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Regular Contributor
Chris3k2
Posts: 170
Registered: ‎03-25-2013

Score is 628. Need 640 for USDA Lender

Ok my final collection came off from equifax today. The only collection I have besides chargeoffs is one from Midlands Funding but it's reporting as an open/Factoring account. The amount is $2000. What can I do to get the remaining 12 points for a 640 score? My mom has had credit for a long time but she closed most her cards. The oldest card she has now is about 4 years old. I was thinking of being added as an Authorized User but my average age of accounts is at 5 years and my oldest is around 8 years. Would the difference potentially decrease my score or would I receive a increase since it's always been paid on time?

 

Or any other suggestions on what I can do to boost the score 12 points? The only card I have is a Secured CC from cap 1 with 200 CL and I have 7% utilization reporting as of right now. I paid it off and put about $7.00 on it so the utilization should drop to about 3.5% if I have my lender do a rapid rescore. Does anybody know whether I could see a 12 increase from just the util?


Starting Score: 03/29/2013 540 EQ 05/01/2013 614 TU 05/30/2013 606 EX (Lender Pull)
Current Score: 07/27/2013 639 EQ 07/27/2013 651 TU98 07/27/2013 650 TU04 07/27/2013 617 EX V2 07/27/2013 639 EX 08
Goal Score: 660 EQ 660 TU 660 EX


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Frequent Contributor
swtneka
Posts: 486
Registered: ‎02-14-2013

Re: Score is 628. Need 640 for USDA Lender

[ Edited ]

Chris3k2 wrote:

Ok my final collection came off from equifax today. The only collection I have besides chargeoffs is one from Midlands Funding but it's reporting as an open/Factoring account. The amount is $2000. What can I do to get the remaining 12 points for a 640 score? My mom has had credit for a long time but she closed most her cards. The oldest card she has now is about 4 years old. I was thinking of being added as an Authorized User but my average age of accounts is at 5 years and my oldest is around 8 years. Would the difference potentially decrease my score or would I receive a increase since it's always been paid on time?

 

Or any other suggestions on what I can do to boost the score 12 points? The only card I have is a Secured CC from cap 1 with 200 CL and I have 7% utilization reporting as of right now. I paid it off and put about $7.00 on it so the utilization should drop to about 3.5% if I have my lender do a rapid rescore. Does anybody know whether I could see a 12 increase from just the util?


If u only have 1 cc than adding your mom card should help u.... When i added 3 cc to my tl got a 7+ pt increase.... oh n Tu gave me a boost when i added a $50 increase to my cap1 secured card.

Established Member
teachag89
Posts: 46
Registered: ‎04-18-2013

Re: Score is 628. Need 640 for USDA Lender

Being added as an AU could help or hurt you.  It depends.  What is the utilization on your moms card?  I would suggest that you only get added to her card if it is less than 10% utilized (zero balance would be ideal)  Her card is 4 years old, your average age of accounts is 5 years.  You will take a ding because it will lower your AAoA .

 

Ratther than asking your lender to do a rapid rescore, call Capital One and request that they report early.  If you get a "no," email the executive office.  Some will disagree with me on this, but if you are persistant, it does work.  

 

It's hard to say if this will get you the 12 points you need.  If the Capital One card is your only credit card, depending on the status of your moms account, that might be a better option.  Still, you're going to have to wait for that to report.  You could request them to report that early, also.

 

 

Regular Contributor
Chris3k2
Posts: 170
Registered: ‎03-25-2013

Re: Score is 628. Need 640 for USDA Lender

Thanks for all the replies i've received so far. Ok I got a little bit more specific numbers. My AAoA is 5 years 4 months. I believe that includes 11 Tradelines open and closed and 1 collection that's being factored as a installment account i believe. So th at's a total of 12 accounts and i averaged all the ages of them and got the same number. So with my mom having about 4 years on her credit card that she would add me to would make 13 tradelines and would drop my AAoA down to 5 years and 3 or 2 months. How much of a change does it take for FICO to trigger a score change. 

