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Help / Boost FICO score by 30 points in 60-90 days

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Frequent Contributor

Re: Help / Boost FICO score by 30 points in 60-90 days


@choyer wrote:

Here are the collections amounts and creditors:

 

  • Collection (Green Mountain Energy) - Date last active September 2016 / Amount $716
  • Collection (Just Energy Texas) - Date last active September 2016 / Amount $107
  • Collection (Comcast) - Date last active July 2016 / Amount $136
  • Collection (The Cash Store) - Date last active March 2015 / Amount $1,139
  • Medical collection (AMCOL Systems Inc) - Date last active June 2014 / Amount $373
  • Medical collection (Commonwealth Financial) - Date last active August 2013 / Amount $139
  • Charged-off Revolving Furniture Account (WS Badcock) - Date last active April 2013 / Amount $900

Ok, here's what I would do (assuming all collections are valid), asking for PFDs, of course. You want to take care of the newest ones first-

1. Pay off Just Energy ASAP

2. Pay off Comcast ASAP

3. Pay off Commonwealth Financial ASAP

4. Pay off AMCOL Systems ASAP

 

These aren't big $$ accounts, so your scores should jump once these come off, because FICO takes into consideration the number of accounts as well as amounts owed. We don't want to apply for any credit cards until these come off & your scores move up.

 

5. Pay Green Mountain Energy. If you can't do it in one payment, work out a payment plan to pay off ASAP.

6. Pay off The Cash Store ASAP. If you can't do it in one payment, work out a payment plan to pay off ASAP.

7. I would pay off WS Badcock last (looks like it is scheduled to fall off your reports by April '20)

 

I'm assuming most of these collections are showing on you EX report, correct?

 

 



Starting Score: Nov 3, 2018: EX 597 TU 599 EQ 616
Current Score: July 1, 2019: EX 665 TU 692 EQ 689
Goal Score: Dec 31, 2019: EX 700 TU 700 EQ 700

Take the myFICO Fitness Challenge





Message 11 of 23
New Member

Re: Help / Boost FICO score by 30 points in 60-90 days

Yes, all are reporting to Equifax... here's the breakdown:

 

  • Collection (Green Mountain Energy) - DLA Sep 2016 / $716 ... XP/EF
  • Collection (Just Energy Texas) - DLA Sep 2016 / $107 ... TU/EF
  • Collection (Comcast) - DLA Jul 2016 / $136 ... XP/TU/EF
  • Collection (The Cash Store) - DLA Mar 2015 / $1,139 ... XP/TU/EF
  • Medical collection (AMCOL Systems Inc) - DLA Jun 2014 / $373 ... XP/TU/EF
  • Medical collection (Commonwealth Financial) - DLA Aug 2013 / $139 ... XP/TU/EF
  • Charged-off Revolving Furniture Account (WS Badcock) - DLA Apr 2013 ... $900 / EF

Question: If Pay For Delete (PFD) is not granted, should I still pay the collection? In that case, it would remain on my report as a paid collection. Not sure if that would help my FICO?

Message 12 of 23
Regular Contributor

Re: Help / Boost FICO score by 30 points in 60-90 days



Question: If Pay For Delete (PFD) is not granted, should I still pay the collection? In that case, it would remain on my report as a paid collection. Not sure if that would help my FICO?


May not help your FICO, but it will help for future credit requests.


Starting 5/2018

Current 3/2019
Message 13 of 23
Frequent Contributor

Re: Help / Boost FICO score by 30 points in 60-90 days

 A paid collection is always going to look better than an unpaid collection that keeps updating negatively every month. Once they are paid they stop updating, and can then begin to age off...



Starting Score: Nov 3, 2018: EX 597 TU 599 EQ 616
Current Score: July 1, 2019: EX 665 TU 692 EQ 689
Goal Score: Dec 31, 2019: EX 700 TU 700 EQ 700

Take the myFICO Fitness Challenge





Message 14 of 23
New Member

Re: Help / Boost FICO score by 30 points in 60-90 days


@ScooterMcDoodlebutt wrote:

 A paid collection is always going to look better than an unpaid collection that keeps updating negatively every month. Once they are paid they stop updating, and can then begin to age off...


