| #1
02-18-2010, 08:35 PM
| |||
| |||
 New TL question
How long does it usually take for a new tradeline to start increasing your scores? I have a 588 FAKO ex score and I opened up a 2700 personal loan and 1300 credit card in november. All payments have been on time for the new TL and I haven't had a late pay on my other accounts since may. All my other 30 day lates will be passed 2 years shortly(8 over about 6 years). I have 3 pd medical collections and 2 open med collections I'm going to try to use HIPAA to remove. Even if all the collections stay on will I be looking at any score increases or is that what is bombing my scores? I'm just trying to see how long its going to take to have decent credit scores. TU is 657 but the other two are way behind.
 |
| #2
02-18-2010, 08:49 PM
| |||
| |||
|
New TLs will sometimes give you a small bump in score but as they age (usually about 6 months to start), it will help your score. I am guessing that the lates and collections are whats hurting your score the most. I had one CA pop up on EQ and drop my score almost 100 points. :eek: Disputed it off and it went right back up.. So depending on your mix of positive TLs and the utilization, those collections can really tank a score. Hope that helps answer your question. |
| #3
02-18-2010, 08:53 PM
| |||
| |||
|
OH and you just made me think of something..... not sure if I've ever posted this here or not. Go to this FICO score estimator and enter your info. FICO Score Estimator for home equity shoppers A lot of people have said this is pretty accurate. It can give you an idea of what your score is now......and even what your score could potentially be if you were to remove some collections/age some positive accts, etc. Play with it and see what you think. |
| #4
02-18-2010, 09:01 PM
| |||
| |||
|
If I am somehow able to remove all the collections and I only have 1 30 day late in 2 years all the other lates shouldn't factor into the score right? I should be looking at a decent score once that happens even though I will still have a lot of 30 day lates but because they are behind the 2 year mark they shouldn't have much effect on my score? Thanks for all your help trish. You def are a veteran at this.
|
 |
| Thread Tools | |
| |
