will my scores increase in time

[Anonymous]

howdy,

within the past month or two i have completely paid off all my credit cards and am sitting a 0 balance.  I have also worked towards paying back all of my collections so they are in good standing rather than just settle with only one or two left to pay back which should be done next month after the holidays.  I am looking to purchase a house for me and my daughter come July of 19 and i plan on going through Veterans United for a loan. (they pulled from equifax) My question is from now until then is it possible for my credit to go up to 50-60 points by then ?  I plan on putting small balances and i mean small and then paying them off right away.  I do also have my car payment which has been paid on time every month and only 11 payments left.  If there are any suggestions please let me know, all help will be appreciated.

[Anonymous]

You should see a spike on your next report. Do you know what your scores were before you started paying everything off, or what they currently are?

[Anonymous]

Equ-558

Trans-580

Exp-575

All acording to My fico report as of 8/22/18

[Anonymous]

I went from 556 on my TU last Feb '18 to 591 in one month just by co-signing for my daughter's car (don't ask me how). In Aug '18 I was at 590, & as of yesterday I am at 653 on my TU by getting rid of 2 collections & getting my UTL under 16%. My EQ went from 593 to 664 for the same time period. YMMV but you should see a good jump soon. GL!

[Anonymous]

Thanks,

i appreciate all the help and am looking forward to bigger and better things.

[Adkins]

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@Anonymous wrote:

howdy,

within the past month or two i have completely paid off all my credit cards and am sitting a 0 balance.  I have also worked towards paying back all of my collections so they are in good standing rather than just settle with only one or two left to pay back which should be done next month after the holidays.  I am looking to purchase a house for me and my daughter come July of 19 and i plan on going through Veterans United for a loan. (they pulled from equifax) My question is from now until then is it possible for my credit to go up to 50-60 points by then ?  I plan on putting small balances and i mean small and then paying them off right away.  I do also have my car payment which has been paid on time every month and only 11 payments left.  If there are any suggestions please let me know, all help will be appreciated.

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Letting all your cards report a zero balance will actually cost your points. The FICO scoring model doesn't like it when that happens. It's better to let one card report a small balance (as long as it's not a Chase card!)

[Anonymous]

I plan on putting my gas or gym membership on my discover card and paying it

[tlittlejohn]

I would suggest before paying the collections please request that they delete them with payment. Try and do it by letter sending it certified. I did see a small point jump with paying them but a bigger increase with deletions altogether. GOOD LUCK.

[Anonymous]

yeah that didnt work so much for me lol, i sent the letter in and was later bomb barded with phone calls from them.  I even asked about it and they said no.

[RobertEG]

Paying off a collection can result in a temp score ding if the debt collector has not been making regular monthly updates.

The scoring impact of a collection is based on both the total period since intial delinquency and the time since the delinquent debt was paid.

The first has increasing negative impact, and the second diminishes its negative impact as the collection ages since date paid.

The first reporting of paid effectively updates and finalizes the stated total period of delinquency since the date of initial debt delinquency, and if the collection has not updated for awhile, you could see a temporary score drop when the collection is updated.

However, the collection will therafter begin to age.