Credit Cards

[Anonymous]

I'm trying to purchase a house therefore my Loan Officer advised me to pay off a credit card. I did that on April 15 he then did a rapid rescore to reflect the balance at 0. My fico score stood at 635. Why is that? My LO wants me to get up to a 640 how can I do that in a short period of time?

[Jazzzy]

The experts here can likely help you, but they'll need more information.

Do you have other credit card debt? Do you know what your utilization rate is on your cards? If you have other credit card balances, do you have the ready cash to pay them down?

Often times, reducing your credit card utilization rate can improve your scores quickly.

Do you have negatives on your report?

With more information you can get more advice.

[haulingthescoreup]

+1

OP, if you have a copy of your credit reports through your loan officer (these are going to be FICO's), please post the negative factors that are listed on each report, in order.

The negative factors are what are holding your scores down, with the first-listed being the most damaging.