FICOGrowth

42 Contributions 30 People Helped Top Contributor

Member Since: February 2016

Most Helpful Contribution

How long does closed accounts stay on report?

Apr 23, 2016
Helpful to 14 out of 17 people

Paying off the balances is always a good idea, but closing the credit accounts could present a problem. For one,it might signal distress to a future lender. The immediate impact could crush your score, but you have eliminated any good utilization rates. Sometimes paying them down and keeping them open is a good thing. Sometimes its not. Be careful.

Activity (42 Total Contributions)

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Indigo® Platinum Mastercard®

Apr 06, 2019
Helpful to 6 out of 6 people

Why get an attorney for a card with a $300 limit?

How long does closed accounts stay on report?

Apr 23, 2016
Helpful to 14 out of 17 people

Paying off the balances is always a good idea, but closing the credit accounts could present a problem. For one,it might signal distress to a future lender. The immediate impact could crush your score, but you have eliminated any good utilization rates. Sometimes paying them down and keeping them open is a good thing. Sometimes its not. Be careful.

credit scores vs credit karma scores

Jun 21, 2017
Helpful to 2 out of 2 people

Use Credit Karma for education.  MyFICO gives you athentic FICO scores.  All versions (FICO 4, 8, 9 ..)

Score fluctuating after collection items removed?

Jul 06, 2017
Try "Pay For Delete"
Helpful to 1 out of 1 people

Start with smaller balances. Contact collection agency and offer "pay for delete".  You agree to pay all or a portion, in exchange for them agreeing to delete the item from the report. (ask if you can get the agreement in writing). There is no guarantee, but for now it is important to at least get these things paid.  Disputing collection items may never be the end, especially if the balance was never paid; they may get removed, but could reappear.  Also, invest in a MyFico membership so that you can view your true credit scores (FICO). Credit Karma scores might serve somewhat as a proxy for FICO, but that is pushing it a little.. the education tools on CK are great. You're young so get this stuff fixed now so you won't have collections hanging over your head years down the road..  good luck!

Raising credit score

Jun 24, 2017
Helpful to 1 out of 1 people

I am not sure they will send a partial payment back. My thinking is that they will process it and update the balance. They may in violation of credit laws. Try sending them something and see what happens.

What does it mean when a collections account has been removed?

Jun 24, 2017
Helpful to 1 out of 1 people

You may have an argument to have it permanently deleted if they sent you confirmation that it would be deleted if the balance has been satisfied. I have heard that people who use repair agencies get items removed (e.g., collection) that were paid, but they show up again.  I am not sure what the law says around this but if it is a recurring issue, it may be a trigger to (a) work directly with the creditor/collectiion agency because they have to verify the info or (b) retain an atty.  it depends on how involve you want to get .

raising my score

Jun 24, 2017
Helpful to 1 out of 1 people

These are good points, but I would be interested in knowing how a mortgage lender might view the "fraction settlement". The score has gone up, I get it, but you still did not pay your entire debt that you were obligated to pay.  Some, if not all 3, of the CBs have a notation "paid off in a settlement".  Can you talk about if a potential lender would care or not if an item was paid in full or for a fraction of the balance owed? Thanks.

The Amex EveryDay® Credit Card from American Express

Sep 02, 2016
Helpful to 1 out of 1 people

CK cleverly uses Vantage scores which give higher scores and mislead users into apply for cards. Somewhere on the sight I saw that CK discloses they are compensated when we apply for the cards, but there is an inherit conflict. Just because you disclose it, doesn't make it ethical. And it seems a bit shady. Pay the fee and get your score (FICO) before applying. Good luck.

how can i increase my credit 100-150 points within a few months

May 20, 2016
Helpful to 1 out of 1 people

What is your utilization on the secured card?  If you are maxing out the secured card, that is hurting your score. (30% of your score is based on utilization).  The good news is if you are in fact maxing it out, and get it down to 10%, you should see an increase in your score. I hate to recommend another card/s because of inquiries - or, hard inquiry pull which affects your score - but lenders want to see more positive history etc.  This forum has a wealth of information, and they are tons of people who are more qualified than me to answer here.  My uitilzation is at 14%. Three months ago, it was around 35%. My scores have jumped over 50 pts.  Good luck.

Indigo® Platinum Mastercard®

Apr 06, 2019

I would use this card for automatic monthly charges to build positive activity/payments etc. These cards almost invariably will embarrass you at a register.
If you're going to use them, have a back up card available; debit.

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