Maximizing my credit score

[TechieTechie]

Lordy, that $7.5k balance last month (already paid) killed me. I just went online to AMEX to check my Experian FICO, and it was 736 on August 22nd. Ouchie.

[tobettercredit]

Also, maybe its a dumb question, but I'm on a roll, so why not.

 

I have this stupid $76.00 collection on my CR, as noted below. All with the same account number (48xxx)....but the Odd thing is, the account number on the CR doesn't match my current account at National Grid (my current one starts with 49xxx) and the date opened date doesn't match when I bought the house or sold the condo (it's off my 2 years). Of course, I used to keep every single invoice that notated payment, going back 7 years (well, I did work in corporate finance). But I did a major purge this summer and threw out bags and bags of old invoices thinking why would I need them (duh!)...and my current bank account (going back 2 years) shows nothing in this amount (and a round figure seems an odd amount for a utility bill).

 

So, it's such a small amount I honestly don't care if it's valid or not, I just want it off my CR. Or, said another way, I'm happy to pay if it will go away.

 

Do I dispute, goodwill or PFD? (although I've read on myFICO that National Grid credit doesn't often do PFDs) Do I call National Grid credit to get info on the account (will this raise any red flags)?

 

Help and thanks

 

 

TransUnion: No Company name collection. Telephone number is NCO.

Account Name COLLECTION

Name unknown

PO BOX 17205

WILMINGTON, DE 19850

Account Type Collection services

Balance $76.00

Past Due $0.00

Date Opened 10/5/2012

Account Status

Mo. Payment $0.00

Payment Status

High Balance $0.00

Limit $0.00

 

Equifax:

TRANSWORLD SYSTEMS I

8772733495

PO BOX 17205

WILMINGTON, DE 19850

Unknown

Account Name TRANSWORLD SYSTEMS I

Account Type Other

Balance $76.00

Past Due $0.00

Date Opened 10/5/2012

Account Status

Mo. Payment $0.00

Payment Status Unpaid

High Balance $0.00

Limit $0.00

Terms

Comments

 

Experian:

NATIONAL GRID

Unknown

Account Name NATIONAL GRID

Account Type Other Collection Agencies

Balance $76.00

Past Due $76.00

Date Opened 10/1/2012

Account Status

Mo. Payment $0.00

Payment Status Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department

High Balance $0.00

Limit $0.00

Terms 1 Month

Comments

Is the account assigned to a CA? Is Trans World Systems a JDB or a CA?

You should not worry to much about this. Wait until you get the paper reports to tackle it.

I think you're ready to app for a few cards.

[nateinva]

Lordy, that $7.5k balance last month (already paid) killed me. I just went online to AMEX to check my Experian FICO, and it was 736 on August 22nd. Ouchie.

 

736 is NOT a bad EX 08 score at all considering the circumstances. You can reach your goals easily with a few tweaks here and there.

[TechieTechie]

Thanks Nate and ToBe! I've tried to be very, very diligent about my credit since I purchased the house (4 years ago)...I guess it's paid off

 

So I'm calling AMEX tomorrow to get the increase.

 

And I guess I'll wait until close to the EOM before apply for the new cards.

 

And I am a member of Digital Federal Credit Union (have a checking account, 1 open car loan and 2 PIF car loans with them)...plus, they are locally owned and operated, which I appreciate. I know their points aren't the best, but I'm debating whether I shouldn't have that for a non-FF points card...

 

Decisions, decisions....

[nateinva]

You can do the CLI request for Amex online just as easy as a phone call....under your account profile / credit management. Results are the same either way. You have some great patience.....I'd be all over it right now.

 

I joined DCU a while back and may look at an auto loan with them...shopping around soon. I did get their low APR Visa just to have it and of course no fee xfers to checking if quick cash is needed. They aren't a primary relationship though....just a line in the water if good offers come along.

 

Always decisions to be made......

[TechieTechie]

Nate, I just made a $4.5k payment today for AMEX..was afraid it wasn't posted yet to my account, and if I called, they could check it. Don't want any reason for a denial.

 

I really like DCU. Yes, their phone reps are crusty New Englanders and their website is a bit clunky, but I really like the flexibility of dropping into a branch (there is one in the next town), And their auto loan rates are really, really amazing. 3% maybe, on my last used car.

 

It's interesting, though...I am reading up on the SDFCU (think it's available since I'm former Peace Corps Volunteer) card on myFICO, and someone posted that some lenders won't touch you with an open collection on your docket. "Most lender's will decline if there's open collection accounts that are recent." Is this correct? Or only particular lenders more fussy than others? Was also looking at PSECU and NASA as well.

 

How have you learned SO much??? I've learned more in the last 8 hours than in years . Thank you for sharing all your wisdom...much appreciated.

Edited October 4, 2015 by TechieTechie

[nateinva]

Ha! Totally understand...I better zip it! You have a good plan for the Amex CLI.

 

DCU - in central VA we use the term Mass-holes (my uncle's a New Englander so we have fun with it).

 

SDFCU used to be wide open for everyone but Pennsylvania residency is a requirement now. I have no clue on collections....not my area of expertise by any stretch.

