I realize that this is not a quick fix proposition, but i need to increase my score about 30-40 points by november. Where should i start. Charge-offs, collection accounts, or where?? Thanks mark
Re: Quickest way to increase score? Since the Fair Isaac Company doesn't release the "recipe" outright, you're going to have to depend upon opinions (which is what you're asking for, I realize). I just wanted to state that because I don't want to present my opinion to you as fact -- even though I believe what I'm about to say, lol. So... This is my opinion only, but I'm going to speak authoritatively as if I know with certainty. 1) The hands-down best way to improve your score quickly is to PAY DOWN YOUR OUTSTANDING CREDIT OBLIGATIONS (that is, if you have any outstanding obligations, of course). So, for example, if you owe $2,000 to Providian, and if you can do it, NOW would be the time to pay off that pecker entirely. The reason this works is because the debt-owed to debt-available ratio seriously impacts your score. To illustrate, if you have $10,000 total available to you across all your cards, but you only owe $50 total, your score may well be 25 or even 50 points higher (or more) than the guy who owes $9,500 on that same available amount. 2) At the same time you pay down your debts (if any and if possible) as described in Step 1, challenge any obviously and truly mistaken information on your reports. I'm not talking about challenging POSSIBLY-TRUE stuff quite yet (we get to that below). I'm referencing multiple names, incorrect Social Security Numbers, bad addresses, INDISPUTABLY duplicated accounts -- the stuff that any CRA customer service rep would look at and say, "Oh, yeah, that's obviously wrong" -- i.e., the stuff that probably won't require an argument. Sweep any obviously-wrong stuff away quickly, and in some cases that will raise your score, believe it or not. Finally, go ahead and challenge old expired addresses even if they're correct. You may be able to embrace everything described in this paragraph with a phone call to the CRAs. 3) Chargeoffs and collection accounts are the next culprit. (In fact, you may have no credit available and ONLY negative tradelines like these, in which case you would start here at step 3.) Attacking these requires a strategy, and it requires some learning. Finally, it requires time -- like probably one or more 30-day intervals per account. Of course you can attack these accounts concurrently rather than one at a time. Anyway, there are many ways to attack chargeoffs and collection accounts, ranging from various negotiation/settlement tactics to demands for validation. I would begin by researching validation and going that route, which will sweep away any debt that cannot be proven by creditors to be yours. Note that this step involves CREDITOR-DIRECT actions, rather than dealing with the credit bureaus quite yet. If a creditor provides rock-solid validation (which doesn't happen most of the time, by the way), you should move to a negotiation/settlement track, which would then be followed up by any number of credit repair techniques for paid chargeoffs which we have discussed at length on this board and others (including DanceRat's technique; the "Nutcase" letter series; Bill Bauer's "Knockout" letter; marci's "Goodwill" technique; and perhaps others). 4) You can even consider moving toward a litigation track rather than a settlement/negotiation track should the validation tactic fail. There's lots to learn regarding those methods, applicability of Federal laws (principally FDCPA and FCRA), etc., so I won't clutter this outline with a full discussion of that. 5) Finally, clearing your reports of late-pay and other notations would be your final step, and there are several methods used to tackle those -- both creditor-direct methods as well as direct disputes to the credit bureaus. It sounds like, though, you aren't quite ready to deal with minor dings just yet. Hope this helps some. Doc
Re: Quickest way to increase score? this is the post i have been looking for thanks doc! Doc, if I posted my credit report here could you just give me some quick tips? I am still unsure as to what dispute letters to use and how many I should challenge per letter per cycle? I would really appreciate it. I want to send the letter out but I am really hesitant at this time and the longer I wait the worse I am going to be in october/november when I try to get a mortgage.
