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Who has an idea?

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Rlandon87
Regular Contributor

Who has an idea?

Ok folks here is the situation, I need about 30 points to secure a home loan. I also need some paid off/ paid down items to report to lower my DTI.

 

 

Here are my card balances now compared to what they will be next weekend 

 

NFCU- 11989/12000 99%                                              9192/12000   77%

BOFA 4439/4500 99%                                                   3200/4500 71%

CAP1 4000/5000 80%                                                    3800/5000    75%

Disc    2845/3000 95%                                                    0/3000   0%

Cap1   2955/3000 99%                                                   2350/3000  78%

Cap1   950/3000   32%                                                   0/3000     0%

Chase   2364/3000   79%                                               2300/3000   76%

Chase  1900/2000   95%                                                0/2000  0%

Zales   1100/1600 85%                                                   0/1600   0%

Amazon  560/800   70%                                                 0/800 0%

OLDN     233/600    38%                                                 0/600   0%

Shell     11/300 3%                                                         0/300 0%

 

My utilization now is 64%  with at least 5 maxed out cards reporting. I also show 17/26 accounts with a balance reporting which is more than half.  After next weekend I will be at 29% overall utilization with no cards maxed out. I will also only show 7/24 accounts with a balance.   (accounts with a balance includes student loan accounts and auto loans)    Also it should be noted I have quite a few inquries that will be falling off my reports. I have a few missed payments, most recent which was 2.5 years ago, and one paid in full collection from 2010 that reported paid in full 1/2013.    My AAOA is 3.3 years with 9 years being oldest account.   I have 4 new accounts within 6 months old.

 

Do you think its reasonable to believe I'd get at least a 30 point increase for this change?

 

Can anyone tell me which CC companies will report mid cycle upon request.

 

Thanks for any input!!!

 

 

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Message 1 of 34
33 REPLIES 33
fused
Moderator Emeritus

Re: Who has an idea?

Do you know your FICO scores?

 

You should work with a lender who can do a "rapid rescore" for you?

Message 2 of 34
Rlandon87
Regular Contributor

Re: Who has an idea?

EX 98 -588
EQ 04 - 612
TU 04 - 637

08 SCORES
EX-653
Eq-642
Tu-649

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Message 3 of 34
Rlandon87
Regular Contributor

Re: Who has an idea?

Anyone think I'll see 30 points at least?
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Message 4 of 34
fused
Moderator Emeritus

Re: Who has an idea?

Before I can give you a guess, I need clarification on the numbers in your first post. You have util at 84% in the left hand list and util at 52% in the right hand list. Where is the 29% coming from?

Message 5 of 34
myjourney
Super Contributor

Re: Who has an idea?

Fused wrote: 

Do you know your FICO scores?

 

You should work with a lender who can do a "rapid rescore" for you?

 

 

+1 along with getting UTL down would surely result in a dramatic re-scoring IMHO

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 6 of 34
Rlandon87
Regular Contributor

Re: Who has an idea?

These are only the cards with balances, I have other accounts as well..... so can anyone point to a possible score estimate after updates... and will most of my cards with balances do a mid cycle update for me? Or you think do rapid rescore.

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Message 7 of 34
Rlandon87
Regular Contributor

Re: Who has an idea?

Screenshot_2014-08-21-18-41-26.png

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Message 8 of 34
fused
Moderator Emeritus

Re: Who has an idea?

These are the factors that are involved in FICO revolving utilization calculations:

 

- util on individual CC's and revolving lines of credit

- util on all CC's and revolving lines of credit (overall util)

- very high util (maxed-out) on CC's and revolving lines of credit

- OTL (over the limit) damage on CC's and revolving lines of credit

 

I believe you will get the 30 points you're hoping for if the following shows up on your reports:

 

Util really goes from 64% to 29%

All 6 or 7 of your current maxed-out cards report less than 80% util

You go from having 12 CC's reporting a balance to 5

Message 9 of 34
Rlandon87
Regular Contributor

Re: Who has an idea?

Awesome, I hope you're right and it seems I should... in January I had scores close to 690/700 ' s  only difference is these card balances, a few inquries, and the 4 new accounts. 

 

And those things WILL happen FOR SURE,  the payments have already been scheduled/made... just waiting on them to clear and report. I will post the results as they update.

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Message 10 of 34
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