519 currently Credit increase Goal 700 by 9/2020

[credit69]

Hello ,

I currently have a credit score of  519- experian, 567- Transunion , 531-equifax (too many inquires and high credit card balances ,)

I have the fillowing debt (balance on acct next to it ). Im curently paying off at least one card a month and everything will be paid off by 8/1/2019.  I never been late on any of my credit cards . and I also have a SL with a $32,000 balance and pay  211 per month .

My question is the (5) collection accounts below to  Monroe and Main and etc.  Im buying a house in 12/2020 and i want to know should i pay them off or it wont matter ?. and sencond question is how much do you think my score will increase once everyone is paid off outside of the collection , and with  the collection paid off .

Target -37 Walmart-65 Total visa-175 Amex USAA secured  320 Visa USAA secured  340 First premier 401 Avenue 700 FiNGERHUT  1291 Navy Federal 4880 Indigo credit card - 0.00 Discover Secured 0- 0.00 Citbank Secured - 0.00     Collection accounts  Country Door-284 Swiss Colony -335 Midnight Velvet -545 Seventh Avenue -585 Monroe and Main -650

[hernaemm90]

As far as your collections go you could try pay for delete or goodwill deletions. I'm not too familiar with this myself but there is a subsection of this forum called rebuilding, the people there could probably help on how to go about the pay for delete and goodwill deletions I just mentioned. Here is a link to an article from credit.com on the subject also. 

https://www.credit.com/credit-reports/removing-collection-accounts-from-your-credit-reports/

You also mentioned you're applying for a mortgage in 12/2020. Like the rebuilding forum there is a mortgage forum, you can go there to ask the best way to do it. One method I have read about is the AZEO method, here is a link to explain it.

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-AZEO-Method/td-p/5058287

Below are the forums for rebuilding and mortgage loans

Rebuilding - https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/bd-p/rebuildingcredit

Mortgage Loans - https://ficoforums.myfico.com/t5/Mortgage-Loans/bd-p/loans

[credit69]

Thanks so much for your reply i will check it out 

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@hernaemm90 wrote:

As far as your collections go you could try pay for delete or goodwill deletions. I'm not too familiar with this myself but there is a subsection of this forum called rebuilding, the people there could probably help on how to go about the pay for delete and goodwill deletions I just mentioned. Here is a link to an article from credit.com on the subject also. 

https://www.credit.com/credit-reports/removing-collection-accounts-from-your-credit-reports/

You also mentioned you're applying for a mortgage in 12/2020. Like the rebuilding forum there is a mortgage forum, you can go there to ask the best way to do it. One method I have read about is the AZEO method, here is a link to explain it.

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-AZEO-Method/td-p/5058287

Below are the forums for rebuilding and mortgage loans

Rebuilding - https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/bd-p/rebuildingcredit

Mortgage Loans - https://ficoforums.myfico.com/t5/Mortgage-Loans/bd-p/loans

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[Plip]

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@credit69 wrote:

My question is the (5) collection accounts below to  Monroe and Main and etc.  Im buying a house in 12/2020 and i want to know should i pay them off or it wont matter ?

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If you just pay them off (rather than get them to remove them from your credit reports), you're not going to see much (if any) benefit to your score. The reason is that the derogatory mark is still on your credit, and that is the main thing.

There's another issue. If you start paying (or do anything else related to those debts), you reset the clock on the collection. So if they're old and nearing the poing where they'll fall of your report, you may not want to do anything, and you probably don't want to start making payments.

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@credit69 wrote:

and sencond question is how much do you think my score will increase once everyone is paid off outside of the collection , and with  the collection paid off .

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We would need to know a couple of things to even take an educated guess (and even then, it would be tough). How old your collections are, and what your credit limits are on your current cards (which will tell us how much of your credit you're using).

Another question: Are those your FICO morgage scores, or your FICO 8 scores? (The FICO 8 is the one most people talk able, while each CB has a score that's specific to morgages, which may be a fair amount different from your FICO 8).

[Krampus]

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@hernaemm90 wrote:

As far as your collections go you could try pay for delete or goodwill deletions. I'm not too familiar with this myself but there is a subsection of this forum called rebuilding, the people there could probably help on how to go about the pay for delete and goodwill deletions I just mentioned. Here is a link to an article from credit.com on the subject also. 

https://www.credit.com/credit-reports/removing-collection-accounts-from-your-credit-reports/

You also mentioned you're applying for a mortgage in 12/2020. Like the rebuilding forum there is a mortgage forum, you can go there to ask the best way to do it. One method I have read about is the AZEO method, here is a link to explain it.

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-AZEO-Method/td-p/5058287

Below are the forums for rebuilding and mortgage loans

Rebuilding - https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/bd-p/rebuildingcredit

Mortgage Loans - https://ficoforums.myfico.com/t5/Mortgage-Loans/bd-p/loans

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no need to encourage him, He's already posted the same identical post in every other sub-board....

[UncleB]

Hi @credit69, your duplicate threads have been removed and/or merged.  Please avoid cross-posting in the future; it's confusing to follow and is against the guidelines here.

--UncleB

myFICO Moderator

[credit69]

Sorry about that new to this site :-(