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Im so close...opinions needed!

New Member

Im so close...opinions needed!

I've been re-establishing and rebuilding my credit from the mid 500's over the last few years. According to FCS.com I am currently at 676 / 676 / 601.

Im trying to get a jumbo loan right now and I need my mid-score at 700. Im kinda under a deadline of about 2 more months to get the loan for the house I want. (First Time Home Buyer) =)

 

Here is my general profile.

 

Utilization < 15%

Average Limit > $2000

5 Inquiries. (2 will come off next year)

 

Im currently reporting a recent 30-day which was a total oversight on my part and a really bad mistake because its hurting my scores. I also have a couple old 60's and a 120 from a closed account 3 years ago. Thats what got me in this mess to begin with.

 

I've written goodwill letters to all the late payment creditors a couple weeks ago asking for a goodwill adjustment, but Im waiting on responses.

 

I have a collection that was listed as in dispute "INFO DISPUTED BY CONS, MEETS FCRA MEDICAL" and OPN 09

It has been listed as paid in full but was still showing on my report. I called them and they issued me a complete deletion letter and would report to the bureaus in their next cycle.

 

Could I expect a decent score increase from this medical collection deletion? Maybe 25+ points to put me over 700? =)

 

I feel ive exhausted everything I can do personally on this to get my score up, by the things that are in my control like low utilization, writing goodwill letters and having the collection removed. 


I feel the goodwill letters are a long shot, but maybe this collection deletion will give me enough to put the score over 700.

What does everyone think! Is there anything else I can do?!

 

Thanks All

 

 

 

Message 1 of 36
35 REPLIES
Moderator Emeritus

Re: Im so close...opinions needed!

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

 

Ignore the scores and advice from fcr.com as none of them are FICO-related. In other words, you might be in the 700s right now. 

 

Util is a tad high. Eeck all cards to $0 except for one and get the remaining CC to under 9% of the CL.

 

Keep sending GWs.

 

Congrats on the medical CA.

 

 

Message 2 of 36
New Member

Re: Im so close...opinions needed!

Thank you for the links. I've read a few and wanted to get my story out there, but Ill troll some of the other topics and see what I can find as well. I've been up for weeks reading and re-reading. I feel like Im so close...its frustrating.

Message 3 of 36
Contributor

Re: Im so close...opinions needed!

Is your medical collection from 2009?  4ish year old CA probably won't give a 25pt increase when deleted.

Ditto the previous poster's advice about fico scores - not just that FCS.com is FAKO, but the advice on how to improve that score was irrelevant to fico (in my situation, at least the score simulator really led me astray).

Util is tricky - the common advice is $0 on all cards except one which is between 1% and 9% Util.

My one CC posted with around 4% Util as oppsed to 1% like normal, dropped me from 671 to 667 (EQ fico) - I too am in the mortgage hunt, stretching towards 680 for better rate.

If it's been a few weeks on the GW letters, get on the phones, get on your email, get out your pad of paper - GW till you can't stand it anymore.  You're GW'ing the 3yr old closed account too, right?

How recent are the INQs?  Only those in the last year hurt your fico - with some evidence that after 6mos their effect is diminished.

 

Again, check your fico here - I have no personal benefit if you do (not trying to push you into b/c I have financial interest here or anything!) - just know I was surprised when I came here and first checked my fico score, compared to the FAKO at FCS.com.

 

Best of luck, keep us posted!

Message 4 of 36
Frequent Contributor

Re: Im so close...opinions needed!

If you can get util rate down below 10% that could add twenty points.

Message 5 of 36
New Member

Re: Im so close...opinions needed!

Hi Thanks for the feedback!

 

The medical was from 2010. Experian has removed it. But Equifax has not yet. I called experian with my report number and got a new VantageScore of 740. At first I was thrilled until I found of that's not the number I think it is on the 850 high range...

 

I've reduced my cards to $0. I will not use them for now.


I'm gonna keep going on the goodwill letters and efforts. I was afraid of sending too many or calling too often, but it sounds like that is not the case.

The lender pulled and inquiry on 4/8 and I just found out the did another on 4/23. I was unaware they were pulling a second. Im showing 6 inquiries right now =( and im about 3 months out before 2 come off.

 

I did sign up and got my FICO here.... 645 =( I emailed my mortgage lender to see what method they use, my guess is probably FICO?

 

Thanks again!!

Message 6 of 36
Frequent Contributor

Re: Im so close...opinions needed!



The lender pulled and inquiry on 4/8 and I just found out the did another on 4/23. I was unaware they were pulling a second. Im showing 6 inquiries right now =( and im about 3 months out before 2 come off.

 


It's only scored as one inquiry if you're getting pulled for mortage loans from different places over a 2 week period. Same for auto loans.

Message 7 of 36
New Member

Re: Im so close...opinions needed!

It was two weeks and 1 day?! Will the count at two?

 

While you sent that message, I was on the phone with capital one for 45 minutes through 6 people. The final person confimed that they received my goodwill letter and sent a response saying that the derogatory items between Nov 08 and Jan 09 have been removed!!!! This is the greatest news I've heard all day and in weeks! Im hoping this is enought to boost my score.

 

 

Message 8 of 36
Epic Contributor

Re: Im so close...opinions needed!

Double congrats!  They are a very tough nut to crack.

 

As for the inquiries, it depends on the model that is used.  Inquiries anywhere from 14 days with the older models to 45 days with the newer models will count as one.

Message 9 of 36
New Member

Re: Im so close...opinions needed!

The mistake I made was lettting them pull it early, because I have to show some improvement in the next 30-45 days on the score and then they will have to pull it again. I should have waited until I was confident it was close to where it needed to be. They did it because they said they could analyze it, help correct and rapid rescore. But, I already had an idea where it was at and didnt need them to tell me =(

 

Well 2 collections down, zero to go there.

1 Late Payment Down, 3 to go 

 

Fingers Crossed!!!

 

Thanks everyone for the feedback

Message 10 of 36