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

Regular 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: Jan 13, 2019: EX 626 TU 653 EQ 673
Goal Score: Dec 31, 2019: EX 700 TU 700 EQ 700


Take the myFICO Fitness Challenge





Message 11 of 17
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 17
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 1/2019


Message 13 of 17
Regular 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: Jan 13, 2019: EX 626 TU 653 EQ 673
Goal Score: Dec 31, 2019: EX 700 TU 700 EQ 700


Take the myFICO Fitness Challenge





Message 14 of 17
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 17
Valued 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 17
Established Member

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 17