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Make way! The 750 train is on its way to the station!
My Credit Karma score just jumped from 657 to 723 -- a 66 point jump. And it was all because of paying off a single high balance. There was a $5K balance on one of my CO Amex accounts and I agreed to settle with them for $1,500. Until now, it was reporting a balance of $4,200. I paid the $1,500 settlement amount about two weeks ago and it finally hit the credit bureaus and now shows a $0 balance on that account. Amazing that just such a simple thing as paying the balance on one account (even though it's still listed as a CO) can spike a score so much! But I'm not complaining. I know this is definitely what's responsible for the spike because it happened progressively across the other CBs. First, it hit Experian two days ago and I saw a 39 point jump there. Then yesterday it hit Equifax and it jumped 48 points. Then just today it hit TransUnion and it jumped 61 points (according to Amex CreditSecure's FAKO) and 66 points (according to Credit Karma's FAKO).
As for my actual FICO score, I only get that for Equifax but it jumped from 651 to 682, so a solid 31 point FICO jump from paying the balance off on one account!
According to Amex CreditSecure, my FAKO's are now:
TransUnion: 699
Experian: 683
Equifax: 667
According to Credit Karma, my TransUnion FAKO is: 723
According to MyFico, my Equifax FICO is now: 682
Despite the discrepancies from the numbers, I'm definitely moving on up! Can't wait to break 700 on the FICO and have 700 across the board on the FAKOs. But I won't stop until they are all above 750!
As you can see from my Credit Karma, I started at a 602 FAKO back in July of last year and have been progressively moving up.
oh wow congratulations. I need a improvement like this
May I ask what written agreement you used to make sure that the account being settled would not reflect negatively on your credit report?
Very nice!! Congratulations!!
if you dont mind me asking...whats "left" as far as baddies go (lates COs CAs how old they are just anything) on EQ?
reason for askin is im trying to determine what my best possible score will be at the end of the year when the vast majority of baddies disappear off my EQ (im focusing on that since i bank at NFCU and they use EQ for cc apps...maybe auto too not sure). if your EQ is 682, i may get a round about view of possibilities based on comparison.
my apologies if the question is too forward, dont feel compelled to answer.
thanks!
@Anonymous wrote:May I ask what written agreement you used to make sure that the account being settled would not reflect negatively on your credit report?
There was no agreement. They wouldn't agree to delete it or do anything other than offer me a settlement balance less than the full balance. So I paid that and it automatically brought the balance to $0 once I paid the settlement amount and Amex had to report it as a $0 balance. This type of action happens by default when you pay a settlement, so I only have to negotiate the settlement amount, not the terms that went along with it.
@Crossdivided wrote:if you dont mind me asking...whats "left" as far as baddies go (lates COs CAs how old they are just anything) on EQ?
reason for askin is im trying to determine what my best possible score will be at the end of the year when the vast majority of baddies disappear off my EQ (im focusing on that since i bank at NFCU and they use EQ for cc apps...maybe auto too not sure). if your EQ is 682, i may get a round about view of possibilities based on comparison.
my apologies if the question is too forward, dont feel compelled to answer.
thanks!
The only thing left is 3 of my Amex accounts are in CO status, albeit paid and have a $0 balance. I'm trying to get those tradelines just completely deleted using GWs. Unsuccessful so far. And my only other baddie left is one 30 day late on my Shell card from almost 3 and a half years ago (since it was so long ago, not sure it's even counting against my score at this point). I have a suspicious that once I get all 3 CO Amex accounts deleted though, my score could easily spike by 75 more points, hopefully bringing up to the 750 magic number across the board.
Baddies never disappear from your credit report. what happens they go into what I call a special place within your file. Whoever pulls your report manually would see your upaid debt, by that it is always a very good idea to pay the old debt off so its NOT in your file.
hhmmm...ok somewhat better than ill be sitting at end of year. projection as follows:
By end of year, CR will reflect:
0 PRs
0 CAs
6 PIF COs, but all over 4 years old (assuming no PFD/GW successes...and i send em like a wildman...)
0 Repos
15 months no lates: FPB
10 months no lates: Fingerhut, Vic Secret
10 months no lates: Install loan (student loan consol)
Util 0/0/9%
AAoA 3.5 years ish
Credit history length 10 years
8 past 0 bal no lates closed "paid account as agreed" install loans (mostly things like rent-to-owns, small sig loans, etc)
all im really shooting for is 640 midscore for mortgage, and 640 will get ya in the door with some of the CC big boys.
itll be close im guessing. might have to start tracking down relatives i HAVENT $%^ off...try to get a decent seasoned AU in there.
@DaBears wrote:Baddies never disappear from your credit report. what happens they go into what I call a special place within your file. Whoever pulls your report manually would see your upaid debt, by that it is always a very good idea to pay the old debt off so its NOT in your file.
yup they can for 150k+ mortgages and 75k+ salaries.
in some areas of the country those are ALREADY the norms...in my area 150k will get ya a nice home, in other areas 200k wont buy you $%^.