Need to raise score

[Anonymous]

I need one point in order to qualify for a mortgage. I have 2 inquiries that will come off beginning of June. Will this help? Also, my one account has a 30 day late from July 30, 2016. Do you think that it aging by a year will raise my score? 

[rmduhon]

Inquiries don't have a score impact after a year so the inquiries coming off the reports might not do anything for you. As for the late, my understanding is that a 30 day will affect your scores until it reaches 2 years. Try GW letters for it. What does the rest of your reports look like? There may be another way to get some points. And are you looking at mortgage scores? Those can be different from regular Fico scores.

[Anonymous]

What's your UTI? Paying some of that down may get you the point you need. Heck, waiting one more month, making one more on time payment, could get you the point. 

The inquiry probably won't net you that point though. 

[Anonymous]

I've paid off all collections and a charge off, that just showed paid this month, so I;m thinking that no increases because that would have happened this month.  My credit cards are low util, so no increases from that. No real reason now for any increases. The late is fingerhut and I tried GW letters, and now will try some more. And yea, these are my mortgage scores. 

[rmduhon]

You say low utilization, but if it's not 1 card reporting less than a 9% UTI of that card's limit with all others reporting a zero balance you are missing points.

[Anonymous]

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@rmduhon wrote:
You say low utilization, but if it's not 1 card reporting less than a 9% UTI of that card's limit with all others reporting a zero balance you are missing points.

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+1

[Anonymous]

yes, I am doing the three cards and one reporting below 9%. I am not sure what can raise my scores, so hoping that the one score will raise by 1 by June. My highest score is 80 points higher and my lowest one is 30 points below, so its really this middle score that has me on edge. Thanks for all the replies, I really appreciate it. 

[RobertEG]

While you refer to only a single 30-late, you also refer to a paid collection and charge-off.

With sub-600 scores, there are usually several major payment history derogs.

What are your other major derogs (collections, charge-offs, judgments, tax liens, etc)?

[Anonymous]

There are three medical collections that my loan officer said to not bother paying (also we can't pay them since we are trying hard to save up for down payment). I had a charge off paid (and another small one that has been paid), and two more collections (one is paid, and the other, is old and the LO said was too old to be worried about). The paid collection and 2 charge offs have all paid been paid just recently, but have reported to the Credit Agencies. No judgements, lots of inquiries, and not a long credit history.  We have a car loan that had lates about three years ago, but since then have been perfect, and a new car loan since Feb. that has on time payments. 

[RobertEG]

Paying delinquent debt certainly helps in a manual review, but does not per se result in removal of the reported derogs on the account.

Paying a CO or collection, for example, does not remove the CO or collection from scoring.  It only prevents continued updating that can prevent score improvement.

It looks like your prior payment history derogs are ripe for a good-will campaign to attempt actual deletion of  those major derogs.

The resulting score improvement would be significant.....