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11-02-2012 12:17 PM
I am in the process of getting a mortgage and if I had 8 more points I would be getting a better deal. Right now I am at 712 with Equifax and I am trying to think of ways to hit the magic 720 within the next two months.
I have 2 credit cards (secured $500, regular $1000), 2 store cards and 2 installment loans (22K, 28K) that are being reported. I have no lates, use the cards very limited and pay off in full each month. My history is pretty short. My secured CC from Capital One is my "oldest" account with 2 years this months (actually - will that change anything with the score - hitting the 24 months??).
So the only thing I could think of is to increase the deposit for my secured card to increase the credit limit. It's at 500 now so if I put down another 500 maybe will that affect my score?
Any help is appreciated! Thank you
11-02-2012 01:59 PM
I'm not sure if an increase of $500 would bump you over 8 points, but it's worth a try. Also request CLIs for the unsecured cards if you haven't done so (only do it if they SP). The other thing is to keep util at 1-2%. As a last resort I would wait it out and go for the mortgage at a later date. If it were me I would wait it out seeing as even .25% can make a difference of a few thousands over the life of the mortgage.
11-02-2012 03:00 PM
What's your util on those cards? If it was to lower your util% you could see an improvement.
11-02-2012 03:19 PM
11-02-2012 05:42 PM
Your score is sooo close and for some reason it always seems like those last few points before a major milestone are the hardest to get so I'd recommend attacking it from multiple angles.
First, I'd go ahead and put the 500 on the secured card and request a SP CLI on the other card. If your util is already 0%, neither of those *should* help yor score, but I wouldn't rule it out because, as we all know, FICO sometimes seems to make no sense.
Secondly, I'd suggest letting one card report a 1-3% balance and the other report $0. I've read multiple, multiple times that that's supposed to give you a bump.
Third, this is a longshot, but if you happen to have an extra $11k lying around, you could pay off half of one of your installment loans. Once you get bbelow 50% of the original loan amount, that's supposed to give you a bump.
Last, I know you said you had no lates, but do you have *any* baddies on your report? If so, GW the heck out of them.
Best of luck! You're realllllly close, so a few little tweaks and/or a couple extra months should get you there.
12-19-2012 05:41 AM