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Established Member
Posts: 22
Registered: ‎04-07-2009
0

Can I gain 23 points

So I got my revolving credit utilization down to like 3%. Now I need about 23 more points. My overall utilization is at about 72% but I can bring that down by 20%. Do you guys think that could help me reach my goal. I have done everything else I could to bring my score up and this is pretty much the last thing I can do. Thanks in advance for all your replies :smileyhappy:

Starting Score: 01/15/2010 equifax 548 transunion 610 experian 594
Current Score: equifax 649 transunion 648experian 594
Goal Score: 700 all around


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Posts: 3,091
Registered: ‎08-09-2008
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Re: Can I gain 23 points

What do you need 23 more points for? Are you apping for a mortgage or something? If so, when?

 

Installment debt doesn't weigh as heavily, for scoring purposes, as revolving debt. So, I'd think that you probably got close to as much bang for your utilization buck as you're going to get. You can probably try tweaking a bit, by allowing only one card to report a small balance of 1 to 3%, but there's not a whole lot more wiggle room for FICO scoring purposes.

 

Time seems to be your best weapon now.

 

 

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Established Member
Posts: 22
Registered: ‎04-07-2009
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Re: Can I gain 23 points

Im trying to get a 680 to qualify for 1.9 apr at my local dealer. The reason my installment usage is so high is because I have a car financed for my wife that I am about to pay off. I figured Instead of paying it off right away I could pay some of the loan off to raise my score and then pay the rest off after I get financed

Starting Score: 01/15/2010 equifax 548 transunion 610 experian 594
Current Score: equifax 649 transunion 648experian 594
Goal Score: 700 all around


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Senior Contributor
Posts: 3,889
Registered: ‎05-24-2011
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Re: Can I gain 23 points

Have you asked the dealer which scoring model they are going to use?  I've read that auto lenders don't use FICO's but an auto-enhanced type of scoring model.  Maybe you don't need the 23 points.  You should find out.  Good Luck!

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
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Posts: 16,225
Registered: ‎07-14-2009
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Re: Can I gain 23 points


Booner72 wrote:

Have you asked the dealer which scoring model they are going to use?  I've read that auto lenders don't use FICO's but an auto-enhanced type of scoring model.  Maybe you don't need the 23 points.  You should find out.  Good Luck!



They use an Auto Enhanced FICO Score so it's most definitely a FICO score.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Senior Contributor
Posts: 3,889
Registered: ‎05-24-2011
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Re: Can I gain 23 points

Okay.  But maybe he meets the necessary pointage for the auto-enhanced?

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Moderator
Posts: 16,225
Registered: ‎07-14-2009
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Re: Can I gain 23 points


Booner72 wrote:

Okay.  But maybe he meets the necessary pointage for the auto-enhanced?


That's very possible. I think (could be VERY wrong about this) that most dealers look at the auto enhanced score? But I know not all lenders do this. I agree that a chat with the lender is in order.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Established Member
Posts: 22
Registered: ‎04-07-2009
0

Re: Can I gain 23 points

Im going to give it another month or 2 to see if my score goes up and then I'm going to go apply. I have had 2 autoloans with no late payments and a 3 year lease with no lates so i hope it is auto enhanced.

Starting Score: 01/15/2010 equifax 548 transunion 610 experian 594
Current Score: equifax 649 transunion 648experian 594
Goal Score: 700 all around


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