Re: Quickest way to increase score? One other small thing that can be very significant. If you can't pay down your debt entirely, work toward having all your credit card accounts (I'm not talking about installment loans, just revolving accounts) with less than 50% utilization. We are most of the way through with our repair efforts, but recently an account showed a credit limit of $175 and a balance of $165. The day that reported, nothing else changed. We lost 16 points! One other thing to know, that particular account was with Capital One. Cap1 doesn't report your true credit limit, they only report the highest balance you've had as though it was the credit limit. If you have a Cap 1 account you may want to take a look at what they're reporting as your credit limit and make sure your balance is less than 50% of that amount. All the best! DemPooches
Re: Quickest way to increase score? Sure, but you'll also benefit from the collective wisdom of those who know far more than I as well. Go ahead and post 'em. Doc
Re: Quickest way to increase score? I knew that you guys would steer me in the right direction. Thanks a ton. mburris
Re: Quickest way to increase score? Just make sure you don't post identifiying info (names, ssn, address, account number, etc)
Re: Quickest way to increase score? DOC here it is THANKS!!!!!!!!!!!!! --------------my report---------------------------------- CR || Date Reported || Last Active || Status || Agency -- FFELP || 5/02 || 5/02 || Cur was 90 || TU/EF late dates 4/02 - 90 FFELP || 5/02 || 5/02 || Cur was 90 || TU/EF late dates 4/02 - 90 FFELP || 5/02 || 5/02 || Cur was 90 || TU/EF late dates 4/02 - 90 FFELP || 5/02 || 5/02 || Cur was 90 || TU/EF late dates 4/02 - 90 *above are 4 separate student loans -- Sallie Mae || 4/02 || 2/02 || Delq 90 || XP/EF Sallie Mae || 4/02 || 2/02 || Delq 90 || XP/EF Sallie Mae || 4/02 || 2/02 || Delq 90 || XP/EF Sallie Mae || 4/02 || 2/02 || Delq 90 || XP/EF *above are 4 separate student loans *i think sallie maes and the 3rd part posted *on my cr for the same dates -- Stdnt Ln mk || 10/99 || --/-- || PD was 90 || XP - Last Late 11/96 xfrd to another lndr or claim Stdnt Ln mk || 10/99 || --/-- || PD was 90 || XP - Last Late 11/96 xfrd to another lndr or claim Stdnt Ln mk || 10/99 || --/-- || PD was 90 || XP - Last Late 11/96 xfrd to another lndr or claim Stdnt Ln mk || 10/99 || --/-- || PD was 90 || XP - Last Late 11/96 xfrd to another lndr or claim *above are 4 separate student loans ---- LSCT || 10/99 || 4/98 || PD ws 90 || TU - Late Days 11/96-120, 10/96-90 xfrd to another lndr LSCT || 10/99 || 4/98 || PD ws 90 || TU - Late Days 11/96-120, 10/96-90 xfrd to another lndr LSCT || 10/99 || 4/98 || PD ws 90 || TU - Late Days 9/99-90, 11/96-120, 10/96-90 xfrd to another lndr LSCT || 10/99 || 4/98 || PD ws 90 || TU - Late Days 9/99-90, 11/96-120, 10/96-90 xfrd to another lndr *above are 4 separate student loans ---- Mobil || 12/97 || --/-- || Charge off || TU -- Gulfstate || 5/02 || 7/96 || collection || XP\TU/EF -- Medical || 5/02 || --/-- || collection || XP/TU/EF -- APS || 11/99 || 9/95 || charge off || TU/EF AZ public 4/02 12/95 charge off TU/EF *above aps ans az public are same company * same balance due, did they post it twice and changed the reporting agency name? -- collection cnt || 7/99 || --/-- || collection || XP --------------my wifes---------------------------------- CR || Date Reported || Last Active || Status || Agency -- AMEX || 5/02 || 4/96 || charge off || XP/EF -canceled by credit grantor AMEX || 5/02 || 7/96 || charge off || TU -canceled by credit grantor AMEX || 5/02 || 7/96 || charge off || XP/TU/EF -canceled by credit grantor *same account 2 are for sma total 1 is a lower total --- Chase || 1/96 || 1/96 || charge off || TU/EF - late dates 12/95-120, 11/95,120, 10/95-90 was included in BK not listed as in CR -- Broadway || 12/95 || 7/95 || charge off || TU was listed in BK not listed as in CR -- BOFA || 12/95 || 9/95 || charge off || TU -- Macy's || 3/99 || --/-- || BK || XP -- Robinson May || 5/02 || --/-- || BK || XP/EF -- Wells FRGO || 5/02 || --/-- || BK || XP/TU/EF -- XPRS || 11/01 || 10/95 || BK || XP/TU/EF -- CM || 12/98 || 11/95 || BK || XP/EF --------------Joint---------------------------------- CR || Date Reported || Last Active || Status || Agency Progressive || 2/99 || 6/98 || Paid Collect || XP * not sure why this is listed as joint
Re: Quickest way to increase score? I'd say the absolute quickest way to increase your score is to become an authorized user on someone else's credit card account. Your circumstances may be much different than mine, but I shot from a 657 to a 730 after becoming an AU on a 9 year old First USA account with a $12k limit. But if you don't have anyone willing to make you an AU, this is a moot point.
