I have spent several years rebuilding my credit and are currently applying for a construction loan. My current scores as pulled by my lender are
EXN - 720
TU - 673 (myfico.com was 668)
EFX - 658 (this matched myfico.com)
I have to get my middle score to 680 somehow! The key open accounts on my credit report are a mortgage, one car loan, and five credit cards with balances as follows:
Card #1 balance $612, credit limit $2,500
Card #2 balance $198, credit limit $1,300
Card #3 balance $49, cedit limit $8,400
Card #4 balance $64, credit limit $2,000
Card #5 balance $0, credit limit $1,600
From what I understand, paying and settling three of these credit cards accounts to $0 and leaving 1-9% on the other two will give me the most optimal score. Card #2 and #4 should do that by Tuesday.
Do any of you have any guidence as to whether or not this will give me the 7 points I need? It should also be noted that the inquiry I received from this pull today may pull my score down 3 more points that I have to overcome as well.
On a side note, if it matters, the two primary things holding my score down are a 90 day late payment 2+ years ago and one chargeoff with a $0 balance. I do have several 30 and 60 day late payments as well from 2-4 years ago, but I think there impact is minimal compared to the 90 day and the charge. Any guidence will be much appreciated and I will keep the forum posted of the progress. Thus far, the myfico community has been very helpful. There is a lot of info on here!
