10-09-2012 12:23 PM
Hi everybody, I just got my FICO from a mortgage company, which showed my scores were: 711(Equifax), 730(Experian), and 750(TransUnion). The bank refused to give me the best rate as my FICO is not as good as above 740(they picked the middle one of 3 scores). I also called some other banks, all of them need 740 to be qualify for best rates.
So I am here to ask your advice to increase my FICO to 750.
I have 7 credit cards, but mostly only use 2 of them, and paid both in full every month, so debt to credit ratio should be <10%; one mortgage account, refinance in Feb., 2011, which is also paid on time every month; 4 inquires, 01/2011, 05/2011, 05/2012, and 09/2012; the worst part is that I have a public record which was a small claim case in 01/2010 and we already satisfied the judgment.( I couldn't believe they even report those $2000 case to credit bureaus and damage my FICO!!!) That all I think could affect my FICO. I know when inquires are taken away from the report, or the time of the public records passes longer, my FICO increase a little. But what else I can do to inprove it except wait?
Any inputs will be appreciate!!
10-09-2012 12:40 PM
well that small claims hurt you because it is too recent. I hate to tell you this but too much recent credit, inquiries, or even your case public records hurt your length of credit history. That might be your problem. What might help is the credit cards you have, 7 of them, so the question is maybe you need to let go of two of the card. Preferably the two most recent credit cards you have. the cards you have had longer help your length of credit. What helps my credit score is that I don't apply for credit often, along with my long length of credit history. Time is just as important on a credit report. Ultimately its your judgement call. I would just suggest wait another 2-3 months to see how your credit changes due to time. Maybe someone with more experience on these boards could chime in.
10-09-2012 12:56 PM
Contact the atty. for the judgement and ask nicely for them to vacate judgemnet. If its paid it shouldnt be a big deal then when it gets vacated send to all 3 bureaus and viola house
10-09-2012 01:02 PM
My bad not the attorney but the person with whom you had the case. Also u say that u use only two cards are they reporting a balance or 0 the reporting matters not the fact that you pay in full pay. all but one card to <9% with only one card reporting a balance
10-09-2012 01:03 PM
Also what are the particulars of judgement did a judgement get entered and then u paid?Or did u go to court and then found for the plaintiff and issued a judgemnet for ;'$
10-09-2012 01:06 PM
+1 See if you can have the judgement vacated. That would let your scores rise high enough.
10-09-2012 01:57 PM
Thank you for your valuable inputs. It was a small claim. Both plaintiff and I went to court and judgment in favor of the plaintiff, then we paid.
Do you think the court will vacate the judgment if the plaintiff file a motion?
10-09-2012 01:59 PM
Absolutly if the plaintiff will go along if so I dont see any reason for the vacate of judgement not to happen go for it! what about the cc cards r u paying b4 the statement cuts
10-09-2012 02:00 PM
Personally me I would go ahead and take the advice and try to vacate the judgment. You never know unless you try.
10-09-2012 02:14 PM
I am using 2-3 of my 7 credit cards, paid in full before or on due date. Will it rise my score if I pay in advance?
Thank you all for your advice. I'll try and let you know what happens.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO