I need to add 17 points to score fast!

[CreditDunce]

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@Anonymous wrote:

CreditDunce that sounds like good advice. I will definitely be playing the utilization game! I won't be adding any more accounts either. For one thing I can't find any I qualify for LOL.  I did decide to dispute a recent inquiry that I do not recall authorizing. I just noticed it. Maybe that will add a point or two.

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It really depends on what FICO model your lender is using.  If it is FICO 08 classic, I don't think you are going to have a problem.  I don't know enough about FICO 08 auto enhanced to have an opinion.  However, I suspect that it will be ok too. You get a really big boost in FICO 08 for having revolving and installment loans.  Only having installment loans really hurts you in FICO 08.

FICO 04 may be more troublesome.  FICO 04 is used by more credit unions, but not all.  Typically, you will get much better rates from credit unions.   Still with good utilization, I think you have a reasonable chance there too.

Best of luck.

PS. I don't know how the dispute process will work out for you.  If the INQ goes away, then you may get a few points on that CR.  However, disputes can do funny thing with your credit score.  I would definately be careful with disputes if you were going for a mortgage.

[CreditDunce]

After thinking about this a little more, I need to add one caveat.  My credit file is clean.  Last spring when went from 1 to 6 open CC's, my credit score barely budged.  With dirty credit files, FICO may be much more sensitive to new accounts.   None the less, I think you have done everything you can to increase your score.  I just less sure how FICO will react in the short run to the new accounts.  In a couple of months, I am sure they will increase your credit score.  It just makes keeping a low utilization more important.  New accounts and high utilization are much more damaging with dirty credit files (or so I have read).

Good Luck.

[Anonymous]

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@CreditDunce wrote:

After thinking about this a little more, I need to add one caveat.  My credit file is clean.  Last spring when went from 1 to 6 open CC's, my credit score barely budged.  With dirty credit files, FICO may be much more sensitive to new accounts.   None the less, I think you have done everything you can to increase your score.  I just less sure how FICO will react in the short run to the new accounts.  In a couple of months, I am sure they will increase your credit score.  It just makes keeping a low utilization more important.  New accounts and high utilization are much more damaging with dirty credit files (or so I have read).

Good Luck.

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You are confirming what I have been thinking all day.  I've done all I can and I need to wait and see. I will keep utilization low, no new hard inquiries, and no new accounts until I have the auto refi.  Then it's time to get that condo I dream about all the time.

[Anonymous]

OP

my credit union also pulls EQ04 score and I subscribe to the scorewatch product from the EQ site so I know my score at any time and receive updates with any score change. its $14 a month.

[Anonymous]

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@Anonymous wrote:

OP

my credit union also pulls EQ04 score and I subscribe to the scorewatch product from the EQ site so I know my score at any time and receive updates with any score change. its $14 a month.

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How closely does scorewatch match what your credit union pulls or some other creditor pulls?

[Anonymous]

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@Revelate wrote:

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@Anonymous wrote:

I had a detailed conversation with a loan officer.  He was kind enough to look at my myFico report and advise me.  He said he could get around my derogs with no problem but my score for the bureau he would pull is 17 points shy of approval.  I desperately need this refi deal because my auto loan is a shameful subprime rate.  He can cut the rate in half! I can’t do anything about the derogs right now but have a plan that's in the works.  So what else can I do?  I have two new secured cards that report for the first time this month.  These are my first credit cards on my report. My current auto loan is perfect and my other installments are also perfect.  He said to keep utilization below 30%, pay on time, and pay more than the minimum.  Anyone have any additional advice that can help me add the 17 points quickly?

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Let them report and that's likely 17 points right there.  

Look around in the forum for "optimal" (or close to anyway) reported balances, though it's somewhat better with 3 revolving tradelines I wouldn't add anything right now if your primary goal is to refi the car.  Also the myFICO score might not be the one that he pulls, but tacking on a pair of credit cards (with no prior revolving history) is good regardless of model selected... and very good on the more recent ones.

One of the two new credit cards has reported. Before I state what the score is, I've learned I need more than 17 points. TU website had me thinking I needed 17 points to get to 620 which will qualify me for a refinance auto loan with my credit union. Since then I've received a rejection letter from Barclays which stated my TU score is 543. What a huge difference. With the new card reporting TU went from 603 to 626. I checked Credit Karma and the score there went from 566 to 605. So I have in idea what my score really is but I "guestimate" it is about 590-600. I'm hoping the other new card will report soon and give me another bump. Then I will get a hold of my true score to see if I have 620.