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New Member
Posts: 8
Registered: ‎03-27-2017
0

Help boosting scores

I have scores of EX:667 EQ:612 TU:615 I am wanting to get my all my scores into the 700s within a year max. I have no public records and no late payments within the past 12 months. I do have alot of inquires on my EQ report like 30. However by end of this summer 2017 I will have about half of those fall off. I am an AU on a cap1($5,550) account that has a balance under 20 percent and I also have a credit one card ($450) with a balance at 20 percent. I have a vehicle loan with 4 late payments all of them are 30 days none that fall within the past year. I only have one collection on my reports which is to Verizon (thanks ex girlfriend) for the amount of 2k. I also have old charge offs 2 of them from 2010 that will fall off come August 2017. If someone could share some light into what I could do to get my scores up that would be great. I have tried all the credit simulaters out there on the internet but still can't locked down a for sure method to help my scores. In serious need of some help trying to buy a house using my VA home loan but would like to have better scores for that process.

Senior Contributor
Posts: 4,744
Registered: ‎04-11-2016

Re: Help boosting scores

Late payments, collections and/or any negative items kills scores and can drop them 100+ points.  For starters, you need to ensure that you do not acquire any more negative items.  Number 2, you need to work on getting the negative items like those auto loan late payments and that collection removed from your credit report.  The way to do that is to write letters to the creditor/lender basically apologizing, asking for forgiveness and telling them that it will never happen again.  Head to the "rebuilding" forum to read more about this.  Getting rid of your negative items would most certainly put you above 700.  That could be accomplished in just a few months if you're lucky and really hammer away with letters. 

 

Next, pay off your balances.  The most you want reporting is one SMALL ($5 to $10 is fine) balance on one revolving credit line.  Keep it this way.  All revolvers reporting $0 except one with a small balance every month.

 

Finally, don't apply for any credit.  None.  Additional credit means additional inquiries, new accounts, AAoA drop, etc.  You don't need those things.  If you're thinking of applying, don't.

 

If you follow this above you'll be 700+ inside of a year, quicker if you get rid of the negatives!

 

 

New Contributor
Posts: 146
Registered: ‎03-21-2017
0

Re: Help boosting scores


BrutalBodyShots wrote:

Late payments, collections and/or any negative items kills scores and can drop them 100+ points.  For starters, you need to ensure that you do not acquire any more negative items.  Number 2, you need to work on getting the negative items like those auto loan late payments and that collection removed from your credit report.  The way to do that is to write letters to the creditor/lender basically apologizing, asking for forgiveness and telling them that it will never happen again.  Head to the "rebuilding" forum to read more about this.  Getting rid of your negative items would most certainly put you above 700.  That could be accomplished in just a few months if you're lucky and really hammer away with letters. 

 

Next, pay off your balances.  The most you want reporting is one SMALL ($5 to $10 is fine) balance on one revolving credit line.  Keep it this way.  All revolvers reporting $0 except one with a small balance every month.

 

Finally, don't apply for any credit.  None.  Additional credit means additional inquiries, new accounts, AAoA drop, etc.  You don't need those things.  If you're thinking of applying, don't.

 

If you follow this above you'll be 700+ inside of a year, quicker if you get rid of the negatives!

 

 


+1


Starting(7/16):TU733/ FICO680/ EQU655 | On 04/17:TU724/FICO728/EQU704 | Goal: 100k TCL when I'm 20, 800 on all scores
Frequent Contributor
Posts: 484
Registered: ‎11-19-2016
0

Re: Help boosting scores

[ Edited ]

If you are looking at a VA loan, you are probably causing yourself undue stress unless you'll need a jumbo loan if it's over the 400-something thousand mark. VA rates are typically approval/denial, unlike conventional loans where every point up to about 740 counts a lot. Usually debt-to-income is the deciding factor and 620 is usually the minimum score. There's no PMI or down payment that would go down or go away with a higher score.

 

Editing to add: If you have a property in mind, I'd get the process started immediately.  Rates are climbing quickly.

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New Member
Posts: 8
Registered: ‎03-27-2017
0

Re: Help boosting scores

Yes I have started the process just wanted to see if there is any quick way to come up some points for a better rate. Then long term getting into the 700s. I am not doing a jumbo at all 

New Member
Posts: 8
Registered: ‎03-27-2017
0

Re: Help boosting scores

Ok so I take it keeping the balancing under 20 percent is a no go to boost the credit. It is best to keep them at 0 dollar amounts and only keep one with a very small balance?

Senior Contributor
Posts: 4,744
Registered: ‎04-11-2016
0

Re: Help boosting scores


livingdreams wrote:

Ok so I take it keeping the balancing under 20 percent is a no go to boost the credit. It is best to keep them at 0 dollar amounts and only keep one with a very small balance?


Correct.  Keeping balances under 20 percent is great if you were running say 70%-90% utilization as you would see a significant score increase from moving from that high to 20% or so.  In terms of maximizing FICO scoring though, you want one balance to report that's less than 9%... one small balance only, as you said.

New Member
Posts: 8
Registered: ‎03-27-2017
0

Re: Help boosting scores

Ok, Thank you for the help with this I will change my strategy to reflect that. I should see some improvement with the scores. Hopefully I will be joining the 700 club soon... 

Valued Contributor
Posts: 1,151
Registered: ‎03-23-2009
0

Re: Help boosting scores

What is reporting on EQ & TU that's not reporting on Exp?  You have a big difference in scores between them.

New Member
Posts: 8
Registered: ‎03-27-2017
0

Re: Help boosting scores

The Verizon collection is not on EX

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