I have a credit history of 10-12 years with an average account age of 5 years (I am 27)
I have between 14 and 20 accounts (depending on report) 3 of which have balances (2 student loans and one CC). My student loans are about $17K and $5.5K (different types of loans that can't be combined into the same account, both are locked at 1.625% so I won't be moving them around or paying them off early due to the low rate).
My CC has a balance of between $300-$1000 ($507 currently) each month as I put all living expenses on it outside of rent and then PIF. My total CC limits add up to $17,000 (3 accounts $10K, $5K, $2) I use the card with a $10K limit for my expenses periodically use the $5K for traveling due to hotel points and never use the $2K one but it is my oldest card and don't want to shrink my history.
Now for the bad part:
I have some late payments some 30, 60 and 90 as I "embraced the cliche" and made some horrible CC mistakes in college (about $7K of debt with no income) which I worked through for about 18 months after I graduated. The majority of these are 4+ years old 2 (30 days) are 3+ years. I understand only time will remove these but is there any other way I can bring my scores up? Also how long do these have an impact? I know they can stay on for 7 years but do the have less influence after a specifc time frame less than that?
I am thinkng about buying my first house within the next 12-18 months and want to get the best rate at this time. I was thinking increasing my CC limits to make the monthly expenses a lower percentage of my revolving debt. Would this have a positive impact??
the 90 Day late was 11/03. then 60 a on Day 12/03 unfortunately I also had a 30 day on 11-04 also, these are all the most recent.
Everything is else is ok/curent except there is one account that even though it is paid off (and closed) is shwoing as late. I am already sending in a request to have that corrected. (it is only on one report the 708 so I'm guessing that would be the difference in those scores).
As far as the other stuff I have had no late payments since 11-04 so past 36 months are spotless. I expect to have around 15-20% down and be looking in the $80-120K range for a house I would be looking in some historic areas so the range will vary depending on if it has recently been fixed up or if I would be doing the work.
I would have between $5-15K in reserves after down payment depending on house (if 15K I would use for repairs on house a portion of this over time while attempting to keep an emergency fund of 5K) and have been employed by the same employer since getting out of college (will be 5 years end of 08). I make about 50% above the average family income in the area I live in and $80-120K is low to mid price for housing.