 

Example: starting at 5 years and 4 months and having that go down to 5 years and 2 months or does it take it going down into the 4 year range for AAoA in order for it to ding my score?


Starting Score: 03/29/2013 540 EQ 05/01/2013 614 TU 05/30/2013 606 EX (Lender Pull)
Current Score: 07/27/2013 639 EQ 07/27/2013 651 TU98 07/27/2013 650 TU04 07/27/2013 617 EX V2 07/27/2013 639 EX 08
Goal Score: 660 EQ 660 TU 660 EX


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Regular Contributor
Chris3k2
Posts: 170
Registered: ‎03-25-2013

Re: Score is 628. Need 640 for USDA Lender

Ok. I decided to get put on my moms account. It's a 4 year old belks card. The Credit Limit is 3600. She has 300 on it but I went and paid 200 on it to bring the utilization down even further. The due date is the 14th and statement date is 21st. The history is perfect for the whole time it's been opened. It shouldn't change my AAoA either. So with that would it be possible to get the extra 12 points? Also if I tell my mortgage lender to do a rapid rescore does anybody know if the authorized account would also be included in that? Any feedback would be great.

Starting Score: 03/29/2013 540 EQ 05/01/2013 614 TU 05/30/2013 606 EX (Lender Pull)
Current Score: 07/27/2013 639 EQ 07/27/2013 651 TU98 07/27/2013 650 TU04 07/27/2013 617 EX V2 07/27/2013 639 EX 08
Goal Score: 660 EQ 660 TU 660 EX


Take the myFICO Fitness Challenge
Frequent Contributor
swtneka
Posts: 486
Registered: ‎02-14-2013

Re: Score is 628. Need 640 for USDA Lender

How much is your uti now? Sounds like your uti is going to be pretty high when u include your mom card. IDK if it will give you a boost but it should show when they do the RS if they add you right away or w8 til billing cylce. I would check my CR b4 i ask for a RS.

Regular Contributor
Chris3k2
Posts: 170
Registered: ‎03-25-2013

Re: Score is 628. Need 640 for USDA Lender

the utilization for her card is actually only 8%. 300 of 3600. I currently have a 7% util. on my cap1 that is reporting but I paid it down to 3%. Even with both I think the util. will still be at 8 or less percent. I'll go ahead and pay the cap1 down to zero though as soon as I see the belks card report on my Credit Reports and I just paid 180 of her 300 balance yesterday. So the total Credit Limit I should have from both accounts will be 3800. my cap1 card would be 0/200 and her belks card would be 120/3600. Utilization should be around 3%.


Starting Score: 03/29/2013 540 EQ 05/01/2013 614 TU 05/30/2013 606 EX (Lender Pull)
Current Score: 07/27/2013 639 EQ 07/27/2013 651 TU98 07/27/2013 650 TU04 07/27/2013 617 EX V2 07/27/2013 639 EX 08
Goal Score: 660 EQ 660 TU 660 EX


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Frequent Contributor
swtneka
Posts: 486
Registered: ‎02-14-2013

Re: Score is 628. Need 640 for USDA Lender

thats sounds good then. i thought u were saying that there is only 300 left on the card but that uti sounds good and that should give you a boost. what is your median score now? and with which CRB

Regular Contributor
Chris3k2
Posts: 170
Registered: ‎03-25-2013

Re: Score is 628. Need 640 for USDA Lender

my median score is 628 with equifax. not sure what my experian is. my transunion from myfico is 651.

When I got my scores pulled from lender they were Experian - 606, equifax - 605, and transunion - 636. That was around june 1st. I checked my equifax and transunion on 6/27/2013 and 6/28/2013 for the scores i stated above.


Starting Score: 03/29/2013 540 EQ 05/01/2013 614 TU 05/30/2013 606 EX (Lender Pull)
Current Score: 07/27/2013 639 EQ 07/27/2013 651 TU98 07/27/2013 650 TU04 07/27/2013 617 EX V2 07/27/2013 639 EX 08
Goal Score: 660 EQ 660 TU 660 EX


Take the myFICO Fitness Challenge

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