need a 640 score

[waitingtoscore]

Im trying to raise my score, for a FHA mortgage. Currently I have an auto loan 2yrs this month$ 21,000. loan with a balance of $16,900. never late. Just made my 12th payment on my only cc a secured capital one cc $2000. limit with 0 balance just paid off. 3 student loans that are reporting late 120 days from 2-11 thru 7-2011 this month will be 12th on time payment. ( I tried GW letter, didn't work). I owe $11,500 on my student loans & my loan amount was $12,000. I have 3 inquiries for mortgage recently, Was wondering if I paid down my installment loans by 20% if that would help? I filed BK which was discharged over 2yrs ago. What can I do?

[guiness56]

Installment loans have very little affect on your FICO score, maybe 10%.

Don't let your CC report a 0 balance, let it report at 9% or below.  This will give you an optimal FICO score.

[dodfire]

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@guiness56 wrote:

Installment loans have very little affect on your FICO score, maybe 10%.

Don't let your CC report a 0 balance, let it report at 9% or below.  This will give you an optimal FICO score.

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+1

[waitingtoscore]

Thanks for the help . I am 1 point away from 640 on my middle score. So I thought reducing my installment loans below 80% would help. I will keep my cc at $50. what if I increased my limit on my cc $500.?

[dodfire]

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@waitingtoscore wrote:

Thanks for the help . I am 1 point away from 640 on my middle score. So I thought reducing my installment loans below 80% would help. I will keep my cc at $50. what if I increased my limit on my cc $500.?

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Your UTL is already at 0% so increasing your available credit is not going to help you. But if you put a small charge on your card I bet you will get a bump in your score.

[DaBears]

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@dodfire wrote:

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@waitingtoscore wrote:

Thanks for the help . I am 1 point away from 640 on my middle score. So I thought reducing my installment loans below 80% would help. I will keep my cc at $50. what if I increased my limit on my cc $500.?

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Your UTL is already at 0% so increasing your available credit is not going to help you. But if you put a small charge on your card I bet you will get a bump in your score.

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+1 dodfire

[SHuck]

I have a similiar situation.... I need 640 for a VA home mortgage. I have paid my 1 judgement which is due to fall off late next year. My student loans (which was the main reason my cerditwas jacked) is almost fully corrected (i have 3 loans with them totaling maybe 11,000) credit report showing 2 extra loans with a 90 day late and a 120 day late both invalid. No open credit accounts Auto loan never late closed acouple of other accounts closed never late. And about 3 collections currently in repayment or dispute. I have too many inquiries and am lost as how to increase at this point. Need about 110 points

[waitingtoscore]

It took a year for me to raise my score from 598 to 639 that's the middle score 42 pts. I think it would be higher if I wouldn't have had it pulled 3 times for mortgage ck. From what I understand inquiries impact mainly the first year. 12 months of on time payments, do not open any new accounts, ck your own score, pay down credit card balance below 9% of balance, dispute any errors, & time more than 12 months the better. The  loan I applied to was a FHA, at 639 im approved but no chdap, higher interest rate, and a lot more hoop jumping. They want 12 months on time payment for 3 tradelines, no lates on rent, 2+yrs on the job,no collection accounts, no cash deposits into bank accounts accepted for down. My fico is where I would ck my score & talk to a credit advisor on what to do about collection accounts. If you can pay the collection accounts off & call them , explain what your trying to do they might take them off your reports. I hope this helps.                    ( I have done all I can, now I'm just waiting.)