Can I actually increase my score in the next ten days??

[Anonymous]

I am hoping all you credit building stars can help me.  I am buying a home and the mortgage rate I will be receiving will be a half point lower if I can raise my credit score from 663 to 680 by April 2nd.  

I currently have $17,133 available credit, $7,167 in credit card debt (across 3 cards - Amex, Capital One, and TD).  I have a bankrupcy from 7 1/2 years ago and one medical bill that two insurance companies have been going back and forth with each other on for my daughter since October 16 for $1,500 that just went on my report in January.

How do I know what to pay off to increase my score the fatest?  How do I know if what I pay off will actually be reported to the agencies in time?

Any help would be greatly appreciated.  Thank you!!!

[Anonymous]

Best fornyou would be pay off that collection if they delete immediately. Paying down credit cards will help but they won’t report lower balance until your statement dates. So say your card statements are cut on the 26th. As long as your payment posts in time for that it will report lower balance.

I don’t know how accurate credit simulators are but you could try that. Also I thought most mortgage companies can do “live” updates kind of.

[Anonymous]

Paying off debt helps. Paying down your CC will help, but if they’re not reported for a while, it might be more than 10 days.. idk if cap1 does mid-cycle reporting but you can ask before you pay.. and ask the others if they do. It usually reports 2-3 biz days after.

If you pay down the collection, it’ll help too. I know that collections report quicker, in my experience.

[Anonymous]

thank you!  Trying to find out if the insurance companies will reimburse me if I pay the debt off myself prior to them hashing this out.

[Anonymous]

Good idea to call and find out the reporting dates.  Thank you

[Anonymous]

You should pay off that collection. It’s $1500 even if they don’t pay you back half of a percent savings will save you thousands of dollars over a mortgage. No brainer! Get them to delete ASAP! Worry about reimbursement later.

[Anonymous]

Thank you for your advice.  Do you think that deletion would increase my score as much as I need it to?

[Anonymous]

If it posts in ten days and nothing else negative appears on your credit report I practically guarantee it.

[Anonymous]

Alright, I am going to all the collection agency tomorrow and ask them when they would report it.  I will update you!  Thanks again

[Anonymous]

See if you can do the amex 3x cli and increase your limits to drop some of your overall usage %.