5 collections will drag you down pretty good. I have two hanging on mine and I've had 2 1/2 years of on time payments with all my new additions to my credit profile and I'm starting to get close to 700 with my EX, EQ and TU not so much, but I'm getting there.
Try to keep that utilization down to next to nothing, that will always help in the rebuilding process. 5 collections though is a b*tch hanging on the report. Especially a few from just a year ago.
@Wizard10 wrote:
I’ve been working on my credit since this year I’m looking to get a house in 3 years so I’d rather I get this sorted out in advanced. I have 4 cards 2 of mine and AU on 2 of them. My current scores pulled from Experian Creditworks
As of today Experian - 595 down 13pt after loan payoff
Transunion - 603 as of 2.25.19
Equifax - 593 as of 2.25.19
I’m sure the loan payoff hit those also. As for my cards here is how they break down
Card 1. Balance 17.80 - Limit 200 AU card
Card 2. Balance 203 - Limit 700 AU card
Card 3. Balance 45 - Limit 200
Card 4. Balance 260 - Limit 300
Store card. Balance 0 - Limit 1800
For a score boost for now. You want to practice AZEO. Also FICO doesnt really care for more than 50% of total cards reporting a balance. Pick a card and have it report 2-4%. After statment cuts. PIF. Use them all you want just go the AZEO route. Whichever way you tackle the CA's. Paid is much better than owed and the fall off clock starts. Try your best for PFD. If they are with Portfolio and Midland. They will delete if the debts is more than 2 yrs old.
Here are my collections
Collection 1. Opened 4.1.18 - 300$ - last report 3.1.19
Collection 2. Opened 2.1.18 - 988$ - last report 3.10.19
Collection 3. Opened 12.1.16 - 190$ - paid last week waiting for it to drop off with PFD
Collection 4. Opened ~6 months ago - 60$ disputed and it seems to have been deleted for now.
Collection 5. Opened 2.1.14 - CO - awaiting response on goodwill which I shall here back by Tuesday.
Other loans I paid off one recently which seems to have dropped my Experian score and I assume others once I get the scores updated.
I have a childsup also opened 2009 - balance 449 which is incorrect because it’s said that for a few years now. Last reported 1.31.19. This is the oldest account I have and it has repeated on time payments since then.
Oldest account is said to be 8 years, 7 months
And AAoA is said to be 2 years, 7 months
I hope this is enough info to get some good help. I think I have an idea really but an outside look can help me go a long way.
While all of this is going on somehow my Fico 2 score has gone up to 613 and it was at 592 before.
Get Discover Scorecard for your free EX FICO. Or credit check total for all 3 CRA's for a buck and cancel before trial ends. FICO 2 is EX's mortgage score. No other CRA uses it. FICO 4 & 5 id EQ/TU
@Anonymous wrote:
Disputing them will do you no good if you’ve paid them, and disputing them before you pay them can backfire if they’re valid. Likewise, PFD must be arranged before opening the checkbook, as you’re trying to leverage them to delete in return for payment. Once you’ve paid, they have no incentive to delete the tradelines. Work on PFDs and if they completely refuse to budge, then try to negotiate a settlement amount to satisfy the debts for the smallest sum you can get. Whether paid in full or settled for less, once the tradelines are closed and begin to age, the effect on your scores will be the same.
+1
1) Disputing can cause your score to drop. A dispute removes certain aspects on OC TLs per FICO like your balance or CL and that can negatively impact your score if it actually helped your util.
2) Disputing can lead to the early demise of an OC TL. While that may sound good if you have a CO or a TL with a bunch of lates, if that TL was one of your oldest or helped your AAoA, then it's depature can possibly drop your score if the history helped more than the baddie hurt. Also, some OCs will automatically remove the negative aspects at the 7 yr mark and it could have reported as a positive for a while longer.
3) Disputing can lead the OC or CA to report worse than what they were before. If an OC wasn't reporting every late or if the OC/CA had not updated in a while, then they can update their reporting and that can cause your FICO scores to drop.
4) Disputing will almost always lead to increased collection activity if the debt is unpaid, including increased letters, calls, or increased risk of being sued.
5) Disputing makes it harder to get a PFD or GW accepted. I recall calling for a GW for Verizon once and they said that since I disputed an accurate account then they wouldn't grant the GW (though I don't they they'd accept it anyway).
6) Disputing can lead to a fraud alert in some instances if you dispute as "not mine" (I'm sure it depends on the OC/CA).
7) Disputing takes too much time. Sending a GW or calling in a GW if paid or a PFD if unpaid takes a week tops. A dispute can take up to 30-45 days.
8) When disputing, you typically only have one shot before being labeled a "frivolous disputer" by the CRAs (EX in particular).
9) A dispute comment can lead to a mortgage denial. YMMV on the lender.
10) A dispute can lead to a split file (primarily EQ).
