My last derogs: EX (current score 572)- two charge off cc's (charged off 4 years ago, paid) two medical collections (one paid, other soon to be) one 30-day late EQ (current score 624)- one charge off cc (charged off 4 years ago, paid) two medical collections (one paid, other soon to be) TU-(current score 581)- one judgment (paid) one medical collection (unpaid, will soon be paid) How much of a score increase can I expect once these are gone? My current/open accounts are all over a year old. Utilization is high though.
Utilization is a big score killer. I did a FICO score simulator and by paying off 2k in debt my score would shoot up about 80 points.
i have to agree... the biggest increase for you right now will come from paying your bills down so that you are utilizing less than 10% (to get the best score)... as your negative accounts get older and older, they seem to count less toward the score (though they still count) but i'm sure you will see a dramatic point jump once you get those removed. however, it would be good if you also have older accounts that are in good standing... credit history is also part of the point count so if you erase all of your bad history (and all you had was bad history to show history), this may also negatively impact you... BOTTOM LINE--- pay off your current debt and keep it below AT LEAST 25% utilization (10% better), and THEN work on the old debts (a charge-off of four years ago should probably be removed without too much hassle---usually they don't keep records that long--that's how mine was removed).
