Improve my Score

[Anonymous]

Hello Everybody

I'm totally new to this forum, and i'm seeking for some help from the experts. I'd like to improve my score and CL, so here's where i stand now:

FICO Score 8 from credit repair : 718

FICO Score from Discover : 713

Credit wise from Cap 1 : 733

6 CC : $20k CL, 30% UT.

1 Mortgage : $230k Balance

1 Car Loan : $35k Balance

100% on time payments.

16 years oldest credit.

4 inquiries.

I'd like to improve my score to 800's and improve my CC limits. I do have a delinquency on my mortgage back on 03/2010, hopefully will get removed on 03/2017, I really appreciate any help, Thanks

[SouthJamaica]

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@Anonymous wrote:

Hello Everybody

I'm totally new to this forum, and i'm seeking for some help from the experts. I'd like to improve my score and CL, so here's where i stand now:

FICO Score 8 from credit repair : 718

FICO Score from Discover : 713

Credit wise from Cap 1 : 733

6 CC : $20k CL, 30% UT.

1 Mortgage : $230k Balance

1 Car Loan : $35k Balance

100% on time payments.

16 years oldest credit.

4 inquiries.

I'd like to improve my score to 800's and improve my CC limits. I do have a delinquency on my mortgage back on 03/2010, hopefully will get removed on 03/2017, I really appreciate any help, Thanks

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You're actually in great shape, you can get to the 800's if you can keep paying everything down.

1. Make sure none of your credit reports reports a balance greater than 29%.

2. Then try to get most cards reporting a zero balance.

3. Then try to maintain with more than 2/3 of your cards reporting a zero balance, and the other card(s) reporting a sub-10% balance.

4. Pay your mortgage and car loan down as fast as possible.

5. Write verification letters to the bureaus about the delinquency.

 6. Don't apply for any new credit other than soft pull CLI's.

[Anonymous]

Thanks South Jamaica, really appreciate the help.

[909]

It seems that reducing UT either through payments or CLI is the fastest path to score increases given your information.

[Anonymous]

OP, the only thing really holding back your scores that hasn't been mentioned really is your mortgage delinquency.  Yes paying down your utilization will give you some more points, as will paying down your installment loans, but relative to getting a lone delinquency removed these things are minor IMO.  I agree with what was said above that you're in great shape with your profile and 800 scores are right around the corner for you.

Mortgages IMO are of the easiest lenders, generally speaking, to work with you on removing late payments.  They have vested interest in you as you do them for an extremely long period of time.  Your relationship will no doubt continue for quite some more time, so both of you want this relationship to be positive and result in a win-win.  I would write them some GW letters (you can read how to do this in the rebuilding forum) and I think you may be pleasantly surprised how easy it is to get a single late payment removed from a mortgage, especially if you have years of positive payment history.  

What is your AAoA?  I would venture to guess that removing that your lone delinquency would yield you around 50 points on your FICO 08 scores which would push you into the mid-high 700's.  The thinner and less aged your file, the more points you'd likely gain.  On my profile with 22 accounts and an AAoA of 7 years my last delinquency is worth 41 points.  

Removing that only delinquency would push you into the mid-upper 700's, then getting your utilization down to a single-digit from 30% (which would cross 2 thresholds) would likely push you to just under 800.  As your installment loans get paid down you would cross 800, no doubt in my mind. 

[Anonymous]

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@Anonymous wrote:

OP, the only thing really holding back your scores that hasn't been mentioned really is your mortgage delinquency.  Yes paying down your utilization will give you some more points, as will paying down your installment loans, but relative to getting a lone delinquency removed these things are minor IMO.  I agree with what was said above that you're in great shape with your profile and 800 scores are right around the corner for you.

Mortgages IMO are of the easiest lenders, generally speaking, to work with you on removing late payments.  They have vested interest in you as you do them for an extremely long period of time.  Your relationship will no doubt continue for quite some more time, so both of you want this relationship to be positive and result in a win-win.  I would write them some GW letters (you can read how to do this in the rebuilding forum) and I think you may be pleasantly surprised how easy it is to get a single late payment removed from a mortgage, especially if you have years of positive payment history.  

What is your AAoA?  I would venture to guess that removing that your lone delinquency would yield you around 50 points on your FICO 08 scores which would push you into the mid-high 700's.  The thinner and less aged your file, the more points you'd likely gain.  On my profile with 22 accounts and an AAoA of 7 years my last delinquency is worth 41 points.  

Removing that only delinquency would push you into the mid-upper 700's, then getting your utilization down to a single-digit from 30% (which would cross 2 thresholds) would likely push you to just under 800.  As your installment loans get paid down you would cross 800, no doubt in my mind. 

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Thanks for taking the time and reply my post. I just check my Ex report today and it says that my Delinquency will be remove by January 2017, so i hope it will be out by next month. My AAoA is around 4 years, i have some old accounts, but 2 brand new ones. I just send a payment to my CC company, so my Credit UTI will be on the single digits, hopefully will improve within couple months. Thanks again for the help