curiousgirl wrote:
I have used the tool on the website to see what specific scenarios would do to my score. It only gives you a single option at a time though.
I want to know, for example, if I paid my credit cards on time AND paid down $750 on an exisiting collection AND paid monthly payments on 3 other collections for 12 months what my score would look like.
Does anything like that exist?
Thanks!
Hi, curiousgirl, welcome to the forums!
Unfortunately, you don't get any FICO scoring improvement for paying your collections. Obviously, it's only right that we pay back our debts, but for scoring, the ding is for the fact that you have them at all, not that you owe X amount of money on them.
You can use the sim to see the effect of paying down your balances and therefore lowering util.
Click on "Frequently Requested Threads" in my siggy and scroll down to the section called "Example Letters," and then click the Pay for Delete (PFD) link. Ideally, you want to get the CA's (collection agencies) to agree in writing, on company letterhead, signed by someone with authority to removing the collection from your reports in exchange for your paying them.
If you want to see what your scores might look like with the collections gone, try the FICO Score Estimator (also in my siggy.) It's (even) less precise than the sims, but it might help with motivation to try the PFD's.
Good luck!
Seems like you should be able to achieve your goal of 700+ by this time next year. You've definitely come to the right place for help! And now I know where I can go to escape from FICO scoring: hang out with the bison in Yellowstone!
curiousgirl wrote:
Thanks to you and Barry. It seems just when you try to get your stuff cleaned up - things just come out of nowhere. It is my primary goal to get my scores (TU= 506 EQ=473) to over 700 by June 2011. I will check out the links and all the forums here.
I was fortunate last summer. I wrote to a creditor and got a collection knocked down from $4000 to $1008 AND got them to remove it from my report. I look forward to getting to a point that I don't need to worry about my scores. Sad that life - insurance costs, jobs, etc. are based on a number that is based on who we were and what we did or didn't do over the last 7 years. Crazy.
It was cool when I worked and lived in Yellowstone - the bison didn't care what my scores were. It was a nice escape from the harsh reality out there.
Thanks again!
Linda
