Jump to content

Please consider disabling your adblocker for CreditBoards if you have not already done so.  This site depends on advertising revenue to stay online.


Sign in to follow this  

What do I need to do to increase Fico scores. Advice please!

Recommended Posts

Hello, everyone. I need advice on how to increase my Fico score. My current Fico score I get monthly from Experian is currently 563. My goal is to increase it by 100 points or better.

 

Here's a look at my current credit report on all 3 credit reporting agencies. The credit reporting look the same on all 3(Experian, Transunion and Equifax)

 

I have only 2 open credit cards

1. Capital One MasterCard-$1, 500 credit limit with a $1,289 balance 

 

2. Care Credit- $1, 400 credit limit with a $960 balance 

 

I have 16 late payments between 2018 and 2019 from these 2 open accounts. Some 30 day, 60 days, 90 days, 120 days

 

I haven't been late or missed payments for nearly 10 months now. Both accounts are on auto pay.

 

I have one Portfolio Recovery Associates collection account for $3,145..I'm on a settlement payment plan and PRA will delete it after my last payment. I expect to make the last payment within the next 4-5 months 

 

I have 7 closed accounts all but 3 were paid in full and closed at my request more than 6 years ago. The other 3 accounts are recent charge off accounts from 2019 that are now paid after completing a settlement plan. 

 

Where do I need to start or what do I need to do to increase my Fico score by 100 plus points.

 

Thank you in advance.

Share this post


Link to post
Share on other sites

The remaining CO with PRA is probably hurting you the most. You should see a big boost in your scores once it is paid off, especially if they follow through on their agreement to delete the account at that point.

 

The other three recent charge offs will continue to weigh down your scores until they all fall off, which unfortunately sounds like it will be another 6 years from now.  The late payments are also recent and dragging down your scores, especially those over 30 days.  Not much you can do about these factors except to let them age off your credit reports.

 

In the meantime, everything else you're doing is good -- keep up the on-time payments, and finish paying off that remaining charge-off.  Maybe gradually add some new accounts and ask for CLIs on the existing accounts over time as your credit scores improve.

Share this post


Link to post
Share on other sites
16 hours ago, Burdell said:

The remaining CO with PRA is probably hurting you the most. You should see a big boost in your scores once it is paid off, especially if they follow through on their agreement to delete the account at that point.

Sadly that's unlikely. Even if they delete it, the sheer volume of serious delinquencies will prevent any significant score increase. It could actually cause no change whatsoever. If they don't delete it, but just mark it paid, it actually could cause a score decrease. 

Share this post


Link to post
Share on other sites
1 hour ago, shifter said:

Sadly that's unlikely. Even if they delete it, the sheer volume of serious delinquencies will prevent any significant score increase. It could actually cause no change whatsoever. If they don't delete it, but just mark it paid, it actually could cause a score decrease. 

You could be right.  That's a fair number of delinquencies, they are recent, and some of them are pretty serious - more than 30 days. I don't really know to what extent their impact might wane over time as they age. But even one charge-off can weigh down a score significantly for the whole 7 years until it is deleted.

Share this post


Link to post
Share on other sites

Having only two cards and having BOTH of them, not only with balances, but being so close to maxed is easily costing you 75-100 points.  Get those under thirty percent and preferably one with a zero balance, and you SHOULD see a substantial hike.  Also check to be sure you are actually getting a FAIR ISAAC score.  If it is Vantage or any other crapola, then pay it no heed.  And yes, Experian HAS been known to peddle crap...

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Similar Content

    • By ON-MY_way
      I had a NFCU cc of $25,xxx (25k) charged off in Dec. 2018.   During my small business startup and struggles I tried my best to stay afloat.  I managed to keep my  NFCU auto loan ($31k, balance $5,000, never miss/late payment) and NFCU cc ( $3000 never miss/late payment) current.  
       
      My Equifax lists:
      12/2018 Charged off account
      Date of Last Payment Aug 01, 2020 (I made NO PAYMENTS or arrangements since CO.  I keep little money (under $100 in my checking savings.  Low and behold In August 2020 I see a 'DR Adjustment' of $1000 from my checking.  After investigating I learned that a commercial account deposit I had in 2016 was credited back to me and the acct they had on file was NFCU and they snatched the grand and sent me a letter 'thanking me' for my payment of $1000.  
      My state is NC, does this now effect my SOL?   Is this legal for NFCU to take money from your checking account and update the CRA as you've made a payment when I did not initiate it?
       
      After this eye-opening moment, I did some research and it's my guess that NFCU loan terms have 'cross-collateralization' verbiage.  
      When my NFCU auto loan is paid in full, will they send me the title or 'hold' it until the CO is paid off or settled for agreed amount?  If I settle at a percentage of CO before auto loan is paid, will I get the title once auto loan is zero balance?
       
