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Can I gain 23 points

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rohan0784
Valued Member

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 Smiley Happy



Starting Score: 03/2018 EQ 472 TU 467 EX 470
Current Score: 06/2019 EQ 703 TU 736 EX 731
Goal Score: 750 all around


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Message 1 of 8
7 REPLIES 7
Anonymous
Not applicable

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.

 

 

Message 2 of 8
rohan0784
Valued Member

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: 03/2018 EQ 472 TU 467 EX 470
Current Score: 06/2019 EQ 703 TU 736 EX 731
Goal Score: 750 all around


Take the FICO Fitness Challenge
Message 3 of 8
Booner72
Senior Contributor

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
Message 4 of 8
MarineVietVet
Moderator Emeritus

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".

Message 5 of 8
Booner72
Senior Contributor

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
Message 6 of 8
MarineVietVet
Moderator Emeritus

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".

Message 7 of 8
rohan0784
Valued Member

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: 03/2018 EQ 472 TU 467 EX 470
Current Score: 06/2019 EQ 703 TU 736 EX 731
Goal Score: 750 all around


Take the FICO Fitness Challenge
Message 8 of 8
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