No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
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!!!
Do you know your FICO scores?
You should work with a lender who can do a "rapid rescore" for you?
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?
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
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
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.