We'll need more details. How old are the collections? Any late payments or charge offs? What are the individual utilization rates on each of your CCs? How old is your credit file (AAoA, AoOA, etc)? Do you have any open installment loans?
Also, where did you obtain that FICO score from, and what bureau is it for?
@Anonymous wrote:I figured I would need to get you more information.
My collections were two years old. They have been deleted off my reports. I do have late payments from 2yrs ago. I have not been late since on any of my accounts. My 4 credit cards all are under 7% utilization rate. I 2 car loans and 2 installment loans. I think my credit file is 14 years old. I'm not sure what (AAoA, AoOA, etc) means.
I got my FICO information from Experian.
I started rebuilding Dec 2018
Starting Scores:
EX 480
EQ 518
TU 470
Current FICO scores:
EX 664
EQ 660
TU 660
AAoA = Average Age of Accounts
AoOA = Age of Oldest Account
How late are the lates (30, 60, 90, etc)? I ask this because 30 day lates tend to lose their effect after 2 years, while 60 day+ lates hurt your scores all 7 years until they fall off.
What percentage of each individual loan is paid off (i.e. current balance vs original loan amount)? Optimal scoring on installment loans is when you owe <8.9% of original amount.
For now, one thing you can do is implement AZEO, wherein you pay off all cards to zero before the statement is generated except for one. That one you leave a small balance on it of 8.9% or less of the card's total limit. This should ideally help eek out 10-20 more points.