Raising my credit score quicker

[Anonymous]

Hello All,

First time here and really looking for ways to get my financial life back on track. I've noticed how everyone notes thier credit scores in their messages from month to month. I've noticed how much your scores are increasing from month to month. I've seen 20+, 30+ and even 40+ jumps in 30 days. My question is; what is the secret? I've been monitoring my score closely for about the last year and a half since I filed my bankruptcy. I've subscribed to myFICO 3 months ago and my score each month has went from 621 to 631 to what it is now 641. So i have the bankruptcy on my file along with a revolving account with a very low balance and 2 very old accounts showing late which i've been unsuccessful with getting removed. My score was at about a 585 in January of 08 and is currently up to 641. I would like to seriously consider purchasing a home in the next 7 - 10 months but I think my credit score and debt to ratio will prevent that. My income currently is about 42k.

So what can I do in the mean time to dramatically increase my score. Any suggestions will be appreciated and definitely pursued. I'm open to any and all LEGAL ways to increase my score fast.

Please help!!! Be honest too, I'm a big boy I can take so if I'm chasing a dream let me know. Maybe I'm just being pessimistic. Thanks!

[llecs]

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.

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

I'd suggest starting out by pulling all three reports. You can do so for free via annualcreditreport.com (don't pay for the scores). Next, pull both FICO reports and scores. When apping for a mortgage, you'd need to have at least 2 FICO scores over 620. So, if your EQ and TU are there, then you could at least qualify for a couple of programs. FICO lists out exactly what is hurting you the most per your score too. Finally, if you want to track the daily/weekly progress of changes on your reports, then I'd suggest subscribing to a CMS. Many of us use creditchecktotal, though there are some decent monthly report pullers out there like TrueCredit.

BTW...20 point gain in 3 months isn't bad w/ nearly 60 pts overall. Wish I had that...

Keep that revolving balance reporting less than 9%. Ideally, a few bucks might be better. You can GW the lates off. However, if those lates are 30 or 60 days, then you may want to stop GWing them. Sounds like this is one of your oldest accounts. Some creditors may eventually opt to delete instead of removing the lates. If they did that, you can never get that account back. Sounds like it is helping your AAoA. If removed, your score could easily drop. Generally, 30 or 60 days stop impacting your score after 2 yrs.

Do you have other debts reporting? Your DTI should be very low w/ that one CC.

[Anonymous]

Thank you so much. Especially for the glossary because I was stumped with you mentioned "GW". I've been searching for some good sample GW letters. Would you know of a site or thread I can view to get some ideas? I want to get on this ASAP cause I'm on a mission.

So do you think, the lates that are older than 2 years, I should just let them go?

One is a 120 day late from January of 2007 and the other is a 60 day late from Feb 2004.

I have 3 old debts reporting as "included in bankruptcy".

I have a $14k car note and Capitol 1 CC both in perfect standing and current.

Also, a $31k student loan reporting that are in forbearance.

What do you think? 

Thanks again for your continued help!

[RobertEG]

Hi Lynelle,

I think your biggest chance for a FICO boost is to make sure your CR is in compliance with the reproting requirements of the FCRA.

And that all goes back to needing a bit more detail, to give you some sound advice.

First, you clearly have prior delinquencies in your original creditor (OC) accounts.  Those derogs drop from your CR at 7 yeaars from their date of delinquency.  So tell us the prior OC derogs reporting, and their dates.

Second, for each collection reported to you CR, the date of the first default on the OC account that led to the CA being reported governs how long it can remain in your CR.  Do you know the DOFD on your OC accounts?

There is little you can do to change the past.  But you can monitor the accuracy of what is in your credit file, and assure that things drop when mandated by the FCRA.

[Anonymous]

Hi Guys,

Thanks Robert! 

I just pulled all 3 of my reports from annualcreditreport.com and scrutinized each one. I don't see that any of my OC accounts DOFD were more the 7 years ago. Most of my troubles came just after I graduated from college which was in 2003. However I do have a CC opened in 97 on all my reports that was included in bankruptcy. However, no CA for this one. Also there is a Student Loan account that opened in 97 that is showing the late payement in Feb 2004 which is right before I consolidated my student loans.

I will be carefully monitoring to make sure that these things drop off when they are supposed to. I have several accounts on reports that have been included in the bankruptcy. Is there anything I can do (i.e. GW letters) to try to get those removed or is there no hope since they are apart of the bankruptcy? Also, I do have one collection reported that was paid and another collection that was included in bankruptcy.

[sewmuchdebt]

are all of your accts iib reporting 0 bal? make sure they are.

[Anonymous]

I went back and confirmed that each account IIB does report a $0 balance on each credit report. Thanks for the heads up!

[Anonymous]

Latest update on scores: TU: 630 EQ: 643

I'm really looking to get in the 700's sooner than later. Any advice on speeding up this process? What can I do? 

[llecs]

I can't remember the details of your prev. posts, but the fastest way to a higher score is to get your utilization below 9%, if not there already. Otherwise it is time, not apping for anything, and taking care of baddies, one at a time.

[lg8302ch]

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@llecs wrote:
I can't remember the details of your prev. posts, but the fastest way to a higher score is to get your utilization below 9%, if not there already. Otherwise it is time, not apping for anything, and taking care of baddies, one at a time.

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Not only the utilization matters but also the number of accounts reporting with a balance. My small test to report "tiny" balances on over 50% of my accounts dropped my EQ Fico score by 38 points with still the same util of less than 9% ... instead of 0 balance reporting a 5$ balance will make me lose quite some points.

(Since gardening and no intention to app for anything I am playing around with SW and testing my waters - amazing and unexpected results)  Best results as mentioned on this forum also for me: 1 account with 1-9% util, rest with 0 balance  793 my highest and all accounts with balances and util less than 9% 738...this is quite a difference with same util !