Got it. Thanks for the advice.

Message 15 of 23
Senior Contributor

Re: Help / Boost FICO score by 30 points in 60-90 days

I wish I could help you more. But now I see it has to do with business credit vs. personal credit. Which I have no experience with. I wont lead anyone in the wrong direction. Best of luck!





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC.
Message 16 of 23
New Contributor

Re: Help / Boost FICO score by 30 points in 60-90 days

Don't worry about PFD; just payoff the debt if you have the means to do so. From my personal and RECENT experiences certain debts can be deleted especially IF these are collection debt not from OC. I had a direct TV debt that was sent to Experian and was deleted in 30 days after it was paid. However, ask if this is their policy. If any of your debt get bought Portfolio Recovery Associates or Cavalry, it's their policy to remove their tradeline once you pay it. They will generally remove it in 30 days. Mine fell of my EXPERIAN today, January 12, 2019. I paid the debt on 12/8/2018; my score went up 29 points the same day per MYFICO 3B. Pay off your debt before applying for anymore credit. Allow those debts to age as it shows "0" balance. It's worth the wait. You could see a signicant rebound AS LONG AS you pay your student loans and mortgage, even though installment loans don't really contribute much in score increase compare to revolving credit. DON'T BE LATE on your current obligations. Just payoff those debts. They're crushing your score.
Good luck. I hope all works out for you.
Message 17 of 23
Established Member

Re: Help / Boost FICO score by 30 points in 60-90 days

It sounds like you are in Texas, based on the collections you have.  I had several of the same collections as you, and I got them removed fairly easily.  If you get them removed, you should easily see a 30 point jump.

 

Immediately send out a Texas Debt Validation letter to each of these collection agencies!  You can search the forums here to find the letter, adjust it to fit your information, and send.  Most of these collectors will simply remove the debt from your credit report within 30 days.  Make sure its the TEXAS debt validation that you send out.

 

Good luck!

Message 18 of 23
New Contributor

Re: Help / Boost FICO score by 30 points in 60-90 days

From experience, I say pay off Derogatory Accounts and collections etc first. That should boost your score significantly. Keep in mind "payment history" makes up 35% of your Fico score. 

Also, it will be diffcult to get approved for a prime Credit Card with your Fico scores, maybe sub-prime Credit cards but I don't recommend it. I say a prime secured card that will graduate is a good option, but paying off those collections are priority one.  

Message 19 of 23
Frequent Contributor

Re: Help / Boost FICO score by 30 points in 60-90 days


@ScooterMcDoodlebutt wrote:

  • Collection (Utilities) - Date last active September 2016 AMOUNT? TO WHOM?
  • Collection (Utilities) - Date last active September 2016 AMOUNT? TO WHOM?
  • Collection (Comcast) - Date last active July 2016 AMOUNT?
  • Collection (The Cash Store) - Date last active March 2015 AMOUNT?
  • Medical collection - Date last active June 2014 AMOUNT? TO WHOM?
  • Medical collection - Date last active August 2013 AMOUNT? TO WHOM?
  • Charged-off Revolving Account (Furniture Store) - Date last active April 2013 AMOUNT? TO WHOM?

Fill us in on amounts, please. What is the SOL for the state you live?


^^^THIS!!!

BK CH7--Filed September 25, 2018--D/C Jan.4, 2019
{FICO8 Feb.12, 2019--TU 580--EX 600--EQ 626}

Credit One Visa ($500 now $700) Nov. 2018
SelfLender (2 year) Nov. 2018
Capital One Platinum MC ($2000) Jan. 2019
Target RedCard ($500) April 2019
Venus Comenity ($500) May 2019 no HP


FICO 8 SCORES: 06-02-2019616 TU613 EX638 EQ
Message 20 of 23