Understanding FICO® Scoring

[juicy97]

So I am in the process of buying my first home. In order to lower my monthly mortgage payment, I need to raise my fico score a measely 5 points.  If I can get above 620 (that would be a 25 point increase, my score is currently 595) it would be even lower.  Is this possible to do in 4 months & what can I do to get it up??

[FICO_Focused]

VERY POSSIBLE...

If you have any CCs with utilzation above 10% pay them to below.

If you want to share atther pertinent info regarding your profile we can help further.

Good Luck!

Rob

[juicy97]

What information do you need?  I would appreciate all of the help I can get.  We do have 3 CC's, one had a limit of 350 & was about maxed out, I just payed 200 on it.  Another had a limit of 300, had about 265 on it, I just payed 150.  The other is a store CC with a limit of 150 & has 101 on it, I plan on paying 85 on it this week. 

With the application fees (400), earnest money (1500) to start the build & dig deposit for the pool (1000) I have paid, not to mention the payments on the CC's ON TOP of all my regular bills I have paid in the last week.  I am stretching every dollar!  LOL

[FICO_Focused]

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juicy97 wrote:

What information do you need?  I would appreciate all of the help I can get.  We do have 3 CC's, one had a limit of 350 & was about maxed out, I just payed 200 on it.  Another had a limit of 300, had about 265 on it, I just payed 150.  The other is a store CC with a limit of 150 & has 101 on it, I plan on paying 85 on it this week. 

With the application fees (400), earnest money (1500) to start the build & dig deposit for the pool (1000) I have paid, not to mention the payments on the CC's ON TOP of all my regular bills I have paid in the last week.  I am stretching every dollar!  LOL

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Any late payments being reported? Any Baddies that we can help you to address sooner rather than later? Whay are your scores so low? What did the FICO simulator give you as reasons fo rthe low score?

Rob

[FICO_Focused]

You may even get the bumo you need from the CC payments when they post... My recommendation would be to pay them all down to 1% leave a combined balance of beween $8 and $65 on all of your cards and let the statements post to your CR. When they do, pull your scores... You'd be surprised how much UTI effect your score...

Doesn't sound like you've purchased your scores from MyFICO either... May want to at least sign up for TC (www.truecredit.com) $14.95 per month will allow you to view your CR every 24 hours... This will help you to get a handle on all three reports and give us some more insight into how we can help you to increase the score quickly.

Rob

[juicy97]

Says to pay my bills on time, but on another page it says my last late payment was 4 yrs ago, then it says to pay down the balances on my CC's, says I have $1799 in revolving credit, but I don't, I have about $450 so I don't know where they are getting that number from.  Then it says to Pay down delinquent balances first, then immediately following it says: 

According to your Credit File you have a total balance of $0 on accounts that are currently delinquent.

I'm so confused with all of this credit score junk.  Honestly, I have never really been concerned with my credit score before.  I know, dumb of me to think that.

[juicy97]

Oh yea, I do have sort of alot of OLD collections.  Most are old, but the 2 that are only a few years old, I just payed the other day.  Obviously I know that it's too soon for that to show up.

[FICO_Focused]

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juicy97 wrote:

Oh yea, I do have sort of alot of OLD collections.  Most are old, but the 2 that are only a few years old, I just payed the other day.  Obviously I know that it's too soon for that to show up.

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THAT is a GREAT place to work for quick turn around... List them please.

Rob

[FICO_Focused]

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FICO_Focused wrote:

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juicy97 wrote:

Oh yea, I do have sort of alot of OLD collections.  Most are old, but the 2 that are only a few years old, I just payed the other day.  Obviously I know that it's too soon for that to show up.

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THAT is a GREAT place to work for quick turn around... List them please.

Rob

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You should try and employ the PFD strategy. DON'T simply pay them The goal should be to have the derogs removed entirely from your profile... Not to terribly difficult to get accomplished in the short term.

Rob

[juicy97]

Pardon my ignorance, but what is the PFD strategy?  Also I have a question, if I purchase the other 2 scores for 15.95 each, do I always have access to them after this, or will I have to purchase them again each time I want to view them?