08-29-2013 07:25 AM
I tried the paydown this month with all credit cards and left only one card with a utilization of only 7% all others had ZERO. Well things for the next month came in at the end of the reporting cycle that are autopay and interest and even though they are due next month reported this month on balance, I rushed to pay them but they still did not clear in time for the agencies to get a zero balance on them. One was only 9.00 the other was 90.65 and even though paid they showed on report defeating my goal. I did get a pretty good bounce as the one that did report zero had a 1500 balance and I paid it off. Any ideas how I can get that 40 point bump I need to get to 760 ? I do have one other JC PENNY that has not reported as of yet and I paid it down to zero and it will report zero. That will leave me 5 accounts CC with a balance of 7% on one and 9.00 out of 550 CL on one and 90.65 out of 2000 on the other when all is said. That should give me a few more points but not the goal I am looking for. 740 would be nice 760 is my goal for now then 800 after a secure a mortgage.
Thanks for any insight. No negatives, no late payments and no collections to have removed. All payments made on time average credit history is right at 3 years.
I do have one installment note I could pay off with CL of 5500 but a balance of 2600 to pay it off. Not sure if that will help and it is an installment note, I have been leaving it there to build installment history.
09-14-2013 06:20 AM - edited 09-14-2013 06:34 AM
In reading various postings there are many factors. Average Age of Accounts, Length of Credit File (thin vs thick), Utilization to mention a few along with the effects of a BK, Collection, Judgement and the like. Each file is somewhat unique. For me the highest FICO scores come when I have 1.5% utilization and a mortgage balance, an installment loan (vehicle under 35% outstanding), one bank card with a very small balance and one store card with a small balance (note the credit mix as part of the FICO Scoring System). When you read other posters you may find it works for them at higher scores with 10% utilization. Since I had a BK7 back in 2001 my files was wiped clean so I show virtually as a newbie with clean credit (but not a credit file that should go back to 1972 when I got my first credit card - lost all my history). So we are only able to offer our findings and generalizations on how a person's credit file will work for FICO points. My credit file as described herein will generate 804 as my FICO Score. Other than MYFICO most of the other scores I have obtained are FAKO and serve as a guide. You will also read that each lender may be using a different version (date) of FICO Scores that aim a little differently and has taylored the scoring system to fit their risk scoring model. Understand your desire to find the right answer. I found mine by actually taking a year of paying different amounts off on my debt and running credit reports. A lot of work and I incurred credit report expenses. But, now I know for me. When I went for my mortgage and a Discover Card the scores they shared with me matched almost to the exact number of MYFICO. Others on this site have found other results. Good luck on your search for the right answer for you. Also, depending on your credit history some actions can put you in different scoring buckets related to FICO Scores. Example, I was in the BK Bucket. Once my BK fell off my credit score increased 80+ points. The car dealer told me not to sweat the BK as Ford used a different FICO risk scoring model. Hope this sheds some real world light on how one person found their FICO Scores.
09-14-2013 06:27 AM
seems biggest thing hurting me now is AGE of accounts. Average of 2 most of 4. I have paid all cards down as of this morning to .006 of the balance I ran on them all month and that balance never went over 10% utilization. I do not have a mortgage and this is my main purpose. How did you get a mortgage and you had the Bankrupcy. I am having problems it seems or think I do I have not talked to a lender and I have 170 straight payments perfect and one time. No collections. 2 inquires over 1 year old and one installment of 2700 I am about to pay in full as it is with a finance company and I read a finance company installment will hurt more than help your fico.
09-14-2013 06:33 AM
A guy on here helped me set up a spreadsheet on the utilizations and i am trying to go by his suggestions verbatim. He really knows the system and I am doing everything he said. I did talk to my local bank Bob and they said do you have any fiance company on my credit and I said yes its the one installment and she told me I need to pay it off as soon as possible as it will be looked at negative by the bank. I want to buy the place I am at 250k but she said my income would have to be 52k a year I am at half that even with the rental income on the property. It is 6 acres and it would give me the chance to put another rental on the property in the 2 car garage downstairs if I want and rent all 3 of them out loft apartment, garage apartment and brick house next door on property and then build me the home I want. Look at this more then as my income property.
09-14-2013 06:43 AM
09-14-2013 06:45 AM
Gosh I am glad you told me that I am talking to USDA and I have a FICO of 763, 724 and 758 but it seems from what I read they will not finance if it has over 3 acres or rental property on it, is this true ? I have the application by my bed now and I have been working with my local office. I live in a very rual area.
09-14-2013 06:57 AM - edited 09-14-2013 07:06 AM
Hmm... I was not aware of the acreage restriction or the one for rental property. Best check this out throughly as I was under the impression the USDA Rural Loan was focused on more rural areas were other types of financing would be less available. It would seem lenders should certainly know the USDA requirements?!
09-14-2013 07:00 AM
That is what I have read I have not ask the office personally I plan to ride over to see them this week but they want the application ready when I come and I have been getting it ready. But I read 3 acres and no rental and can not be subdivsional. When I asked them one day in email they said just get your packet to us and let us take a look at it
09-14-2013 07:05 AM - edited 09-14-2013 10:35 AM
Fingers crossed for you. The USDA Rural Loan I have is in the middle of iron mining country in the forest. The loan has served me well and gave me a chance to own a house when others would not deal with me.
09-14-2013 09:01 AM
Same here my credit is getting outstanding and my payment history is perfect my problem is I do not have enough income to get the property i want and I know I can make the mortgage payment. That is where USDA will come in to do 100% plus closing and leave my savings for me to fund off if if ever needed. I do want my credit 800 again but for now I will be glad to see all 3 760. one is there one is 2 points shy and Equifax is always the slow one 724 all FICO. The credit scores mean little to me except to educate me what does what and how I can improve things.