Getting frustrated with scores, need advice!

[charyot77]

I've been coming to myfico for a while now.

Recently, after having some disputes done, I decided to order my official FICO score reports from Myfico.

I was a little surprised to see how low my scores were!

TU: 640

EQ: 660

I do have 2 big baddies: A Judgement from 2010, and a chargeoff collection for that same account (before it went into judgement).

I have 7 credit cards: Orchard Bank (2) Captial One (2), US Bank Secured, Barclays Trvly AMEX, Merrick Hooters and have only had one late (not even 30 days, just 2 days late because of a billing error).  
 

I started using credit again in 2007, so I was just under the impression that having a pretty much flawless payment history with all of my new accounts would have me with a higher FICO score.  Not 700s, but at least easily above 660.

I'm not sure what to do! 

According to my credit reports, the chargeoff is suppossed to fall off this summer, but I feel that a chargeoff that old should have less of an impact on my score as much as it will be a red mark on my report (like inquiries after the first year).

Any advice? It seems like so many people on here have dramatic results after getting their secured cards. I keep hearing of people going from dismal scores to getting AMEX approvals in a year. I've been at this for 5 years!

[LS2982]

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@charyot77 wrote:

I've been coming to myfico for a while now.

Recently, after having some disputes done, I decided to order my official FICO score reports from Myfico.

I was a little surprised to see how low my scores were!

TU: 640

EQ: 660

I do have 2 big baddies: A Judgement from 2010, and a chargeoff collection for that same account (before it went into judgement).

I have 7 credit cards: Orchard Bank (2) Captial One (2), US Bank Secured, Barclays Trvly AMEX, Merrick Hooters and have only had one late (not even 30 days, just 2 days late because of a billing error).  
 

I started using credit again in 2007, so I was just under the impression that having a pretty much flawless payment history with all of my new accounts would have me with a higher FICO score.  Not 700s, but at least easily above 660.

I'm not sure what to do! 

According to my credit reports, the chargeoff is suppossed to fall off this summer, but I feel that a chargeoff that old should have less of an impact on my score as much as it will be a red mark on my report (like inquiries after the first year).

Any advice? It seems like so many people on here have dramatic results after getting their secured cards. I keep hearing of people going from dismal scores to getting AMEX approvals in a year. I've been at this for 5 years!

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I'd imagine the 2 yr old Judgement is killing your scores bigtime. Unfortunately time can only heal that. Is it paid? The collection account is how old?

[charyot77]

No the judgement isnt paid nor is the collection. I'm in the process of working with a lawyer to see if I can have the judgement vacated(?) for improper service so that I can have an easier time negoitating a settlement.  

The dofd for this account (the judgement and the chargeoff are both one in the same account) was 2005.  The judgement happened in 2010.  Otherwise my credit report is clean. I even keep utilization low (only carrying balances on two cards that have introductory rates but I do admit utilizing them at 30% is probably not the best idea).  

I just had some items removed which I think may have hurt my school, but still, it feels like my scores havent budged in 3 years!

[LS2982]

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@charyot77 wrote:

No the judgement isnt paid nor is the collection. I'm in the process of working with a lawyer to see if I can have the judgement vacated(?) for improper service so that I can have an easier time negoitating a settlement.  

The dofd for this account (the judgement and the chargeoff are both one in the same account) was 2005.  The judgement happened in 2010.  Otherwise my credit report is clean. I even keep utilization low (only carrying balances on two cards that have introductory rates but I do admit utilizing them at 30% is probably not the best idea).  

I just had some items removed which I think may have hurt my school, but still, it feels like my scores havent budged in 3 years!

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That new judgement is what it is. How much is the debt for??

[webhopper]

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@LS2982 wrote:

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@charyot77 wrote:

I've been coming to myfico for a while now.

Recently, after having some disputes done, I decided to order my official FICO score reports from Myfico.

I was a little surprised to see how low my scores were!

TU: 640

EQ: 660

I do have 2 big baddies: A Judgement from 2010, and a chargeoff collection for that same account (before it went into judgement).

