750 FICO may be possible!!!

[brokeinok]

Well, I just received an updated EX report in the mail. Still lots of baddies on it but I got to counting the "accounts in good standing" and I realized something. I have 25 accounts with 5+ years of history, good history, paid/never late, low balances and utilization history, some closed, some open....best of all most said they'd be on my report until 2010 or later.

So... my less than impressive knowledge of FICO scoring leads me to assume that if I am able to remove the two collections, goodwill the seven late/past due accounts and do something with the three charge offs then my FICO will skyrocket.

Any of you FICO gurus know?.... Am I assuming correctly?

[willingtocope]

if I am able to remove the two collections, goodwill the seven late/past due accounts and do something with the three charge offs then my FICO will skyrocket.

If, indeed, you're able to accomplish that...yep, your FICO will go up. You'll have to clean up all three reports, though...

[Amerikaner83]

Agreed.

You have a nice history, which is good. With no baddies - definately possible to be upwards of 700. But like WTC said - clean up all 3

[brokeinok]

I'm working up a new and improved "attack plan" this coming week (inspired by Lovebugs impressive and well-thought-out plan). I figured having this would be better than the shotgun approach. Focus where it'll have the most impact, you know?

This weekend however, I'm working on sorting receipts and such. The IRS is coming next week to "review" my 2005 return (as if I didn't have enough on my plate answering two summons and working three jobs). SIGH.....

So for a plan of attack, here is what I'm thinking:

Charge Off's First

Collections Second

Goodwill Third

But now that I think about it, maybe goodwill's first? That would put seven accounts from negative into the positive category leaving the couple of collections and three charge offs. That might be better?

[Amerikaner83]

howa about getting rid of the most recent stuff first? The recent baddies have a larger affect on your score.

[myscoresawful]

howa about getting rid of the most recent stuff first? The recent baddies have a larger affect on your score.

This is so true, and by the time you would get rid of these things, the olde ones might have had time to either fall off or be past the SOL and unless you're pressed to purchase a home or something, you can just let them set there, waiting to fall off soon and knowing they factor the least amount in your score now.