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Need information on how to boost score

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ashley5031
Valued Member

Need information on how to boost score

I have a credit score of 538 , i am currently trying to get a mortgage in 6 months, i have 2 paid charge off accounts  on my credit and a credit card that was lat for 90 day. My student loans are in good standing and i just started off paying down my credit card 50%. Any information on how to get my score up

Message 1 of 7
6 REPLIES 6
user5387
Valued Contributor

Re: Need information on how to boost score

I would suggest trying to deal with overt negatives, for example by writing goodwill letters.

 

I'd also try to get your utilization as low as possible (less than 10%).

 

If you don't have much in the way of positive revolving accounts, you might also consider adding a secured card.

 

Message 2 of 7
ashley5031
Valued Member

Re: Need information on how to boost score

thank you

Message 3 of 7
BluJay
New Contributor

Re: Need information on how to boost score

The charge off's and 90 day late will be very difficult to remove within 6 months. Depending on the age of the three negative and the conditions of your individual account, you're better of bringing your utilization down to 9%. Since your debt to credit limit ratio is unknown it's impossible to help, whats your debt and credit limits?

 

Tier One; 760-850. Tier Two: 700-759. Tier Three: 660-699. Tier Four: 620-659. Tier Five: 580-619. Tier Six: 500-579.
Message 4 of 7
ashley5031
Valued Member

Re: Need information on how to boost score

My debt is now at 1000.00 my credit limit is 2000, one of the charge offs is a year old and the other is 2 months old I paid both off.

Message 5 of 7
BluJay
New Contributor

Re: Need information on how to boost score

Bring your card down to $180, a 9% utilization rate will lessen your riskiness in FICO's eyes. Put all your money into lowering your account you have 50% utilization on now. On the other hand, depending on the age of your account it might be unfavorable to open another account to distribute the utilization between two cards. In the future if you do decide to open another account, apply at a bank for a secured card with no annual fee to help thicken your credit history profile. The cost will be around a $200 deposit that you will receive back when the account is closed or the creditor deems it, but the extra account will start to help your credit score over the long term in about 1 year.

Tier One; 760-850. Tier Two: 700-759. Tier Three: 660-699. Tier Four: 620-659. Tier Five: 580-619. Tier Six: 500-579.
Message 6 of 7
blondy250
Established Contributor

Re: Need information on how to boost score

6 months will be a stretch, 12 months would be realistic. Good luck either way.
Fico 8 12/9/17
Equifax 850, TransUnion 842 10/30/17 , Experian 842 12/11/17 . AAOA 12 years Oldest 20
No inquires since 2014
All credit reports frozen
Fico 8 Equifax Bankcard 866 12/27/16
Message 7 of 7
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