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My current Fico scores:
ex: 624
eq: 670
tu: 625
I have one 30-day late payment that I had removed today.
My credit card debt was about 90% of available credit. I paid that down to 18% as of this last Friday.
Is it possible that my scores will be at least a 700? I need this for a SBA loan I am working on.
Thank you for you time and help.
Fred
Hi and welcome to the forums.
How old was the late payment? 30 days late generally stop affecting your score after 2 years but, with anything, YMMV.
Getting your utilization down that far should give you a decent boost. Not sure about 700 though.
How soon do you need it to be at 700?
My 30 day late payment was July 2013.
I can also completely pay off all my credit cards to 0% utilization if that will help myself get to 700.
I need it asap, my SBA loan is on hold until I get a 700.
I will have to do a rapid rescore, correct?
Also, that 30 day late payment was the only negative mark I had on my CR.
I would suggest getting your utilization below 10%, and also being aware of per-card utilization issues mentioned in various threads on this forum.
As far as a score hit from a 30-day late, there are various web sites that discuss this. Here is one example:
http://www.creditcards.com/credit-card-news/fico-mortgage-deliquency-score-damage-foreclosure-1270.p...
You can also try a Google search like this:
fico score hit late payment
That recent of a late is affecting your score. You should see a bump when it is removed. Especially since it was your only negative.
I would not pay all of your CC to 0. Let all but one report 0 and the last at 9% or below.
Yes, you would probably need to do a rapid rescore.
ETA: It would also depend on the scoring model used. The newer version of FICO does not score as harshly for infrequent late payments.
Thank you for all the help.
Just to be clear: I have 3 CC and 2 of them are paid off, I should NOT pay the 3rd down to 0 but pay it down somewhere between 1-9%?
Thanks again,
Yes, pay the last one down to 9% or below. Once it reports to the CRAs, pay if off before the due date to avoid interest.
