How much will points generally increase after a major boost.

[Anonymous]

Here's my story. I have three cc ( 2 years opened) all at 80% balances and never been late, less than one year old mortgage never been late, one medical collection, one other collection, paid tax liens ( four years old ), discharged bankruptcy ( one year ). My current scores are around 560 ( down from 620 one year ago ).  Yesterday, I paid all three cc down to 18% balances. I know this will increase my scores, but by how much?  This only leaves me with the issue of the collections. Do  I pay them off ( although I heard that it will not increase my score )?  Lastly, how many points will my score increase monthly ( now that I've done about all that I have left that I can do to boost my scores )?

Any words of wisdom? 

Lookingup1

[Anonymous]

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Lookingup1 wrote:

Here's my story. I have three cc ( 2 years opened) all at 80% balances and never been late, less than one year old mortgage never been late, one medical collection, one other collection, paid tax liens ( four years old ), discharged bankruptcy ( one year ). My current scores are around 560 ( down from 620 one year ago ).  Yesterday, I paid all three cc down to 18% balances. 

Is that 18% overall or each one 18% util?

I know this will increase my scores, but by how much?  

No way to be certain, you get most points for going under 9% util. If you pulled your scores/reports here, try the score simulator and see what it estimates.

This only leaves me with the issue of the collections. Do  I pay them off ( although I heard that it will not increase my score )? 

On the medical collection, if you can PIF......then I suggest you follow the medical debt process, you can access the threads regarding this by clicking on the link in my signautre.

On the other collection, what is DOFD, DOLA and SOL?

 Lastly, how many points will my score increase monthly ( now that I've done about all that I have left that I can do to boost my scores )?

Your don't really get a set increase each monthly. You get points when accounts have birthdays, negatives get older, inquiries stop affect or fall off, etc. If you pulled your reports/scores here, use the simulator and use the option of "Pay my bills on time for 6 mos, 12 mos, 24 mos, etc.

Any words of wisdom? 

Lookingup1

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[Anonymous]

Sidewinder covered it all. Beyond that, it all boils down to patience. Credit repair is a long journey, not a short hop. It's great when you get immediate results, and it feels good. But the results you really want you will only gain through patience.

Delayed credit gratification.

Also, if you've moved buckets, during this same time, what was worth a major credit boost in your prior bucket might not yield much in your new bucket. Getting your total utilization down is awesome. Keep at it, you're getting there.

You'll also see more of a boost if half of your accounts are at 0% utilization, than if all of your accounts have some utilization, to get that total utilization number.

Still, you're doing a good job to have your scores raise. Keep at it.

[Anonymous]

Thank you so much for the advice. I called the CA today and they are willing to remove from CRAs if PIF.

[fused]

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Lookingup1 wrote:

Thank you so much for the advice. I called the CA today and they are willing to remove from CRAs if PIF.

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Fantastic! Make sure you have the agreement to delete on the CAs letterhead.

[Anonymous]

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@fused wrote:

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@Anonymous wrote:

Thank you so much for the advice. I called the CA today and they are willing to remove from CRAs if PIF.

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Fantastic! Make sure you have the agreement to delete on the CAs letterhead.

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Amen. CAs are quick to pull the 'we have you on tape' regarding everything EXCEPT anything in your favor, including promises to pay for deletion. I figure (with no proof) that they are like one unscrupulous long distance company I had the misfortune of dealing with back in the 90s. They recorded the conversation, but if you deviated from their script of yes no answers they cut the tape, erased, and started all over again. How do I know? She told me while she was doing it, and apologized!

But Fused is right, definitely get any agreements regarding pay to delete on CA letterhead. If they won't agree, don't do anything. If they tell you they will send it after you pay, don't do anything.

This is why it's always best to stay off the phones with CAs. You communicate with them by writing; they're forced to communicate with you by writing.