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Is there anything else I can do to improve my score in the next 3 months?

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Anonymous
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Is there anything else I can do to improve my score in the next 3 months?

Hi there! I've been reading these forums for a while, but finally worked up the courage to post my own question

 

I started focusing on repairing my credit earlier this year. For several years (2008-2013), I was young and dumb about making payments on time. I had several 30 day late payments on an auto loan and student loan. 

 

In 2014, I started my own business and had the means to be much more responsible about making payments on time and actually putting money into savings. I have paid off all my student loans and carry a less than 10% balance on all my credit cards. The only loan I have currently on my credit report is my husband's truck (he is also on the loan), we took out this loan in May of this year. 

 

My goal is to apply for a construction loan in the next 3 months. 

 

My current mortgage scores are EQ: 629, TU: 681, EX: 611

 

Fico 8 scores are EQ: 651, TU: 660, EX: 663

 

My understanding from these forums is that I will need at least a 680 middle score to even be considered for a construction loan. 

 

I had two collections on my credit report that popped up in May of this year (a $30 and $50 bill from GoDaddy that I wasn't even aware of). I got the CA to agree to a PFD, and they have already been removed, but my scores didn't budge.

 

I also have a 120 late payment reporting on EQ and EX for August and September 2015. I was paying off smaller student loans, and this loan was in deferment. I have called the student loan company to request that the late pays be removed, but they won't budge...even though I have letters that acknowledge the deferment. I paid off this loan in April of this year. 

 

Other than the 120 late pay on EQ and EX, I don't have any other derogatory marks in the last two years.  If I can't get the student loan company to remove the 120 late entry, is there anything else I can do to get my mortgage score to 680-700 in the next 3 months? I've read in some of the forums to pay off all credit cards to a $0 balance, except for one card and keep that card at under 10% utilization. Is this my best bet, or is there anything else I can do to improve my scores? 

 

Message 1 of 10
9 REPLIES 9
Anonymous
Not applicable

Re: Is there anything else I can do to improve my score in the next 3 months?

If the loans were in deferment at the time of the late payments I would file a dispute with the CRA's and include copies of the deferment letters. As far as credit cards go yes you want three open cards let only one report a balance of less than 10% of it's limit. You can check out Capital One's pre-qual site there are also banks with secured accounts that graduate to unsecured cards BOA and Discover are two popular ones.
Message 2 of 10
Anonymous
Not applicable

Re: Is there anything else I can do to improve my score in the next 3 months?

How many accounts do you have open that are revolving credit cards? You might need to open some and wait another 6 months, it will take more time since you have to have more open accounts with perfect ontime payments. 

Message 3 of 10
Anonymous
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Re: Is there anything else I can do to improve my score in the next 3 months?

I have one card in my name:

 

Discover: $2500

 

I am an authorized user on my husband's cards, and as their balances go up and down, my credit is impacted, so I'm hoping by paying all but one down to $0, I will see a jump.

 

Authorized user on: 

Chase: $13,100

Chase: $5,000

Citi: $10,000

BP: $1,200

Capital One: $750

 

With this in mind, is there one of these in particular I should keep a <10% balance on? None of them have ever had late payments. 

Message 4 of 10
Anonymous
Not applicable

Re: Is there anything else I can do to improve my score in the next 3 months?


@Anonymous wrote:

I have one card in my name:

 

Discover: $2500

 

I am an authorized user on my husband's cards, and as their balances go up and down, my credit is impacted, so I'm hoping by paying all but one down to $0, I will see a jump.

 

Authorized user on: 

Chase: $13,100

Chase: $5,000

Citi: $10,000

BP: $1,200

Capital One: $750

 

With this in mind, is there one of these in particular I should keep a <10% balance on? None of them have ever had late payments. 


To be honest, you may have to move out your time line - maybe look at 6-12 months. You really need a couple more of your own accounts, and they will have to be "aged" 6-12 months ideally. Since TU is clean, if you have more than 18 months history on the Discover card, then try for a Barclays. Third card you could go with Cap One.

Message 5 of 10
Pway
Valued Contributor

Re: Is there anything else I can do to improve my score in the next 3 months?


@Anonymous wrote:

I have one card in my name:

 

Discover: $2500

 

I am an authorized user on my husband's cards, and as their balances go up and down, my credit is impacted, so I'm hoping by paying all but one down to $0, I will see a jump.

 

Authorized user on: 

Chase: $13,100

Chase: $5,000

Citi: $10,000

BP: $1,200

Capital One: $750

 

With this in mind, is there one of these in particular I should keep a <10% balance on? None of them have ever had late payments. 

YMMV

Being an authorized user on his cards is great.  However, you should have atleast three tradelines of credit of your own to maintain the maximum fico score availabe in that area.  After reading and seeing that you are looking for a home loan, I would not app for any cards at this time.  Those are nice limits.  Remember that the underwriter can identify between actual accounts and authorized user accounts.  He/she may want you to open up another account in your name only.  It just depends.  YMMV

Thank you for the wealth of knowledge I have learned from these forums. I am logging off as of November 9, 2022. I wish everyone great success.
Message 6 of 10
grillandwinemaster
Valued Contributor

Re: Is there anything else I can do to improve my score in the next 3 months?

1- as stated above, dispute and mail copies of deferment to credit. Bureaus. If this is accurate this may give you the scores your looking for, especially if it's your last major baddie. 

 

If you don't get the scores your looking for, then move out your construction loan time line to 6-12 months out and get a Total of 3 revolving tradelines in YOUR name. 

 

The combination of the 3 revolvers and the truck loan will put you in the best scoring position possible.

 

Best credit wishes to you!


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 7 of 10
grillandwinemaster
Valued Contributor

Re: Is there anything else I can do to improve my score in the next 3 months?

Or maybe you Can put the construction loan in your husbands name only? It sounds like he has stronger credit history at the moment? 


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 8 of 10
Anonymous
Not applicable

obRe: Is there anything else I can do to improve my score in the next 3 months?

Thank you! If I open two secured cards at $500 each, would that be sufficient?

Message 9 of 10
Anonymous
Not applicable

Re: Is there anything else I can do to improve my score in the next 3 months?

My husband started a business this year, so we would have to have two years of tax returns Smiley Sad

 

Message 10 of 10
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