Rebuilding score - debts paid

[Anonymous]

I'm new here but have a few questions. In December of 15 I pulled my credit report for the first time in advance of wanting to purchase a home. I had several collections accounts and two charge offs. Throughout December and January I paid off 100% of my debt including charge offs. I got several collection agencies to remove. I disputed everything and everything has been resolved and reported accurately (as accurate as can be I guess) - I sent 3 letters to have old late payments removed and the charge offs removed. 1 flat out said no and the others are still considering. I have a 7yr old credit card with low Ballance to CL and just got added to a family members 5yr old card with a perfect record as well as a large CL and low balance. Is there anything I can do from here to increase my score? I also have a auto payment in good standing. Stuck @ 630's need 640's.

Thanks!

[Rebuilder2016]

You need a third card and a installment loan.

[Anonymous]

Wouldn't my truck be auto loan be considered an installment loan? And having a HP for another credit card would hurt more than it helps wouldn't it?

[Anonymous]

If the auto loan is reporting then yes you have an installment loan.  The autorized user card doesn't really help much, you want three cards one reporting no more than 9% utilization and the others zero.  How soon are you going to apply for the mortgage?  The lost points from the hard inquiries would be made up within three to six months you just don't want to be applying just before your mortgage.

[Rebuilder2016]

Sorry! Yes truck loan is considered installment loan but I overlooked where you mentioned that in first post. I was told that three credit cards reporting and only one carrying a balance is the magic combination.

[Anonymous]

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@Anonymous wrote:

If the auto loan is reporting then yes you have an installment loan.  The autorized user card doesn't really help much, you want three cards one reporting no more than 9% utilization and the others zero.  How soon are you going to apply for the mortgage?  The lost points from the hard inquiries would be made up within three to six months you just don't want to be applying just before your mortgage.

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This. The authorized user account might actually muddy the waters for your Lender. They can't really tell what your credit score because you're piggy backing off someone else. 

[Anonymous]

Soon. I know the lender personally however do to restrictions I have to be over a 640 to be approved. My D2I is less than 4% with both my truck payment and CC, and my backend was less then 24% after we sat down and figured up the loan. I've found a house I like and just waiting on things to recover. I've already been told as soon as it goes over 640 I'm good to go. However now that everything has been resolved and all I have left are a couple of bad payments and 2 charge offs I'm at a standstill. This is why I opted for the AU... The lender is the same lender I have my installment loan through.

[Anonymous]

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@Anonymous wrote:
Soon. I know the lender personally however do to restrictions I have to be over a 640 to be approved. My D2I is less than 4% with both my truck payment and CC, and my backend was less then 24% after we sat down and figured up the loan. I've found a house I like and just waiting on things to recover. I've already been told as soon as it goes over 640 I'm good to go. However now that everything has been resolved and all I have left are a couple of bad payments and 2 charge offs I'm at a standstill. This is why I opted for the AU... The lender is the same lender I have my installment loan through.

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As stated, you need three cards for effective scoring. Adding two more cards will be much more effective than piggybacking on someone else. Forget the AU. Only let one of your cards show a small balance to peak your scores.