My credit scores are 708 (TU), 685 (EQ) and 677 (EX). I need a middle score of 700 to qualify for a mortgage loan.
I have one late payment appearing in 11/2004. Since then the card has been paid off. I have never made a late payment since.
I have 2 revolving credit cards:
One with a $1,680 balance and $5000 limit
One with a $14,818 balance with a $20,000 limit
I paid down the credit card with the $14,818 balance to $5500 bringing my Util down from about 87% to 37%. Do you think this could give me a 15 point increase on my FICO score?
It worked wonders for me, paying down balances, but honestly, it is so individual that I don't think anyone can say for certain. It may be worth a try, through.
I have jumped a lot of points in a few months, but I changed my credit mix, and the new mortgage had a lot to do with it, too, giving me my biggest jump. Card-wise, I paid down $2500 worth...score jumped about 9 points at that time, and I added a couple of new accounts to raise my util.
Edited to add: Have you considered FHA? You may want to ask this in the mortgage forum if you haven't already; the gurus over there are filled with great info and got me through my loan nightmare!
This is a duplicate posting that has been posted on a few different forums.
I am locking this thread and all off the duplicates, except for 1.