700 Fico possible with 3 charge offs and 1 Foreclosure/Short Sale

[CreditGuy03]

My current Fico is 615. AAOA is 10 years and I have 4 revolving lines with < 1% util.

I have 3 charge offs under 3 years old One is paid.

I also have a short sale from 2 years ago that is settled of course.

I also have a single collection that was just PFD that is due to be deleted in 30 days.

It is even possible to have a 700 fico in the next 6 months given my circumstance? Should I open up another card? Get higher limits?

[Anonymous]

If you look at some previous threads on these subjects, it seems like a stretch to assume that you'll go from 615 to 700 in the next six months.  Some of the derogatories you mention have a major long-term impact.

I don't see how adding more accounts will benefit you, and higher limits only help if utilization is an issue.

[EW800]

I can share with you what I went through, although it is a bit different.  I did go through a foreclosure and a CC Paid - Settled for Less Than Full Amount.  I went through this ugly period of time about two years ago.  At the worst of it, my scores went down to the 515-520 range.  Prior to that they were in the 740 range.  After the foreclosure and CC settlement, I made sure that everything was paid on time and my wife and I saved every dime we could to bring our CC UNTIL down.  Between the nearly two years going by, paying everything on time and bringing down the UTIL to about 2% or less, we have been able to get our scores up to what you see below (just over 700 on two and almost 700 on the third).  Most of the gain was in the the last 6-12 months.  I look ugly on manual review, but decent as far as scores.  

I believe you said you have 3 charge-off's and that two are not paid.  I am not sure how that factors in, compared to what I went through.  

Not sure if this is helpful, but just wanted to share that under some circumstances, it is possible to get back to the 700 range after a couple of years, although I know every profile is difference.  

[bettercreditguy1]

Until the charge offs and other major derogs are aged off, your score will not improve immesurably.

[SLR72689]

My boyfriend just hit 700 with two charge offs, a few paid & unpaid collections and a foreclosure in a year. Last year in March, he had no credit score due to credit inactivity for 3 years. Got him a few credit cards and made sure he paid them on time. Applied for a card at our bank today and his score was 700.

[tonyjones]

Just remember any unpaid collection will look bad to an underwriter when you're trying to get a manual review.

[CreditGuy03]

An update. The collection came off and boosted by score to a 653. Looks like those charge offs are hurting me the most. The FICO says my AAOA is 2 years which is probably right since my student loans were just consolitdated.