I am having difficulty understanding my various FICO scores which is now preventing me in moving forward with getting a mortgage loan. Long story made short......A few years ago I went through a divorce that impacted my score. In October 2009 my middle score TU was 605. I have 2 open credit cards, both were at 98% utilization but no late pymts. on them. I have 2 closed credit accounts that I am still paying on, 1 had a credit limit of 15k with a current balance of 6,800 and the other card had a credit limit of 7,400 with a balance of 9,000 (although it states current and no late payments for 14 months. I was told my 15k CC that has me under 50% utilization doesn't count because it was charged off and I'm just making pymts. Therefore on the 3 credit accounts they are looking at my 2 open and 1 closed CC. My total debt utilization at the beginning of October was reporting at 110% so 10% above my credit limit. My other account is a an auto loan with an orignal balance of $26k and a current balance of 2,600 (I had 1 late on it 15 months ago).
At the end of October I paid my 2 open credit cards down to a 2% utilization to a balance of $30 on a credit limit of $810. My consumer FICO score increased on both TU 645 & Experian 656 however the lender FICO score has not changed at all! So today after spending close to 2 hours on the phone, another hard inquiry and still not able to move forward on getting a mortgage loan I was told that my closed Chase account reporting current with no lates for over 14 months is impacting my score because I am over the credit limit.
Tonight I paid 2 on ,000the Chase account now my balance is 7,000 and credit limit is 7,400 and my other 2 open credit cards are still at a 2% utilization. The combine payments will bring my total CC utilization to 85% (2 cards paid and 1 with a balance)
Does anyone have ANY insight or advice that would help me increase my score????