 

Everything I've learned I owe to this site....seriously. I started lurking here in July 2014, created an account a year ago and the rest is history. I find it all so very interesting and feel like a complete moron for not knowing more sooner. I would've made several different financial decisions in my life....at least been a lot more educated going into them.

 

You will learn so much here very quickly.....I'll never make another major financial decision in my life without consulting CB first. There are experts on every subject here. This little subforum is one of the most popular but there are experts in every major category you can think of.

[tobettercredit]

That collection of yours is nothing. It's insignificant. The worse the can say is to pay it . Most CU don't like CA especially when it's recent.

[hyschmied]

Just like Nate, I'm embarrassed at how little I knew a year ago. I can't believe that at 38 and have gotten 3 mortgages and probably 10 car loans and for the first time in my life I know my actual credit score. Da$& you Credit Karma. FICO theory and understanding real credit should be fought in high school.

[nateinva]

Just like Nate, I'm embarrassed at how little I knew a year ago. I can't believe that at 38 and have gotten 3 mortgages and probably 10 car loans and for the first time in my life I know my actual credit score. Da$& you Credit Karma. FICO theory and understanding real credit should be fought in high school.

 

You really want a credit fight club don't ya?

 

Yep - almost 37 here, two mortgages and about half as many auto loans but it really should be part of general education. I'd be much better off for it....at least we can teach our kids.

[TechieTechie]

Better....I'm fine with paying the dang thing if it gets off my CR....Who do I pay it to? There are 3 different reporting entities and I know nothing about the darn thing except that it's magically appeared. What the quickest, easiest way to make this go away (or at least neutralized).

Edited October 5, 2015 by TechieTechie

[tobettercredit]

Better....I'm fine with paying the dang thing if it gets off my CR....Who do I pay it to? There are 3 different reporting entities and I know nothing about the darn thing except that it's magically appeared. What the quickest, easiest way to make this go away (or at least neutralized).

well, this is why folks here advise getting your paper reports and doing triage, which is looking closely your reports, going through all the accounts with a fine teeth comb to look for discrepancies and errors which can then be seized as basis for different interventions (debt validation requests, Credit bureau disputes, ...)

 

Before disputing you have to know who is reporting, is it an original creditor, a collection agency or a JDB? The amount of debt and how recent it's been inserted on your report would also guide your choice of action.

 

It appears that you have almost zero repair to do compared to most of us here. In that sense you're lucky. So focus your energy on learning how to add quality cards on your profile by picking the minds of master credit builders like Mendel, Konrad, Russ and others.

 

As far as your CA/CO, find out who is trashing your reports and go after them in the most efficient way with the ultimate goal of cleaning their filth from your reports.

[hyschmied]

 

Just like Nate, I'm embarrassed at how little I knew a year ago. I can't believe that at 38 and have gotten 3 mortgages and probably 10 car loans and for the first time in my life I know my actual credit score. Da$& you Credit Karma. FICO theory and understanding real credit should be fought in high school.

You really want a credit fight club don't ya?

 

Yep - almost 37 here, two mortgages and about half as many auto loans but it really should be part of general education. I'd be much better off for it....at least we can teach our kids.

Oops. Lol. First rule of CreditBoards........

[DeterminedinNC]

Just like Nate, I'm embarrassed at how little I knew a year ago. I can't believe that at 38 and have gotten 3 mortgages and probably 10 car loans and for the first time in my life I know my actual credit score. Da$& you Credit Karma. FICO theory and understanding real credit should be fought in high school.

 

THIS!!! I was JUST having a conversation with my fiancé telling him if only I had been taught all this in high school!!! I had to learn the hard way and thankfully I found CB and now I'm getting a second chance!!! CB rocks!!

Edited October 5, 2015 by DeterminedinNC

[tobettercredit]

 

Just like Nate, I'm embarrassed at how little I knew a year ago. I can't believe that at 38 and have gotten 3 mortgages and probably 10 car loans and for the first time in my life I know my actual credit score. Da$& you Credit Karma. FICO theory and understanding real credit should be fought in high school.

 

THIS!!! I was JUST having a conversation with my fiancé telling him if only I had been taught all this in high school!!! I had to learn the hard way and thankfully I found CB and now I'm getting a second chance!!! CB rocks!!

 

I know some really smart folks, some with ivy league business and law degree who come here for credit knowledge. This is street/guerilla finance stuff. Real world finance.

[Imma make it rain trick]

 

 

Just like Nate, I'm embarrassed at how little I knew a year ago. I can't believe that at 38 and have gotten 3 mortgages and probably 10 car loans and for the first time in my life I know my actual credit score. Da$& you Credit Karma. FICO theory and understanding real credit should be fought in high school.

 

THIS!!! I was JUST having a conversation with my fiancé telling him if only I had been taught all this in high school!!! I had to learn the hard way and thankfully I found CB and now I'm getting a second chance!!! CB rocks!!

 

I know some really smart folks, some with ivy league business and law degree who come here for credit knowledge. This is street/guerilla finance stuff. Real world finance.

I actually think if everyone knew they'd make the game harder. Because it really is just a big game. I mean logically you would think that less accounts and all the excess credit lines would be a ripe recipe for, at some point, a disaster.

 

This board has helped a lot for me too. I now have a 33.5K credit line with Discover for no reason other than it boosts my FICO and it's my 2nd oldest account.