Possible Score Bump??? Desperately Needed........What do you guys think??

[Anonymous]

Here goes.....I need 26 pts on my EQ in order to get approved for mortgage insurance for my new loan.  In case none of you knew, all PMI co's now require a $&#)$*% 680 FICO for anyone financing 97%+, which I am.  How crazy it is that 2 years ago, you basically needed a pulse to get PMI and now, you can get approved for a mortgage from the lender (CITI) and not get it done because of PMI? I need some advice/comments.  I have a 654 mid score and need to get it above the 680 quickly.  My info is as follows:

25k in revolving debt / 5 k in balances =20%Util

15 open TL's

The 5k is spread between 5 cards only!

Citi  2000/12000

Hooters 800/1600

Chase 1400/2700

Macys 600/2300

First Premier 160/300

7 TLs w/ $0

3 TLs with small balances

I did the following:

Paid Hooters down to $125 bal

Paid  Chase down to $250 bal

Paid Macys down to $200 bal

Paid 1st Premier to $0

Citi I have to wait on because its a BT and it just reported, the others are reporting within the next week.

I will now have a total util of 12% and all cards with the exception of Citi will be below 10%.

I also will have a 2+yr old 30 day late removed by Friday according to EQ (CSR escalated the dispute and CC company has agreed to delete), but I'm pretty sure that won't help.

Only baddie will be a 5 yr old paid CO

The ultimate question is, can I expect these actions to raise me up to where I need to be????

Someone please tell me yes!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I

[Anonymous]

You are running too close to the "too many accounts with balances"

Are you currently getting this on page 2 of of your TU or EQ report?

I would ZAP 1 or 2 more of these to $0.

[bint-bilady]

I did exactly what Timothy said and paid 3 of my CC to zero my CLs were not that much the highst was $1000 and I was $48 over the limit on that one, ther others were $250 and $300.. my EXP score went from 501 to 539 by the time these reported.

[fogg30]

Are you on myFico Score Watch as it has a Fico Score Simulator that will tell you how much your Credit Score will improve if you pay such and such amount ($100+) off your revolving debit?!?!

For example:  I have $3078 in revolving debit and my credit score is currently 637 and it says if I pay off a $1000.00 in one month my score could jump to 667-707 or if I pay off $1500 in one month it will jump to 687-727!

Now I haven't tested this theory yet but I plan too (just with lower monthly payment amounts).  You should try the simulator though........it is only a few dollars a month to join myFico Score Watch.  There are also other simulators on it.

Good luck with improving your score (personally I think everything you did, all the debit you paid off, will do the trick)!!!  Keep us all posted on what happens!