message 1 of 21
20 REPLIES 20
Contributor

Re: 45 point Increase in less than a month!!!



@dr0265 wrote:
I'm so excited. Thank you MyFico!! Could not have done it without you.
Scores 05/01/08
TU-598
EQ-566
EX-598
Scores 05/29/08
TU-638
EQ-593 (They hate me Smiley Sad )
EX-643
This score increase was the result of being added as a joint user of a Discover card with a long, positive history.
I have a couple of med collections to dispute and I'm not sure what that will do to my score....but...has to be done. CA agreed to remove but they only updated on CR's as paid.
Question....I paid a OC for a bill, but the CA will not remove. Should I DV the CA or GW?
Thanks everyone for your wonderful advice!!!





Congrats!

As for the CA, you can send a DV to the CA.

Also try calling the OC and let them know about the CA, they might remove it.
Message 2 of 21
Valued Member

Re: 45 point Increase in less than a month!!! Sad Update...

Scores 05/29/08
 
TU-638
EQ-593 (They hate me   )
EX-643
 
Scores 06/07/08
 
TU-622
EQ-605 
EX-619
 
My new car loan finally posted to my CR's.  Why did it hose my TU and EX like that?  It is the only installment account I have.  I thought adding it and getting the mix of credit was a booster?  All I have is my mortgage, 1 cc- $0 balance-account in good standing-active and now this car payment.  Smiley Sad I really thought I would be on my way to the 700 club.  Any idea how long it will take for them to rebound if I continue to pay on time all of the time?
 
Thanks for any advice.
Message 3 of 21
Senior Contributor

Re: 45 point Increase in less than a month!!! Sad Update...

Without knowing more, I'd say it's because you upped your utilization and/or have a new debt.

Once you pay a payment or two on the new loan, your scores, I would think, will go back up!

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*

Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

Message 4 of 21
Valued Member

Re: 45 point Increase in less than a month!!! Sad Update...

It is such a disappointment.  Hopefully it will rebound soon.  I have only made two car payments so far so maybe 3 or 4 more will help. 
Message 5 of 21
Valued Member

Re: 45 point Increase in less than a month!!! Sad Update...

Scores 05/29/08
 
TU-638
EQ-593 (They hate me   )
EX-643
 
Scores 06/07/08
 
TU-622
EQ-605 
EX-619
 
Update WOOHOO!!! As of 6/25/08  Rebounding nicely!  I so want to hit the 700 mark!!! 
 
TU 657
EQ649
EX643
 
 
 
 
Message 6 of 21
Moderator Emeritus

Re: 45 point Increase in less than a month!!!

Congrats on the gains. Great work!
Message 7 of 21
Valued Member

Re: 45 point Increase in less than a month!!!

Thanks!  It feels good to finally make some progress.  Now I don't know what to do.  I have one old collection that is paid and due to fall off in Jul and then nothing.  I don't even see how I am going to make it to 700 this year.  When I do the score simulator, adding more revolving debt appears to lower my score instead of raise it.
Message 8 of 21
Moderator Emeritus

Re: 45 point Increase in less than a month!!!



dr0265 wrote:
When I do the score simulator, adding more revolving debt appears to lower my score instead of raise it.


Yep. Utilization is I think 30% of your score. I use a rule of thumb that for every 1% I lower my utilization, I gain 1 point up to the 10% threshhold. In other words, if I am at 70% utilization and I reduce it to 10%, I'll probably gain 60 points. If I reduce it to 0%, it is still 60 points. Or if I am at 8% now, reducing it won't help any.
 
And adding accounts can kill a score too, temporarily, if you already have 2-3.
Message 9 of 21
Regular Contributor

Re: 45 point Increase in less than a month!!!

Congrats....I've been trying to find someone to add me to one of their cards to increase my score, but can't find anyone. The people I ask refused. I guess they're scared or something. What is the credit limit and untilization of the card you were added to? Also what do you used to monitor your score for all three CRA?
6/20/08 TU=553 EQ=577 EX=458
07/16/08 TU=599 EQ=621 EX= 556
8/05/08 TU=632 EQ=652 EX=598, 9/30/08 TU=632 EQ=655 EX=616
Message 10 of 21
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