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Help with understanding score raising

Established Member

Help with understanding score raising

My wife and I are attempting to buy a home and she ran he MYFICO score and it came out to be a 572. Now she only has 5 marks on her credit report, 2 being badies. She has an old cell phone in collections for 2 years, and 2 30 day lates on her car from 2 years ago. The other thing she has is a capitalone credit card with a $750 CL at $706.

My question is if we pay off her Cap one and settle her old cell phone bill with a PFD how high could her score potentially change?



Thanks in advance!!!

Message 1 of 4
Frequent Contributor

Re: Help with understanding score raising

Is the cap one an open active card? If so, that balance is MURDERING her score. Utilization is 30% (or is it 35?) of your score. I went from a 565 mid in may with around 90% util and sit at a 637 mid at around transuion alone went up about 85pts from dropping the balances. If you can get a PFD for that collection and try to goodwill those lates away, that'll help too.



Any formatting mistakes are my iPads fault!

Starting Score: 492 02/12
Current Score: TU: 668 (FICO), EQ: 668 (FICO). EX: 651(lender pull 9/27/12)
Goal Score: 660

Message 2 of 4
Established Member

Re: Help with understanding score raising

thanks JPersat.
Yeah the capitalone is a open card and is revolving in good standing. I tried about 3 goodwills for the 30 day lates on the car loan and no luck they keep sending me a letter back stating it is there practice to report all accurate information, or something along those lines.
Message 3 of 4
Valued Contributor

Re: Help with understanding score raising

At this point the collection is keeping you in the derogatory scoring buckets. If it is your only major derogatory, it will gradually hurt less but will still have substantial effect until it drops off at 7-7.5 years.


The two 30 day lates have almost no effect at this point.


The maxed out CapOne is hurting you quite a bit. Pay it down so it reports almost nothing and see what you can get. It could be worth 30-70 points as a guess.

Message 4 of 4