@Anonymous wrote:Obce they're paid, those collections will fall off in a month or so, possibly less. Losing them will be a big boost in your scores. Your loan is sitting pretty, your utilization is great, and you have a proper number of cards.
Pay the collections so they'll vanish, and then just tend your accounts like you are and let time do its thing. Wait a year before apping for anything and you could be at 720-730 pretty easily.
+1
The best thing you could do, other than age all of your accounts and inquiries past their 1 year mark, is to rid your reports of those collections and yourself of outstanding bad debt. You may think they're not affecting you because you've been able to obtain approvals - but that's not entirely accurate. Not only are they suppressing your scores, but they're potentially preventing you from acquiring the best possible terms of approval (ie. lowest interest rate, higher starting limits, etc.).
Also, you mentioned one of the collections is from a CapOne Charge-Off. Is the original tradeline from CapOne still showing on your reports? If so, is it also still reflecting the outstanding balance owed, or is the balance reported as $0?
@Morphyyy wrote:On TU and EQ it's showing Capital One $462
on EX it's showing portfolio recovery associates $462 and reporting late every month same with the ARS collection.
do you think the dealer running my credit a bunch of times would have a big drop in score? I know vantage isn't what I should be looking at but I got some collections removed and my TU vantage was 680 and out of nowhere it dropped 50 points with no reason besides showing I had new inquiries?
That $462 on the CapOne tradeline for TU & EQ is factoring into your overall utilization and further hurting your scores. Thats why i asked - the sooner you pay that debt so the original tradeline reports a $0 balance (and the collection is removed) the better for your scores. The monthly updates to the collection also keeps the collection from aging and your scores from recovering
The auto inquiries probably did drop your Vantage scores - Vantage is volatile like that.
However, on FICO, so long as the inquiries are correctly coded, all of them should only count as one single inquiry. FICO views multiple installment inquiries (like auto and mortgage) made within a short timeframe as consumer rate shopping and therefore, will not penalize you for each individual inquiry. More on that here:
@Morphyyy wrote:EQ: 614
TU: 616
EX: 607
CapOne Plat Unsecured: $300
CapOne Plat Secured: $500
NFCU GoRewards: $500
AZEO - 7% Utilization
NFCU SSL <8.9% (hasn't showed up on CR)
Oldest account is 7 months
Collections: 2
ARS Medical - $579 (2017)
PRA (CAPONE Chargeoff) - $472 (2017)
100% on time payments
SH*T ton of inquiries in past 6 months from dealership
I need some advice to get it over 700. Do I need to just keep paying on time and let it build up? I've talked to both collection agencies and they said they will do a PFD for a lesser amount. Do I need to get them removed or just let them fall off? They haven't been a issue for me for any credit cards or a car pre approval through CapOne Auto Navigator... thank you guys just looking for the best route to go
Great advise from @Anonymous and @thornback . I'll pick at it the details. Your unsecured Plat can be upgraded to a QS so you can get cash back on purchases. Go here----------> https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade
Percentages on payments doesnt mean anything to FICO. With FICO your were late, or no lates. So with charge offs 100% isnt true. Lates led up to the charge offs. Whoever the med provider is. Go to the office in person and offer to pay them right there in return of recalling the debt. Portfolio will delete themselves off your reports when PIF or settled. Otherwise good luck on your rebuild.
