How will these actions affect my credit scores?

[MrSpock]

Just got my FICO scores yesterday... they are:

TU: 620

EQ: 627

EX: 644

One of my bigger hits is my utilization (approx 56%).  If I can drop that to less than 10%, it looks like my scores will improve by almost 50 pts.  I also have about 4 late payments in the last 2 years, though it looks like most of these will drop off in about 6-10 months.

My main question is regarding two collections which I think I can get removed as the DOFD is prior to 2000.  If I can get these removed, how much will my score improve by?  These are both listed as serious delinquincies, so once gone, I will only have 1 serious delenquincy left on my report.

Finally, all of my CR's show a large number of Inquiries that were for 1 car loan and 1 mortgage loan.  In both cases our our credit was shopped around by the salesperson to find us the best rate.  I thought that these should only count as 1 inquiry each.  Am I missing something?

Thanks!

[Tuscani]

No one can tell you how much any certain event will fluctuate your scores. The important thing is that ANY baddie that is removed will only help you in the long run.

FICO only scores mort\auto Inqs as one within a certain period; however, each Inq will still show up and increases your overall Inq count.

[MidnightVoice]

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MrSpock wrote:

.  I also have about 4 late payments in the last 2 years, though it looks like most of these will drop off in about 6-10 months.

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Why should they drop off in less than a year?  Don't they normally hang around for 7 years?

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MrSpock wrote:

My main question is regarding two collections which I think I can get removed as the DOFD is prior to 2000.  If I can get these removed, how much will my score improve by?  These are both listed as serious delinquincies, so once gone, I will only have 1 serious delenquincy left on my report.

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I think they should be gone after 7 years, so I am not sure why they are there.  I would guess that two that old would be worth 50 points, unless they are not actually being counted because they are too old!

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MrSpock wrote:

Finally, all of my CR's show a large number of Inquiries that were for 1 car loan and 1 mortgage loan.  In both cases our our credit was shopped around by the salesperson to find us the best rate.  I thought that these should only count as 1 inquiry each.  Am I missing something?

Thanks!

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They should be counted as one each in terms of score, even if they are all there and reported.

[MrSpock]

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MidnightVoice wrote:

Why should they drop off in less than a year?  Don't they normally hang around for 7 years?

On the credit reports I got here at myFico.com, the payment history only appears to go back 2 years in terms of OK vs 30/60/90 days past due...  Am I mistaken in thinking these late payments will dissappear from my CR?

[Anonymous]

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@MrSpock wrote:

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@MidnightVoice wrote:

Tthey drop off in less than a year? Don't they normally hang around for 7 years?

On the credit reports I got here at myFico.com, the payment history only appears to go back 2 years in terms of OK vs 30/60/90 days past due... Am I mistaken in thinking these late payments will dissappear from my CR?

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Yep - your mistaken

The last 2 years have the most effect on your score. The detail of all lates is buried in there somewhere.

Message Edited by Timothy on 06-19-2007 06:30 PM

[Anonymous]

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MrSpock wrote:

My main question is regarding two collections which I think I can get removed as the DOFD is prior to 2000.  If I can get these removed, how much will my score improve by? 

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Do you have any older paper copies of your CRs? Check those for a "Date scheduled to be removed" comment.

Is the DOLA showing?

Call the CRAs and ask them about the DOFD. If they tell you something before 2001, tell 'em you'd like them removed as they are too old to report. Get a reference number for the investigation if they won't delete it then and there.