cancel
Showing results for 
Search instead for 
Did you mean: 

FICO of 637..help me simulate future increase.

tag
Anonymous
Not applicable

FICO of 637..help me simulate future increase.

I am currently looking at a EQ FICO of 637. I have 4 former negative accounts (student loans that fell into default out of college (private student loans); however, those are now all showing "paid in full and the account closed." These were paid in full by 2010.

 

I am attempting to do a good faith letters to have those removed.

 

I have an average account age of 8 years, with a utilization of 60%..that should be down to under 10% by March.

 

That will leave only a car loan, mortgage and my govermental student loans (in good standing) remaining on the account. The mortgage has 105,000 left, the car loan has 11,412 remaining and the student loans are down to 21,000. If I go to zero balances on my CC's, that would leave me with 4 credit cards with balances of $5,000, $2,000, $1800, $1400.

 

IF the good faith letters succeed and I reduce my utilization to below 9%, how much of an increase should I see.

 

I have recently reduced my utilization from 91% to the 60% (over a three month time frame) and my FICO EQ score has already raised 60 points.

 

Thanks in advance.

Message 1 of 7
6 REPLIES 6
jsucool76
Super Contributor

Re: FICO of 637..help me simulate future increase.

Gettings derogs removed and lowering util will mean a big jump in score. I don't want to give out any specific number because it is very hard to tell exactly how much of an increase you'll get, but I think once you get util down you'll be quite pleased with your score, and if you happen to be able to get those derogs removed you'll be ecstatic with the results Smiley Tongue 

 

 

Good Luck!

Message 2 of 7
Anonymous
Not applicable

Re: FICO of 637..help me simulate future increase.

I certainly hope so! I have no other negative information on my reports and my derogs are all paid in full--no late payments, etc.. I also have five inquiries that will drop off.

Worst case, the derogs fall off themselves in 2014.
Message 3 of 7
jsucool76
Super Contributor

Re: FICO of 637..help me simulate future increase.

What in particular are you planning on apping for? Or do you just wanna get a nice score for the hell of it? haha 

Message 4 of 7
Anonymous
Not applicable

Re: FICO of 637..help me simulate future increase.

Definitely want to improve my score...and I will be in the market for a new vehicle soon. I have a great salary and want to avoid the high interest rate on the vehicle i purchase!
Message 5 of 7
jsucool76
Super Contributor

Re: FICO of 637..help me simulate future increase.

If your GW letters work and you get that util down I think you'll be in a great place for an auto loan because your score will most likely jump substantially. 

Message 6 of 7
Shogun
Moderator Emeritus

Re: FICO of 637..help me simulate future increase.


@jsucool76 wrote:

If your GW letters work and you get that util down I think you'll be in a great place for an auto loan because your score will most likely jump substantially. 



+1

 

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.