Re: Quickest way to increase score? Matt's idea regarding AU accounts is great! I'd hate to see that get buried here. Super tip. gr8design: Here are my thoughts regarding your and your wife's reports. 1) First, I notice that you were 90 days late as recently as April. This tells me (since I don't know you, lol) that there's a possibility that you aren't quite yet committed to paying your bills on time. If I'm wrong, that's SUPER (I hope I am wrong of course), in which case I hope you'll chalk it up to a total stranger striving to give the best advice and then ignore this point altogether. On the other hand, if there's even the slightest chance that you or your wife may go late with your accounts in the near future, consider that the best credit repair tactic is to stop incurring new negative tradelines. (Sounds like credit bureau propaganda, I realize, but it's really true, lol.) 2) Those FFELP and Sallie Mae student loans late pays are pretty recent (this year), so dealing with those directly with the creditors may be tough. I would start by simply disputing them as never late with the CRAs and see if at least a few get removed. Since they're so new, don't be surprised if they're verified pretty easily. 3) The Stdnt Ln mk and LSCT student loans are a different situation. They're older (1999), and they're paid off! The paid status is a good thing because -- given their age -- they may be "old and cold" and not easily verified (we hope). I would attack these two ways. I had success using the nutcase letter with fully-paid PHEAA student loans. Your mileage may vary, but I would give that a shot. (Search the board for keywords "nutcase rationale doc" to find the relevant links.) At the same time, I would dispute the items as never late with the CRAs. 4) I would request validation from your chargeoff and collection accounts. (That's me. Your priorities may be different, because it is possible to awaken the sleeping giant and find yourself being asked for money from people you never thought you'd deal with again. My feeling is that it's likely you will hear from either the OC or multiple CAs in the long run, so I would go ahead and request validation to, essentially, lance that zit before it erupts -- sorry, lol.) The accounts for which I would initiate formal validation requests are: Mobil, Gulfstate, Medical, APS & AZ public (I realize they're the same account but different CAs -- request validation from both), and collection cnt. After you request validation, I would check your credit files to see if each CA posts a dispute notice on the associated CRA reports -- if they don't, then they have violated FDCPA, and you have the beginning of a paper trail for a nifty small claims lawsuit (or at least an intent-to-file letter that has teeth). As for your wife's reports: 1) Request validation from AMEX, Chase, Broadway, and BOFA. Go with a straight validation/estoppel sequence with each of them. Remember to keep an eye out for FDCPA violations for each creditor, both with respect to how they handle themselves with you as well as whether they place "in dispute" remarks on your credit bureau reports. If you catch them in violations, I would prepare scary intent-to-sue letters. You may even follow up with small claims lawsuits. 2) The five accounts which were included in BK should be disputed as inaccurate -- Macy's, Robinson, Wells FRGO, XPRS, and CM. Seek advice from those who have successfully disputed BK accounts. (Sorry, not my expertise... hopefully somebody will comment... if not, begin a new clearly-titled thread regarding this.) I hope this helps you some. Keep in mind that others may have better advice and/or other takes on approaching your situation, so remain open to all comers. Keep us posted!!! Doc
Re: Quickest way to increase score? Doc I thank you very much. I appreciate the time you took to helpe me out. I hope that one day I can return the kindness and help teach someone on this board. I did forget to post one other thing. A Repossesion from ford motor company [OC] date reported: 9/96 last activity 9/96 status: reposess This was sent to a CA that I was paying off then couldnt make the payments anymore and it was sent to the DA's office who garnished my wages, then I xfrd jobs after I paid a large portion of the bill and they stopped garnishing my wages. I am not sure if there is any balance left...what do you think...i dont mind paying the balance f=from the da if there is any left, but I do want it removed from the CR.
Re: Quickest way to increase score? that there's a possibility that you aren't quite yet committed to paying your bills on time. PsychDoc ============== Another is Creditors aren't committed to posting payments on time and the Post Offices aren't committed to delivering the mail in a timely fashion.
Re: Quickest way to increase score? YEah, in my case...Those recent student loans were supposed to be in forbearance. I am going to try talking to them over the phone to see if they can correct it... Does anyone have any insight on my repo from 96?
Re: Quickest way to increase score? Just wanted to give this thread a bump. I think PyschDoc's initial response is great! It's helped me!
