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ccprof

What Can I Expect To Happen With My Scores..?

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I currently have no FICO score and I just applied for 2 secured cards- OpenSky (received) and Capital One (in the mail).

 

I have a few 5+ yr old collections on my credit report, about 17 inquiries (mostly older), about 1 student loan that appears to be 2 different ones, and not much else.

 

After what kind of activity with my 2 new cards (I have no other cards or open credit accounts- the last time I had a real credit card was about 20 years ago and because I didn't know what I was doing, I had it closed out after paying it off) can I expect my score to begin to increase? How much of an increase? Over what time period can I expect my score to change?

 

Thanks in advance!

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As long as you have collections reporting, your FICO scores are going to be seriously impacted.

 

Even though you can't always expect a sizable score increase when taking every positive step forward, you are absolutely doing the right thing by building a portfolio of positive accounts NOW, so when your last CO drops you have some age and depth to your files.  

 

Your potential on FICO 8 with old COs reporting is probably mid-6s, maybe a bit more.  Your goals for the next two years until the COs drop is to methodically get to 5 of the best revolving accounts you can get, and continue to work on the COs.

 

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3 hours ago, cv91915 said:

As long as you have collections reporting, your FICO scores are going to be seriously impacted.

 

Even though you can't always expect a sizable score increase when taking every positive step forward, you are absolutely doing the right thing by building a portfolio of positive accounts NOW, so when your last CO drops you have some age and depth to your files.  

 

Your potential on FICO 8 with old COs reporting is probably mid-6s, maybe a bit more.  Your goals for the next two years until the COs drop is to methodically get to 5 of the best revolving accounts you can get, and continue to work on the COs.

 

I should add that once you have at least one TL reporting for 6 months you should have a FICO score.  I would expect low 6s, but it's hard to say.

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On 2/21/2019 at 3:17 AM, cv91915 said:

I should add that once you have at least one TL reporting for 6 months you should have a FICO score.  I would expect low 6s, but it's hard to say.

You're awesome- thanks for the info!!

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On 2/20/2019 at 6:44 PM, ccprof said:

I currently have no FICO score and I just applied for 2 secured cards- OpenSky (received) and Capital One (in the mail).

 

I have a few 5+ yr old collections on my credit report, about 17 inquiries (mostly older), about 1 student loan that appears to be 2 different ones, and not much else.

 

After what kind of activity with my 2 new cards (I have no other cards or open credit accounts- the last time I had a real credit card was about 20 years ago and because I didn't know what I was doing, I had it closed out after paying it off) can I expect my score to begin to increase? How much of an increase? Over what time period can I expect my score to change?

 

Thanks in advance!

I forgot to add that I have less than $3000 in debt owed for these negative accounts. Thanks!

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On 2/21/2019 at 1:45 AM, cv91915 said:

As long as you have collections reporting, your FICO scores are going to be seriously impacted.

 

Even though you can't always expect a sizable score increase when taking every positive step forward, you are absolutely doing the right thing by building a portfolio of positive accounts NOW, so when your last CO drops you have some age and depth to your files.  

 

Your potential on FICO 8 with old COs reporting is probably mid-6s, maybe a bit more.  Your goals for the next two years until the COs drop is to methodically get to 5 of the best revolving accounts you can get, and continue to work on the COs.

 

I have a 3-year-old collection reporting (gross) on EQ and TU and my scores with them are actually in the 690's.  (However, I have a fat file with piles of positive stuff in it.*)

 

 

 

 

* not gross

 

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