Hi everyone, my name is Ted and am a first time poster here.
Sometime in the next few months (preferably 4) my fiancee and I will be purchasing a house. Upon seeing how much we can get I discovered that my FICO was not all that hot. It was about 640 and this would not cut it.
SInce then, I set out on a quest to get my credit above the 700 number. I have reached the 684 number by simply paying off my credit cards.
I consider this a great achievement, but my question is now that I have paid off pretty much all my revolving credit, will simply using these cards and paying them off faithfully get me where I need to be within the next few months, or do I need to take some further steps to make sure I reach my number in time? I have 3 revolving cards that show on my report.
I have considered applying for a couple secured credit cards and upping it this way and have also considered trying to write a couple lenders that I have been delinquent on about 5 years ago and are still showing on my report. My idea was to see if they will wipe the delinquencies from my history, since I have been faithful with payments ever since. I have also tried requesting balance increases on my current cards, but this is currently not an option.
These are my only ideas at this point. Any suggestions or comments would be greatly appreciated. Thanks!
Well it looks like it is more than just credit cards that is on your report if you still under 700. Need to list any baddies, such as collections, loans, etc. then work from there. Its more than just revolving credit cards.
Thank You, I realize it is more than the credit cards, that is why I am asking if despite the delinquencies, if I continue to pay faithfully, will my score increase without any of the major steps that I suggested? Basically what I am asking is does keeping a "good" status still steadily increase a score if no more negatives are made?
I have a car loan and a couple student loans that need to be paid off. This will definitely be a few years. These accounts do not have delinquencies.
On two of the cards that I have, I have reported delinquencies from about 5 years ago.
I have no collections.
Yes, it's a "Time heals all wounds" type of thing. The old lates must have been over 60 days, since anything 60 days or less are minor derogs. It will continue to go up little by little till those drop off. Also, where did you get your scores? FICO? FAKO?
I got my FICO from this website, myfico.com.
The delinquencies seem to be 60 days at the most and that was one. The rest were 30 days, but they still show as well. Is it possible these can be considered errors at this point?
No, they can report. Those are just considered minor derogs and fade quickly. They really don't have much affect over 2 years old.
I'm just looking for a reason why you're scores aren't higher than they already are. My TU has 2 accounts with a couple 30 day lates on them and it's above 760.