Credit Score Forcasting?

[J.Apple902]

Hello,

I have a FICO score of approximately 600, I know this via Credit Karma. I received all three scores from annualcreditscore.com to find: EX = 703, but didn't get the actual number from TU and EQ. There were 0 negatives on EQ and EN, but one negative account on TU.

This negative was an error. There was a $200 balance and 6 different late payments from a utility company. I filed the claim, the utility company cooperated, and dropped the entire account. The late payments and balance were a mistake. Prior to all of these errors I had about a 720 credit score 2 years ago, this must have been the cause of my credit score drop (and carrying somewhat of a high balance).


Since my credit report will quickly be spotless with this removal, a decent line of credit, "A range" utilization (I will not be charging more than 20-30%), and zero missed payments, how long do you think it will take for my credit to rebound and be near 700 again? I really want the Chase Freedom rewards card.

Should I expect it to jump 10 points per month? Jump more or less?

I have 1 cc with $1000 limit.
No missed payments once these 6 errors clear
Credit history of 4.5 yrs.
Current balance of ~$500 which I will be paying off asap, probably in the next 60 days.

Thanks!

[JoshuaHeckathorn]

CreditKarma and annualcreditscore.com both give you "FAKO" scores, so your actual FICO scores could be quite a bit different. Just keep that in mind.

As soon as the negative marks you mention drop off your credit reports, your FICO scores should immediately rebound. Pay off any credit card balances so your credit utilization ratio drops below 10% if possible. That will help boost your scores as well.

It's tough to say exactly how much your scores will jump because there are so many other variables at play here, but you should see a fairly nice boost if these errors were the only negative marks on your credit reports.

[J.Apple902]

Yeah I expected that from Karma, but I do still think they are a good ballpark estimate.

The plan is to be below $400 balance by 4/15 (under 40%) and then between $0 and $200 by 5/15.

And yes, I received a report from all three bureaus and it appeared as though the utility co. error was the only negative in site. Like you said, hopefully things immediately rebound.

Thanks! Any other comments / advice is greatly appreciated.

[herdjohnson]

I'm not sure how they do their calculations. CreditKarma shows me as 685, CreditSesame shows me at 768. When I was looking into buying a house, Quicken ran my credit score and told me it was 755. Seems odd that Karma would have me so low.