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Member
katfshh
Posts: 17
Registered: ‎11-03-2008
0

Need 4 points! Help STAT!

Hi, 

 

I have a home in escrow, and it looks like it is going to fall out over 4 points. I bought all three of my scores, but my scores are about 30 points higher than what my lender is showing. They ran my report three times now and it is now lower than it was before I did what they asked me to do to bring up my score. I need a 620 score for them to submit the loan. Today my middle score which is Equifax is 616. Last week it was 618.  I paid down the only card I had to a 0 balance and that should have raised my score, but when the loan guy ran it it was now 616. There is one collection for 17 $$ that I paid today, but they wont delete it. It was to Time Warner Cable. I have a Bankruptcy from 2007 after my divorce. I have a Kay Jewlers card with  zero balance and one Visa card with a limit of 700,00, and a 0 balance. I have a car loan that has always been On time, with balance of 16,000.00. I don't know what I could possibly do to get 4 more points. It seems insane that 4 points is going to make or break my home buying. Any ideas???

 

Katfsh

Katfshh
616-Equifax -lender pulled 2/8/13 - SAME AS MY FICO
644-Equifax - lender pullled 2/27/13 -SAME AS MY FICO

633-Experien-lender pulled 2/8/13

595-Transunion-lender pulled 2/8/13
Senior Contributor
DaBears
Posts: 3,930
Registered: ‎10-26-2012
0

Re: Need 4 points! Help STAT!

[ Edited ]

Never take all your credit cards down to a $0 balance. Keep atlease one or 2 cards at 9% util and watch how fast ur score jumps. When is the closing?

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

Re: Need 4 points! Help STAT!

FICO doesn't like to see all your CC reporting a 0 balance.  Have at least one report at 9% or less.

Member
katfshh
Posts: 17
Registered: ‎11-03-2008
0

Re: Need 4 points! Help STAT!

I just disputed some of the old stuff that is on my credit report. For example, there is a charge off that doesnt show included in my BK. Either way, my loan guy just emailed and told me not to dispute anything at this point. Too late. Ugh. I checked the balance on my only credit card tonight. I owe about 94.00 with a 700 limit. They just raised my limit from 500 to 700. That doesnt show on the last pull from the lender. They just raised the limit about a week ago. I guess this isnt going to happen. I cant believe 4 points can make or break my ability to buy this house. :smileysad:

Katfshh
616-Equifax -lender pulled 2/8/13 - SAME AS MY FICO
644-Equifax - lender pullled 2/27/13 -SAME AS MY FICO

633-Experien-lender pulled 2/8/13

595-Transunion-lender pulled 2/8/13
Valued Member
DaBall
Posts: 28
Registered: ‎02-27-2012
0

Re: Need 4 points! Help STAT!


guiness56 wrote:

FICO doesn't like to see all your CC reporting a 0 balance.  Have at least one report at 9% or less.


Curious? And sorry I can't be of any help to the Op, but is ive noticed that all my credit cards (citi, discover, chase, capital one) all report well before my statement even cuts, thus they always show a balance, even though I PIF every month. 

Chapter 13, Discharged 10/11
02/28/12 TU 595/ Eq 647/ Ex 647
01/30/13 TU 656/Eq 676
9/30/13 TU 694 EQ 687 Ex 727
10/25/13 Fico scores TU 740 EQ 680 EX 725
11/1/13 chapter 13 finally fell off EQ 702
New Contributor
750Hopeful
Posts: 152
Registered: ‎02-07-2013
0

Re: Need 4 points! Help STAT!

Good to know. I've got 4 open revolving accounts. 2 have a credit limit of $500 each and one has currently 10% utilization and the other has 6% utitilzation. Another one has 0% utilization right now. And then the last one has a $15,000 limit, but less than 0.5% utilization (only have a few bucks on it). Because two of those have around 9% utilization, is that just as good as all of them having it?

Member
katfshh
Posts: 17
Registered: ‎11-03-2008
0

Re: Need 4 points! Help STAT!

At this point would it be a bad thing for me to get an additonal credit card? Like I said, I have one major card, a car loan, and kay jewlers with a zero balance. 

 

 

Katfshh

Katfshh
616-Equifax -lender pulled 2/8/13 - SAME AS MY FICO
644-Equifax - lender pullled 2/27/13 -SAME AS MY FICO

633-Experien-lender pulled 2/8/13

595-Transunion-lender pulled 2/8/13
Senior Contributor
DaBears
Posts: 3,930
Registered: ‎10-26-2012
0

Re: Need 4 points! Help STAT!

Fico likes to see anywhere from 1-9% util on CC's. Keeping them at zero balance shows lenders or whoever else pulling your CR that you're not using the cards you will need to call your CC companies and see when they report to the CRA's every month.

Senior Contributor
DaBears
Posts: 3,930
Registered: ‎10-26-2012
0

Re: Need 4 points! Help STAT!

Morning Kat, I always make it a rule for me personally do I really need another credit card? unless you absolutely need it, then go for it. keep in mine Fico doesn't like seeing too many inquiries on your reports, especially in a short amount of time.

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

Re: Need 4 points! Help STAT!


DaBall wrote:

guiness56 wrote:

FICO doesn't like to see all your CC reporting a 0 balance.  Have at least one report at 9% or less.


Curious? And sorry I can't be of any help to the Op, but is ive noticed that all my credit cards (citi, discover, chase, capital one) all report well before my statement even cuts, thus they always show a balance, even though I PIF every month. 


It depends on when they report and when you pay.  It may take a month or so of experimenting but try to get all but one to zero and one at 9% or below before they report.

 

Do they report at the same time every month?


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