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New: My Progress Thread

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Anonymous
Not applicable

Re: New

Positive news today. I was able to get the only non medical collection removed from my TU and EF. Not sure about EXP yet. 

Only medicals left now. Hoping to get them settled and removed. 

I'm really hoping I can do that. I've read the mortgage models still take a big hit even if the medicals are paid. 

 

Message 21 of 113
gdale6
Moderator Emeritus

Re: New


@Anonymous wrote:

Positive news today. I was able to get the only non medical collection removed from my TU and EF. Not sure about EXP yet. 

Only medicals left now. Hoping to get them settled and removed. 

I'm really hoping I can do that. I've read the mortgage models still take a big hit even if the medicals are paid. 

 


Grats and use the steps provided above to get rid of those medicals...

Message 22 of 113
Anonymous
Not applicable

Re: New

Lol good news is good news! Congrats on getting one of your collections removed. 

 

It feels great to see that negative history deleted from your reports. A win is a win. 

 

I would also like to mention, your Discover card is new. As it ages 6 months and then a year it should help boost your scores as well.

 

Now its time to focus on reaching out to the billing departments of the medical centers/hospitals where you incurred your bills. Be as pleasant as possible and don't be afraid to reach out a few times till you find the right person. 

Message 23 of 113
Anonymous
Not applicable

Re: New

It definitely does feel good to see them drop off. It was one of the larger ones also. $549 

6 months to see the positive impact of the Discover huh? I was curious how long it would take. 

I'm using my Discover heavily right now taking advantage of the 2% cash back. These aren't just silly purchases but rather normal purchases that I'd normally just use my check card for. Restaurants and gas mainly. As soon as the purchases aren't pending I pay them off immediately. 

After paying tonight's dinner off I'll just let it sit at zero balance until the billing cycle ends. 

My goal is use it pretty heavily then ultimately report zero at the end of the month. I'm hoping they see my usage and good payment history so hopefully I'll get a nice CLI whenever it graduates. I've read that can take as little as 8 months. 

 

 

 

Message 24 of 113
Anonymous
Not applicable

Re: New

Sorry for my poor explanation,  we have some real pros on here that can provide a clearer explanation. 

 

I just meant you might see an additional boost as your card ages. Right now its only a month old (I also recently picked up a Discover). While it varies by profile, I got a small boost from opening the account even though it brought down my AAoA.

 

Plus once it graduates you might get a cli (2000 seems to be the standard limit, you can double dip though). That might boost your scores a bit as well (I would expect a very modest boost).

 

Also major tip, if you prefer the 2% on gas and restaurants you can keep it but.... you can request a product change to the rotating 5% Categories rewards program. 

 

Look into Discover's rotating quarterly categories. 

Message 25 of 113
AllZero
Mega Contributor

Re: New


@Anonymous wrote:

Vantage scores dropped 11 points when the Self Lender account showed up. After the first payment posted they went back up 1 point due to the balance reduction. 

I got my Discover it secured in the mail on Wednesday. $200 limit. I've used $80 so far. A couple of the purchases are still pending but hopefully clear tomorrow so I can pay the balance in full ASAP.

 

The Discover isn't showing up on my credit reports yet. I'm guessing it'll be a 10-15 point drop initially once it's added.

I'm ok with a few steps back to make strides for the future. I'm learning a lot on these forums. Thanks everyone! 


If on a derogatory score card, one does not receive any penalty for new revolving accounts on FICO. I can't recall if it's the same for installment accounts?

Message 26 of 113
Anonymous
Not applicable

Re: New

The models are formulations are pretty confusing. 

I won't be adding new accounts of any kind for a while. Pay on time and keeping balances low. Working on removing the bads. With persistence and patience I might just get back to clean sooner rather than later. 

Message 27 of 113
Anonymous
Not applicable

Re: New

Quick question for the pros on here. Can my current Fico 9 score give me an idea of where my other scores might be once I get all the medical collections removed? 

I know it won't be exact, but the Fico 9 scoring does say medical collections don't factor in as much in that model. 

Message 28 of 113
gdale6
Moderator Emeritus

Re: New


@Anonymous wrote:

Quick question for the pros on here. Can my current Fico 9 score give me an idea of where my other scores might be once I get all the medical collections removed? 

I know it won't be exact, but the Fico 9 scoring does say medical collections don't factor in as much in that model. 


My understanding is Fico 9 ignores medicals completely not just partially. Really no way to tell what Fico 8 may be once they are gone as we dont know too much about Fico 9 yet as it is only now beginning to be used by some lenders.

Message 29 of 113
Anonymous
Not applicable

Re: New

What is the plain Fico 8 used for most commonly? That's the score you seem to get free with Credit Cards. Some give different versions but most are common Fico 8 scores. 

Mortgage, Auto, Bankcard are pretty self explanatory. Where does Fico 8 fit in? 

I just hope I can get to my Fico 9 level someday. Or, more places start using it. 746 EF Looks pretty sweet when I look at my score on Wells Fargo. One day maybe. 

Message 30 of 113
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