      I reached out to NFCU collections and got an offer to settle the co acct for $4000, so including the $1000 they already debited, that 20% of the charged off amount to stop the collection process.  I'm assuming even with all the lawsuits NFCU has been a part of since 2016 to present, PFD is not an option on the table as a counter offer.  I have the means to pay $4,000 to them within 10 days, besides my CRA showing 'paid, settled for less', how will this effect my credit and score?

      I know the general opinion on CB is that NFCU is GREAT and one should try to stay in their good graces, but it seems things there have changed for the downhill since 2017 and with a recent whistleblower lawsuit concerning their mortgage underwriting practices... their home loans advantage could also suffer in the near future.  Personally at this stage, I'm not '$25k-in-love' with NFCU, but if you can offer reasons to sway my judgment, it will be enlightening.   
      All in all, I'm seeking advice to get my title once the vehicle is paid off and maintaining the 'most amicable' relationship with NFCU going forward holding a single credit card, checking, and saving accts.  
       
    • By Toast73
      So I disputed (or so I thought I disputed) addresses off the Big 4. TU removed all addresses except for my current. EQ has my current and another non-BK address. EX won't budge.
       
      All bureaus froze. Microbilt, LexisNexis, SageStream, Chex, you name it. 
       
      Try to get full verification of the bankruptcy on my file, thinking the whole Trial Rule 1005 thing would help me (this rule makes only the last 4 of your social, full name and addy public-facing).
       
      No dice.
       
      This was the response L/N fed me, including a few notes in RED.
       
      Please critique, tell me I have no chance for removal, something....
       
       
    • By invisible
      Basically, below are the baddies on my reports. I know I can't do much for the lates, but I'm hoping I can work on the other ones. I’ve been lurking and researching, but not sure what to start with. Any help is appreciated.
       
      Equifax
       
      Lates:   Auto loan – 10x in past 2 yrs.
                  8 Navient Accounts – 7x in past 2yrs. (although was in forbearance)
                  2 Utah Higher Edu Accounts – 6x in past 2 yrs. (must verify if was in forbearance or deferment)
                  1 ACS Group Account – Sold in 2016, shows as closed and current status of 120 days past due.
       
      Charge Offs:    Cap One #1 = $1850 from Apr 2020, but shows as open and 120+ past due
                              UM Old Balance from 2012 – $8k
       
       Experian
       
      Lates:   Auto loan – 14x in past 2 yrs. Status says: Now paying/was a charge-off
                  8 Navient Accounts – 7x in past 2yrs. (although was in forbearance)
                  2 Utah Higher Edu Accounts – 6x in past 2 yrs. (must verify if was in forbearance or deferment)
                  1 ACS Group Account – Sold in 2016, shows as closed and current status of 120 days past due.
       
      Charge Offs:    Cap One #1 = $1850 from Apr 2020
                              Cap One #2 = $613 from Oct 2019
       
      Trans Union
       
      Lates:   Auto loan – 14x in past 2 yrs. (says C/O for Oct 2018)
                  8 Navient Accounts – 7x in past 2yrs. (although was in forbearance)
                  2 Utah Higher Edu Accounts – 6x in past 2 yrs. (must verify if was in forbearance or deferment)
                  1 ACS Group Account – Sold in 2016, shows as closed and current status of 120 days past due.
       
      Charge Offs:    Cap One #1 = $1850 from Apr 2020
                              Cap One #2 = $636 from Oct 2019
       
      Collections:     IC Systems (Charter Communications) = $167
       
       Auto loan: It was almost a repo. I paid past due the same day they set it out to be towed. I was 3 months behind. Why are they saying it was a charge off? What can I do?
      Student loans: I was in forbearance, but Navient says they no longer change credit reports. They sent me letter confirming forbearance for those months.
      Charge Offs: Since they are within past year, should I try to settle, pay in full, or wait a while?
    • By imar9418
      I have an AMEX charge off from 2017 its paid but I want it off my reports I've called them but the guy on the phone just kept saying nope can't take it off even if paid.
      I've even tried disputing them because they were reporting the wrong info but they just update with the right info. 
       
      I was able to get approved for a different AMEx card two months ago so I know I'm not blacklisted 
       
      I was wondering has anyone had any luck with something like this. 
    • By Toast73
      I am pretty proactive on MyFico, so I thought I'd come here and get a different perspective on credit repair.
       
      I have read through Why Chat's Credit Confusion, and it's pretty robust.
       
      But one question I have that I cannot see addressed (other than a vague NYT article) is why "opting-out" is the first step toward credit repair?
       
      I understand the dispute process, but can you actually force the creditors to stop reporting information to credit bureaus this way?



  • Member Statistics

    • Total Members
      179,424
    • Most Online
      2,046

    Newest Member
    Alltingz
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines