Have i hit the ceiling on my score in the short term?

[Anonymous]

Hello..i wanted to get some opinions on whether my score has maxed out to where it can be in the short term or if there is any scope for improvement other than just letting accounts age.

My current scores are

TU : 655 EQ 656 EX 652

Accounts:

Cap1 secured mastercard opened june 2013: limit 200 balance reporting 175

Cap1 quicksilver opened jan 2015 : limit 500 balance reporting 0

Fingerhut revolving opened march 2015: limit 700 balance reporting 0

VS,jcrew,express opened may 2015: limit 250 each balance reporting 0.

The only acct reporting a balance is cap1 secured. This also has a 90 day late in nov 2013 which am sending gw letters every month..no luck so far.

The question i have is..is 650 the ceiling on my score for the next 2 or 3 months or is there something specific i can do with the accts i have to further maximize the score based on usage reporting. I know the 90 day late is the big one which an trying to get GWed but in the meantime am i doing everything i can to improve the score?

Also..i know i do not have an installment loan yet..but am looking for a used car currently so if my score is at its optimum now..i will take the plunge and add that acct ...ofcourse only if my profile is good enough to qualify for an auto loan.

Any advice is appreciated. thanks folks.

[Jamex]

One thing you can definitely work on is your utilization. The FICO formula gives the top score in that category to profiles with 1-9% utilization overall, with only one card showing a balance, and that one card also within the 1-9% range.

Since your one card with a balance is currently at 88% (which is almost in the "maxed out" category - the worst for utilization) you should very likely see a score increase if you can get that paid down.

If you're able to, I'd recommend paying down that 175 to about a $10-15 balance right before your next statement cuts. (Don't pay it all the way down to 0, because oddly enough having 0% utilization is about as bad as having 30-40% utilization in the FICO model).

No one can predict exactly how much of a bump this will give you, because it depends on everything else going on with your file (that 90-day, any other baddies, inquiries, AAoA, etc). But my guess is you'll see at least a moderately good bump by decreasing that card's balance.

Good luck!

[Anonymous]

Yup, get that Cap One card reporting $0, and let the QS card carry your low balance (under $50), since it has a higher limit and the rewards make it a more useful card.

Impossible to say what your "ceiling" is, but you should see some points from that, and you should not have trouble getting financing in the mid 600's.

[Anonymous]

Thanks for the great advice both of you. In my next months ststement..will make sure i pay off the platinum to zero balance and have the QS report between 1 and 9 %.

Also the 90 day late is the only baddie left on my report..hope the GW campaign bears fruit in the next year or two.

[Anonymous]

---

@Anonymous wrote:
Thanks for the great advice both of you. In my next months ststement..will make sure i pay off the platinum to zero balance and have the QS report between 1 and 9 %.

Also the 90 day late is the only baddie left on my report..hope the GW campaign bears fruit in the next year or two.

---

You may see a scoring increase when that 90 moves past 24 months. It will still hold down scores (major derog) but not quite as much.