@aubie1kenobie2 wrote:
@bdhu2001 wrote:
You don't have to use only one card. You simply have to allow only one card to report. I would suggest that you subscribe to the 3B report so that you can know where you truly are. Even if you end up canceling in a month or two, it's still better to know.
In addition, you can use the simulators to see what is the best recommendations to improve your score. You mentioned an auto loan. Do you also have a second installment loan (i.e student, etc)? If not, I suggest you get a shared loan. But get the report prior to the shared loan so that you can see how the shared affects your score and when it improves. Don't shoot in the dark. You have plenty of time to move your scores in the right direction. Good luck to you.
No, I don't have any other installment loans. Is that going to be a problem? My auto loan is in good standing, as is all my other CCs.
It's usually best to have two. Your car, if you're still paying on it is one. A second installment loan would help. The minute you finish paying an installment loan, the benefits of having a credit mix disappear. I think the formula for FICO score basically expects you to have two installment loans: One car & one home to get the most possible points for credit mix. A small $500 shared loan could help.
Based on your signature, your current EQ mortgage score is 729. Thus you aren't shooting in the dark, you simply don't know what your mid score is. EQ is usually my mid-score. I guess you can treat it like your mid-score or lowest score and work on increasing it to at least 740. Some improvement is going to happen in three months just from continuing to pay your bills on time.
Given your access to one of your mortgage scores, I still suggest that you add a shared loan and also pull your credit report so that you can be sure that only card is reporting a balance and that there aren't any mistakes on your report. You can get your report free from the CBAs by going to annualcreditreport.com. Pull only one report.
It's ridiculous, but when I started, I thought I had only one card reporting. I always paid my bill in full. Unfortunately, on two of my cards, I had bills that hit them prior to statement cut date. It's not huge, but seeing your reported CBA balances take the guess work out.
Your doing a great job on your credit journey. Best wishes on your house hunting. It looks like you have everything on the right track.
Original Mortgage maturity Sept 2044; Refi maturity Dec 2030
Starting Score: EX 751 EQ 720 TU 737 on 4/9/14
Current Score: EX 849 EQ 835 TU 843
Goal Score: 850Take the myFICO Fitness Challenge
