How realistic is it to get my score to 700 in a year?

[Misses_November]

My score is currently right at 600 for TU (I believe equifax maybe a 15-20 points lower).  I've paid of many credit cards recently that were included in Debt Management.  I have two more that I am still paying on (I no longer pay thru the debt management agency because they were bought out, and the current company doesn't except one time payments, I have to sign up for autodraft- which I don't like).  So I'm now paying directly thru the cc companies websites ( Capital One, and Credit One Bank), and I am paying more than the minimum.  Cap 1 balance is $1900, I try to pay $100/month.  Credit 1 balance is is $535, and I try to pay $75/month.  I also called both of these companies to see if I could redeem these accounts since I'm paying them directly, however they stated the accts have already been marked to be closed once balance is paid off because they were with debt managment (even though I'm not technically with debt mgmt anymore.)  I'm also paying off my car, which I owe $6750 on as of today.

I would like to buy another home next year, and it will have to be a conventional loan due to my current home being an fha.  How realistic is it for me to get my score up to 700 (or as close as possible) within a years time frame?  Any advice would be truly appreciated!!!

[Revelate]

I don't know what the penalty is on debt management programs: do you have any open credit cards currently?  If not, I'd get 2 ASAP if a year out from a mortgage: only issue is you may need to go the secured route and it doesn't sound like you have cash flow for that?  Perhaps ask Cap 1 if you can open a new account and see if they'll play ball on that even with your making the payments on the other?

Might be able to get a store card or two as well, or suck up the fees on something like a First Prem or Credit One, neither of which are good options if you can swing a year long minimum deposit on a better secured card.

I'd ask over in Rebuilding as to whether the DMP can be ameliorated or for what people's score experiences are at various time points beyond the initial entry.  At least you have history, in my case 3.5 years out from a tax lien, 60 day late, and a $150 paid collection, I still can't break 700 on a mortgage score unfortunately.  Is the mucho suck.

[Misses_November]

both Capital One and Crédit one told me they can not reopen the account once they have been closed due to debt management. I did reapply with capital one to see if I can open a new account, however they denied me stating that I had too many capital one accounts open. However there's only one account open with them at this time, as the other one has been paid off and closed.

[jamie123]

---

@Misses_November wrote:

both Capital One and Crédit one told me they can not reopen the account once they have been closed due to debt management. I did reapply with capital one to see if I can open a new account, however they denied me stating that I had too many capital one accounts open. However there's only one account open with them at this time, as the other one has been paid off and closed.

---

I hate to be a pessimist but for almost anyone to increase their scores by 80 to 100 points in a year is a HUGE undertaking that probably can't be done in most cases.

In your case I would probably start out by asking Cap1 and Credit One to delete those accounts once they are paid in full. As long as those and any other of the Debt Management accounts are on your reports they will be a drag on your scores. You still have leverage with Cap1 and Credit One because you still owe them money. Once they are paid off you lose your leverage.

As Revelate mentioned, you need to get some other good credit reporting as soon as possible. You need to find some way to get 3 credit cards reporting as soon as you can to help offset the baddies on your report.

700 in one year? Probably not.

700 in two years? Yes you can!

[Misses_November]

Thanks Jamie!  I appreciate the honesty!

[Misses_November]

BTW per Quizzle my Equifax score is 607.  Should I start applying for other credit now?   Also I wonder if since I'm technically disenrolling from the debt management company, if that language can be removed for my report.

[nycfico]

---

@Revelate wrote:

I don't know what the penalty is on debt management programs: do you have any open credit cards currently?  If not, I'd get 2 ASAP if a year out from a mortgage: only issue is you may need to go the secured route and it doesn't sound like you have cash flow for that?  Perhaps ask Cap 1 if you can open a new account and see if they'll play ball on that even with your making the payments on the other?

Might be able to get a store card or two as well, or suck up the fees on something like a First Prem or Credit One, neither of which are good options if you can swing a year long minimum deposit on a better secured card.

I'd ask over in Rebuilding as to whether the DMP can be ameliorated or for what people's score experiences are at various time points beyond the initial entry.  At least you have history, in my case 3.5 years out from a tax lien, 60 day late, and a $150 paid collection, I still can't break 700 on a mortgage score unfortunately.  Is the mucho suck.

---

the only baddies you have are a tax lien that is halfway to falling off, one 60 day late and a paid collection and you can't get to 700?  I've got a lot worse things than you and I'm at 635 on TU on here...