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Best guess at possible new Fico score?


nutinbutdabluz
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I checked my Fico / Equifax score for the first time ever about three-four weeks ago and was bummed to see the 600 score. What it was based on was 14 accounts in good standing and a relatively long credit history for the positive points, and 6 derogs for the negative- which consisted of a couple of 30 day and 60 day late pays on an MBNA Platinum card, a close to 6 yr. old CFNA CC $405.00 charge off (zero'd out balance), a current ATT $7.00 chargeoff w/ $224.00 balance(Fico indicated this was affecting score the most as far as derogs), a 60 day late Target CC account (closed by consumer), a Visa Gold credit card with two 30 day lates in '98, and a GMAC new car purchase account that showed two 60 days late which was being reported as two different accounts - one in good standing and the one with 60 days late pays.

Since then I have disputed the late pays, have negotiated a significant reduction in a settlement of the MBNA account that will show paid as agreed 0 balance next month, paid the ATT in return for deletion this month, the GMAC account that showed late was deleted and the other one remained, the Target card changed to a pays as agreed -never late, and I'm working out a deletion for payment in full (couldn't get it otherwise) with CFNA. The current report then has seen a reduction to 4 negative acounts, and an increase to 15 positive acounts. As soon as the two chargeoffs are deleted I'll only have the MBNA card showing any serious delinquency, but which will be shown as paid as agreed with good recent pay history (2 yrs worth, late before that).

I wonder if that will make the MBNA a positive if it's paid as agreed and 0 balance? Does anyone care to venture what effect all this will have on my credit score? I'd hate to have done all this and then have a lower score, but I hear that can happen :? One more thing, I have two positive accounts that show "too new to rate", but that are years old. They were for vehicle loans that I paid back in inside of two months or so. Even though they didn't generate a history to evaluate are these given much weight in my score as far as anyone might know?

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What will make it a true positive is if they remove the late pay history (especially if they are recent). Updating to "paid as agreed" with a $0 balance is different from "paid as agreed / never late" with a $0 balance.

Again, the effects on FICO are lessened the older the lates are (believe it's 2 years), but if your goal is a spotless report, the past negatives have to be deleted as well.

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Again, the effects on FICO are lessened the older the lates are (believe it's 2 years), but if your goal is a spotless report, the past negatives have to be deleted as well.

The most recent of the 60 dl's is 5 / 2000 with on time pays after that to the present. I had previously worked out an internal debt reduction plan with them that would show my account as 'open - pays as agreed', but internally the account is closed for further purchases as I requested. Then they recently asked me if I wanted to just settle the account and made a very fair settlement offer to be made in three payments. In general I have to say they have been very good to me over the years. At least they try to work with me. I don't know if anyone has had a bad experience with them, but I can't complain.

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Getting a CO removed from my EQ caused my fako to go up 59 points. Adding an Inq caused my TU to go down 3 pts... for whatever its worth.

J

I hope I get double that for removing two then! :) . I hope to recover the money I'm paying now to get these things cleared up from lower insurance premiums. Due to the prevalence of credit scoring use in underwriting, I was sorta forced to deal with the credit situation. :(

Speaking of insurance, I heard that many insurers use TU reports for underwriting. Those idiots placed two insurance inquiries as hard inquiries. I called my insurance company and they said their policy is to not generate any hard inquiries, but that I have to dispute it with TU because they need a dispute on file to change the inquiry. Problem is you can never get them to answer the phone and their online dispute doesn't specifically allow for 'inquiry' disputes. What I ended up doing is writing in the account name and then under account # I indicated 'none'. I then used the 'other' selection and wrote in my dispute. Hope that works. I'm not sure what the other insurer's policy is on inquiries, but if they don't change it I'll need some tips on what I can go after them for. Thanks for the input! :)

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