new to raise credit score fast - help

[tin369]

Hi all,

We are Planing to buy a house soon, My credit score EQ 693 and my wife's 692 according to FICo score watch,

I have these balances

Chase -300

Cap one - 300

Chase - 3000

Amex - 400

She has

Chase - 300

Citi - 3900 ( I already made a payment of 2100 a few days ago)

Cap one - 0

I don't want to pay too much but enough to raise the score as I would need the money for teh down payment. We want to be able to be atleat 740+ but if we can manage to get upto 760 that would be great s it would help us savemoney on PMI.

Kindly suggest a strategy.

[myjourney]

More info needed 

Limits on cards?

baddies

AAOA

INQ's

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@tin369 wrote:

Hi all,

We are Planing to buy a house soon, My credit score EQ 693 and my wife's 692 according to FICo score watch,

I have these balances

Chase -300

Cap one - 300

Chase - 3000

Amex - 400

She has

Chase - 300

Citi - 3900 ( I already made a payment of 2100 a few days ago)

Cap one - 0

I don't want to pay too much but enough to raise the score as I would need the money for teh down payment. We want to be able to be atleat 740+ but if we can manage to get upto 760 that would be great s it would help us savemoney on PMI.

Kindly suggest a strategy.

---

[SnackTrader]

What kind of time frame are we talking about? What I mean is, how long until your mortgage application?

Do you have any other loans on your reports? Not just credit cards, but car loans, student loans, personal loans?

[Creditaddict]

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@tin369 wrote:

Hi all,

We are Planing to buy a house soon, My credit score EQ 693 and my wife's 692 according to FICo score watch,

I have these balances

Chase -300

Cap one - 300

Chase - 3000

Amex - 400

She has

Chase - 300

Citi - 3900 ( I already made a payment of 2100 a few days ago)

Cap one - 0

I don't want to pay too much but enough to raise the score as I would need the money for teh down payment. We want to be able to be atleat 740+ but if we can manage to get upto 760 that would be great s it would help us savemoney on PMI.

Kindly suggest a strategy.

---

Knowing limits would be best but, based on just this info and raising score I would take what money you have to pay the most "Number" of accounts that have balances because although having overall util sometimes is better if any question on util. the mortgage company is only interested in how much you HAVE to pay each month... so if you have 4 cards that are under $100 on each vs. 1 card with $500 on it and 3 with none.... your minimum in the case of 4 is $25 each vs. the minimum on the 1 card at $500 maybe be $30-$40... so that's an extra $60-75 that would not be put into your dti calculation.

[llecs]

Locked thread to direct others here:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Credit-score-how-long-before-new-score-sh...