I have 7 credit cards: Orchard Bank (2) Captial One (2), US Bank Secured, Barclays Trvly AMEX, Merrick Hooters and have only had one late (not even 30 days, just 2 days late because of a billing error).  
 

I started using credit again in 2007, so I was just under the impression that having a pretty much flawless payment history with all of my new accounts would have me with a higher FICO score.  Not 700s, but at least easily above 660.

I'm not sure what to do! 

According to my credit reports, the chargeoff is suppossed to fall off this summer, but I feel that a chargeoff that old should have less of an impact on my score as much as it will be a red mark on my report (like inquiries after the first year).

Any advice? It seems like so many people on here have dramatic results after getting their secured cards. I keep hearing of people going from dismal scores to getting AMEX approvals in a year. I've been at this for 5 years!

---

I'd imagine the 2 yr old Judgement is killing your scores bigtime. Unfortunately time can only heal that. Is it paid? The collection account is how old?

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The judgement will continue to haunt your scores until it falls off....  My judgement was in 2007, its due to fall off in 2013.  I experienced a huge jump when the account that originally led to the judgement fell off.   My TU is 707 and my EQ stays around 700...  I've had perfect payment history since 2007... My scores started improving after I got the mortgage in 2008, but my scores will be stuck where they are for at least the next 18 months

[CreditCrusader]

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@webhopper wrote:

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@LS2982 wrote:

---

@charyot77 wrote:

I've been coming to myfico for a while now.

Recently, after having some disputes done, I decided to order my official FICO score reports from Myfico.

I was a little surprised to see how low my scores were!

TU: 640

EQ: 660

I do have 2 big baddies: A Judgement from 2010, and a chargeoff collection for that same account (before it went into judgement).

I have 7 credit cards: Orchard Bank (2) Captial One (2), US Bank Secured, Barclays Trvly AMEX, Merrick Hooters and have only had one late (not even 30 days, just 2 days late because of a billing error).  
 

I started using credit again in 2007, so I was just under the impression that having a pretty much flawless payment history with all of my new accounts would have me with a higher FICO score.  Not 700s, but at least easily above 660.

I'm not sure what to do! 

According to my credit reports, the chargeoff is suppossed to fall off this summer, but I feel that a chargeoff that old should have less of an impact on my score as much as it will be a red mark on my report (like inquiries after the first year).

Any advice? It seems like so many people on here have dramatic results after getting their secured cards. I keep hearing of people going from dismal scores to getting AMEX approvals in a year. I've been at this for 5 years!

---

I'd imagine the 2 yr old Judgement is killing your scores bigtime. Unfortunately time can only heal that. Is it paid? The collection account is how old?

---

The judgement will continue to haunt your scores until it falls off....  My judgement was in 2007, its due to fall off in 2013.  I experienced a huge jump when the account that originally led to the judgement fell off.   My TU is 707 and my EQ stays around 700...  I've had perfect payment history since 2007... My scores started improving after I got the mortgage in 2008, but my scores will be stuck where they are for at least the next 18 months

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+1...the judgment is killing your score (I have a BK 7 from 2010...perfect everything else...AAoA 8+ years...and look at my scores)

[charyot77]

Thanks guys for the input! 

The judgement is for $4800 (after the collection agency added in their fees).  It's BOA playing hardball. 

[Anonymous]

Was it SOL when they got judgement?  Funny thing is that it might be SOL now if you can get judgement vacated.  Look at Section 811 of FDCPA.  Not sure how it works if original judgement gets vacated in terms of SOL.  If you are over the SOL, probably better to just wait for charge off to fall off and keep your money (assuming you can get judgement vacated).

[Anonymous]

BTW, go ask for good will removal on that late payment reporting.  If it was billing error and only a couple of days, I find lenders to be considerate.

[charyot77]

Is SOL started from first deliquency or the date of the charge off?

The DOFD was in 2005 so if that's the case SOL should have been over by last summer (SOL is 6 years for my state).  This would be great. I was considering settling but now I can use that money elsewhere.