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Moving on after 155 increase...

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After netting a 155 pt increase in 4 months, I had to really think about what steps were next and what I wanted to achieve. My major goal is to purchase a home in summer 2015 and in order to do so, I have to plan on handling these last negatives, as well as increase score higher, which will come with time.


I have a collection that was just settled, not with a PFD that I am sure I can get off by end of April. The bad thing I did after my 155 point increase was immediately app with NFCU hoping they would give me an unsecured card, to add to the secured card that I have with them already. 3-5 business day response turned into a DECLINED same day. They cited a collection being filed (this particular company added collection on report in Oct or Nov), delinquent past or present credit obligations with others (CO student loans to to the tune of 30k), derogatory public record (which I have NONE), number of inquires (12 now... gotta B* TU), and number of accounts with delinquency.


It was a wake up call, after a wake up call, because even after making it to 622 I still have a number of things to do to improve credit, i.e. Getting this last collection removed and try to get negative marks off of student loans, then move on to charged off cards.


I app'd for DCU so hopefully I can join the ranks of their membership and get another secured card through them and try to build up revolving portfolio which consist of two cards right now.

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Just a to let you know that paying off your collection account wont increase your score at all. The inquires on your credit report stays on for 2 years. Ideally you want 4 or less in two years. You would need to pay off the collection accounts to purchase a house. A more realistic goal for a home purchase would be in the summer of 2016 unless those inquires are over a year old. Getting a secured card would be good. I went a different route a few years ago. I got a Credit one card instead. The annual fee sucks but it is billed onto your card every month. They have increase offers but you have to pay a fee for the increase which sucks too. I went from have 601 last May to 740 now. With a mixture of things that inproved my score. Old things feel off my report, I also lower my utilization below 30%.

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The inquires on your credit report stays on for 2 years.


Or do they...

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