So I need some input/recommendations on getting my credit score up in the next 6 months. I'm trying to get my credit score above 720 so I can get get approved for a mortgage. I'm not sure if this is the appropriate forum to be posting this in?Mod's please move is this is not the appropriate section.
So in March of 2012 I decided it was time to start working on my credit and cleaning up all of the damage I did. I pulled my credit and had a score of 460 and about 13 collections. I immediately started working on those and have since got all of those deleted from my reports. The only (a big one) negative item left is late payments on an auto loan I had. The auto loan is now paid off and the last late payment was a 30 day late in October of 2011. I have sent a ton of goodwill letters and emails to executives but they refuse to remove the lates or tradeline from my report. The loan is from Orange County Teachers Federal Credit Union if anyone has any tips.
My current scores from myFico are 649 TransUnion and 661 Equifax. They were 680 but due to the utilization below they went down last month.
I opened up 3 secured credit cards-
Capital One- Opened 03/12 with a 3k limit. I received an increase without asking of 300 dollars about 60 days ago so now the limit is 3,300. The balance on my report shows $1,300 dollars but I have paid it in full so just waiting for my reports to update.
Bank of America- Opened 05/12 with a $1,200 dollar limit. Current balance is 0.
Applied Bank- Opened 05/12 with a $1,200 dollar limit. Current balance is 0.
AMEX- My friend opened up the account in 06/12 and added me on as an AU but I have since told him to remove me since it was new and I wasn't picking up any history and it was bringing down my AAoA. Amex has updated and removed me but it's still on my report but just states terminated. Should I call AMEX and the CRA and tell them to delete it?
I opened 2 secured personal installment loans on 03/12 for 1,000 each to help out my installment accounts.
Auto Loans
I got a new car on 05/12 and the loan was for 33k which I was shocked I got approved but at a 24% interest rate. I just paid off the loan in full last month. Currently shows a 0 balance on EQ but still 15k on TU. So waiting for that to update.
I got 2 new vehicles that I had a friend co-sign on 07/2012. One was for 98,000 and the other was for 78,000. My friend called me last week and wanted me to refinance the loans and get them out of his name as he is trying to get a new house. I attempted to refinance them yesterday but was denied so I paid them both in full yesterday because he needed them out of his name.
I have 7 inquiries over the past 2 years reporting on my EQ report and 10 on my transunion.
My AAoA on is 1 year and oldest account is 6 and a half years old.
So above is pretty pertainent info but if you need anymore please let me know.
Couple Questions:
1.) Should I apply for any prime cards once my reports update this month and my score is back over 680? Or should I deposit more on my secured cards so they show higher credit limits.
2.) On the 3 Auto Loans this year should I ask the lender to delete the tradeline since I have paid them all in full and they were only open for a couple of months since it is hurting my AAoA? Not sure on this one.
3.) Should I get AMEX to delete the tradeline since I took myself off of it?
4.) Any other TIPS or ideas???
Thanks!
