My husband and I are in the process of building a home, the builder's bank is providing us financing but I'm trying to secure a special program with them (5% down jumbo) and I need to get my score to 700 within the next 30 days. Right now my middle score is 678, low score 652, high score 690. My utilization was very high (46%) when I pulled those scores. I have paid down a big chunk of my revolving credit and its now at 13% but only one account has reported to the bureaus. I have one card with utilization rate of 38% (my highest of all the cards). I haven't had a late payment in over 4 years. I have one paid collection account from 2009, its a medical collection for $75 and the agency just will not remove it and I've asked them so many times. My only other serious derogatory drops off my report in January. I need to get to 700 fast. Any thoughts on how to get there? Technically the house won't be finished until April, and I can get financed through other programs if I'm willing to put 10% down, but I'm really focused on not raiding our savings. Putting 5% down would allow us to maintain a very healthy saving balance. My husband is self-employed and I have substantial income so the mortgage is based solely on me.
Starting Score: FICO TU 503 FICO EX 470 FICO EQ 498
I will give that a shot, the other cards should all report in the next 30 days as well. I just want to get this done sooner rather than later for my own piece of mind. The builder started construction on good faith because his bank said they would be able to do the mortgage, that they were confident my score would get to 700 before closing. That said, I'd feel much better knowing I'm there now and then have the mortgage commitment for the builder.
@tooleman694 wrote:5 percent down jumbo that is cool.
The town that the home is located in is surrounded by towns in a country with a significantly higher FHA limit. The mortgage would be considered conforming in those towns but not this one, so its not a jumbo that the bank considers a "high risk", we are only about 5% over conforming. Since its the builder's bank and they are a portfolio bank they were willing to do the mortgage with 5% down. They were the only lender that could do it. Everyone else could do it with 10% which we could do but it would have drained our reserves. This was the best option so I really want it to work out.
@J_G wrote:
with the medical collection you can use the HIPPA law to remove paid medical collections. And you can have your realtor do a rapid re score
I've tried every imaginable way to get the medical collection removed, it was for a missed co-pay, $75 collection. I actually didn't even know about it because I had just lost my job and had moved back to the east coast. It went to collection in late 2008, because I had moved I didn't get the notice until mid-2009 and as soon as I got it I paid it. The collection company has been incredibly stubborn about removing it and I've tried every angle to get them to do so. GW, DV everything. They will not budge and unfortunately there is no way under HIPPA to get it removed. 
@shanao621 wrote:My husband and I are in the process of building a home, the builder's bank is providing us financing but I'm trying to secure a special program with them (5% down jumbo) and I need to get my score to 700 within the next 30 days. Right now my middle score is 678, low score 652, high score 690. My utilization was very high (46%) when I pulled those scores. I have paid down a big chunk of my revolving credit and its now at 13% but only one account has reported to the bureaus. I have one card with utilization rate of 38% (my highest of all the cards). I haven't had a late payment in over 4 years. I have one paid collection account from 2009, its a medical collection for $75 and the agency just will not remove it and I've asked them so many times. My only other serious derogatory drops off my report in January. I need to get to 700 fast. Any thoughts on how to get there? Technically the house won't be finished until April, and I can get financed through other programs if I'm willing to put 10% down, but I'm really focused on not raiding our savings. Putting 5% down would allow us to maintain a very healthy saving balance. My husband is self-employed and I have substantial income so the mortgage is based solely on me.
A combination of losing a derogatory in January along with continuing to decrease your UTI will likely gain you 20 points or more.
I don't know your particular situation with regards to how many accounts you have with balances. BUT if you can zero out all your balances but the one currently ay 38% and then get THAT one below 10%, you should be good.