Would This 1 Year Plan Boost My Score?

[jbh]

Hey, First of all I want to thank all of you for your time and support.

Summary: 3 neg items on report (only one is recent) that won't allow for PFD. 2 credit card accounts (1 almost a year old another 4 months). If I let them sit at 10% for a year and obtain a car loan and add a revolving cell phone account, do you think that would be enough to get my score to go up from the mid 500's or so to 640+?

Or would I need more revolving accounts to take away the paid blemishes that I have that won't go away? (note, only ONE is recent within this year) Thanks. I am just trying to find the right balance to counter the blemishes that will be paid as of 8/08 but won't be deleted until 2012/2013

Message Edited by jbh on 07-25-2008 09:57 AM

[jbh]

Actually, I was also wondering if it's likely that an OC would consider PFD/GW for an old collection that's on my report (2 years old) since I am a customer with them in a new address and in good standing with this new account (Con Edison)

Thoughts?

Thanks

[Anonymous]

jbh,  what are the baddies reporting and    what are the DOFD/DOLA  (or the drop date)   what are they  for?       Who is reporting the OC or a CA?

The one for Con ED........if this is being reporting by a CA.....call the OC and ask them to pull the assignment from the CA ..if they say that they will  get it in writting....OR you can send them a PFD.....if accepted  pay them right away whatever is owed.

Because you have new service with them Im not sure how it works but maybe someone else in here will know.

[jbh]

Thanks a lot for your reply. From what I see, here is the situation with the 3 accounts: A.) Ballys - I let payments slip by late last year but I paid off the collection agency. It doesn't show PAID/Settled

** In my report this was grayed out, not listed as a negative. It was odd to see that.**

I paid 2+ years in a row without a problem until the last 3/4 months. I figure that killed my score. I am HOPING I can have another chance with Ballys and that IF they allow it, they can delete it with a GW letter.

B.) Con Ed - From 2004 ( last year on that account) - Portfolio Recovery & Assoc For $390. I hear they do not do PFD so I might call con Ed Thing is, I think it closed 1/08 so I guess that means it's a late reporting by the agency? I have to double check this actually

C.) Phone Utility - Verizon was the OC and the CA is now Debt Recovery Solutoins. It's another closed 2004 account. As a pre-paid customer and one who will obtain a contract later this year for cell service, I might do a GW for them. It's under $310 I realize I probably CANNOT PFD these companies so I am thinking that I have to hope revolving accounts saves the day, right?

Also, my CC util is 90+% now but since I realize the damage it's doing I'm going to pay it down to 10% for the NEXT reporting period in August. That should help over 6 months to a year so long as I get no other delinquencies, right?

Thank you VERY much. I WISH you had paypal donation buttons. Message Edited by jbh on 07-25-2008 01:06 PM

Message Edited by jbh on 07-25-2008 01:07 PM

Message Edited by jbh on 07-25-2008 01:08 PM

[Anonymous]

Most cell phone accounts aren't reported on your credit...unless you don't pay and they charge off.

I would get a couple revolving accounts...barely use them...that should enable your score to go up.

[jbh]

Thanks

That's why I plan to do another bally's and consider a used car as well. I do have the 2 credit cards...if utilization is under 10% for 6 + months will that make a difference in itself?

Thanks. I wonder what other revolving accounts I can look into. I thought yearly contracts for cell phones would report, since Bally's did. That's a shame.

[jbh]

Also, if these accounts closed in 2004, what leads to the delay for these CA's to have them on file? (2-4 years later). Do they do this on purpose to delay it being wiped off? (Instead of it expiring in 2011, it'll be 2013+)

[Anonymous]

That could be, but as I understand it (somebody PLEASE correct me if I'm wrong) the date they opened the account shouldn't matter b/c it's based on DOFD with the OC.  At least I hope I understand that correctly!

Why not open a Crown Jewelers account to help get your utilization down?  No credit check and you'll probably start with a CL of either $1500 or $2500.  You'll have to order something in order to activate the card, but it can be as small as a pair of earrings with an $8 down payment + shipping so your cost to start this $1500 or $2500 CL and have a new revolving on your CRs, can be right around $20.

You apply and within about 24 hours you should have an email reply, then you order something and they report to your EX & TU at the beginning of the next month.  If you can do it right now, apply today & order tomorrow so hopefully they'll report in early August.  That will help lower your util. right away and you MAY see a little movement in those two scores before mid-August.

After that, make minimum payment and after two months you're paid off, then you just need to order something every 5-6 months to keep them actively reporting.

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jbh wrote:
Also, if these accounts closed in 2004, what leads to the delay for these CA's to have them on file? (2-4 years later). Do they do this on purpose to delay it being wiped off? (Instead of it expiring in 2011, it'll be 2013+)

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[jbh]

Great idea. I actually looked into it yesterday but I was a bit skeptical. Now I am convinced I have nothing to lose. I'll pay off my other 2 credit cards and try to go 1 year 10% for 3 cards. Hopefully that + a small car loan (and hopefully a new Gym membership with Bally's) would help boost me from mid 500's (experian fako) to 650+

By the way, can anybody confirm if the date of a closed account is what matters and not when the collection agency handled it? There are many years between the 2.

Thanks again, guys. I really DO value your time and advice.

[Anonymous]

Have you pulled your actual FICOs???  There is often a significant difference between fakos & FICOs ~ I know there is with mine, the fakos look a whooole lot better!