Questions about duplicate accounts and cc ratios

[Anonymous]

First of all I would like to say I have already learned a lot of helpful information here. On the other side of that though, it is all very overwhelming! I am trying to raise my FICO to qualify for a mortgage. I did some on my own (I used to work for Equifax many years ago, long before FICO but I worked in the mortgage loan department so I do not know many of the "credit reporting rules") including disputing inacurate information. However, laws and rules have changed so much since then that a lot of the information on this forum I did not know. I have several questions. I am not sure how to ask, in one post or several so I will start with just a couple. I raised my score from 539 to 626 in the past couple of months. I would like at least a 650 before I apply. I would rather have 700 or so but I think I can make it happen with a 650.

First, I have sent out several GW letters this past week. I have others to mail out, but I wanted to ask for advice here first.

Second, I have several accounts where the original creditor is reporting as well as the collection agency. Is this allowed? One of them is Fingerhut. They themselves are actually reporting three times for the same account (one paid as agreed, the other with lates, and the third as a charge off). Midland is also reporting as the collection agency and it has been paid with a settlement. All of the other accounts are just reporting once for the original as a charge off and again from the collection agency as paid. I have disputed with the credit bureaus but all I get back is that it has been verified. There is not an option to dispute a duplicate account which I feel like these are. 

I would also like to understand the ratio's better and paying before the due date. I have paid off all of my accounts except for my student loans. This is what I understand about the CC's so far. All accounts should be at AND remain at a zero balance with the exception of one. That account should have a small charge on it every month and be paid by the second day before the due date??? Is this correct? Also, will this raise the credit score every month?

I have more questions, but these are the most pressing. Thanks in advance for your help!

Joanne

[gdale6]

Second, I have several accounts where the original creditor is reporting as well as the collection agency. Is this allowed? YES

I would also like to understand the ratio's better and paying before the due date. I have paid off all of my accounts except for my student loans. This is what I understand about the CC's so far. All accounts should be at AND remain at a zero balance with the exception of one. CORRECT

That account should have a small charge on it every month and be paid by the second day before the due date??? You can charge as much as you want on it as long as you can pay it down to 1-9% of its CL prior to the statement cut. You can pay it on the statement cut date if you want but paying it a little ahead gives room for any possible error. Is this correct?

Also, will this raise the credit score every month? It may not change your score at all every month, it will just give you the best possible FICO as far as your revolving utilization is concerned, there are other factors that go into the overall score as well.