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Member
Posts: 6
Registered: ‎03-13-2007
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Improving on good scores

[ Edited ]
I am getting ready to buy my 1st house in about 6 months and I just ran my 3 FICO scores. TU-751 EQ-775 EX-774 I believe I have just about perfect credit. No late payments, 10 year, 10 month history. No collections, negative or derogatory items. Only 1 inquiry showing up and its only on my Transunion report from an dept. store account I opened 9-06. 7% revolving utilization(and dropping). Total balance on all accounts $8,395 (actually about $7,522. after recent payments). Heres how my accounts are looking when I ran the numbers today for all 3 agencies. Primary Providian CC- Balance $31. CL- $15,500.(just paid it off) Elec. Store CC- Balance $1,322. CL- $2,100. (interest free, just paid $400.) Dept. Store CC- Balance $0. CL- $2,200. Toyota Motor Credit Installment- Balance $7,042. 31 of 60 payments made(In reality I owe $6,600 after most recent payment(s)) I have a old installment car account that I paid off in 2002 showing perfect, and few other closed revolving accounts that arent hurting me. Is there anyway to improve on these scores before I sit down for a mortgage? Should I payoff everything but the car? I am curently working on building my savings to make that look like Im sound. Is that 1 inquiry on my TU what is keeping my score down?

Message Edited by atheist0069 on 04-24-2007 01:21 AM
Member
Posts: 9
Registered: ‎04-17-2007
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Re: Improving on good scores

cc co like to see you useing only 10% of the cedit limet.
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
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Re: Improving on good scores

There really is no point... Your score is the best it can be for prime rate.
Moderator Emeritus
Posts: 2,050
Registered: ‎04-17-2007
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Re: Improving on good scores

You have the scores and track record that some people can only dream of!  Well done!  Just keep up the good work over the next 6 months -- absolutely no late pays and don't charge up a storm.
 
What's your employment history? Lenders generally like to see that you have been in a job for a while and are planning to stick around.  (The last time I refinanced, I left my job of 5 years the next day :smileyvery-happy:  )
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Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
Member
Posts: 6
Registered: ‎03-13-2007
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Re: Improving on good scores

Thank you for the compliment. I have been working hard on my credit for a while now. I dont make that much money, but I have been working 2 jobs, 1 FT, 1 PT at the same places, for the last 8 years. I also have about 8,000. in savings(that I have deemed untouchable for the most part and about $6,000 in 401k that I could borrow 1/2 of). And does anyone know why my TU FICO is 25 points lower than the rest when the only differance is the 1 inquiry?
Moderator Emeritus
Posts: 2,050
Registered: ‎04-17-2007
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Re: Improving on good scores

The scores always vary because the CRAs (credit reporting agencies) use slightly different formulae.  A 25-point difference is not worth worrying about and the inquiry probably had no effect. Remember to do your mortgage shopping within a 2-week period so that those inquiries will count as a single inquiry.
 
IMHO, you should focus on saving.  You want to be able to put as much down as you can, plus there are those pesky closing costs that are a few thousand dollars.  I think borrowing from the 401(k) is a bad idea. 
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Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
New Contributor
Posts: 51
Registered: ‎04-18-2007
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Re: Improving on good scores

I'd look at it in a different way, if I were you. You've already got a sky-high credit score, now use that score to make money for yourself. You should be able to easily get 0% balance transfer offers, but you have to be reasonably careful with those and handle them right. But there are things you can do that carry absolutely no risk. Cruise around the various credit card websites and look at all the cards with bonuses that you can find. There are quite a few that will give you a $100 bonus. $100 here, $100 there, it adds up to a reasonable amount of cash. Choose and use whatever card gives you the best rewards for the purchases you make. Getting the new cards will tend to improve your score, because they will increase your total limit and thus decrease your utilization. There could be a slight drop due to inquiries and new accounts, but it won't really affect anything, and it will age off. If you're confident in handling them right, use balance transfers and 0% purchase rates to allow yourself to put money in the bank and earn interest at the expense of the credit card companies.
Regular Contributor
Posts: 169
Registered: ‎03-16-2007
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Re: Improving on good scores

"Getting the new cards will tend to improve your score, because they will increase your total limit and thus decrease your utilization. There could be a slight drop due to inquiries and new accounts, but it won't really affect anything, and it will age off"
 
While overall the post is good, this is a bit incorrect. If you have a high score chances are your utilization is already almost negligible. Score increase from going from 5% to 3% is negligible. New accounts and inquiries is not. So while this is a fine thing to do, don't do it if you're saying looking to get a mortgage soon for instance.
Moderator Emeritus
Posts: 273
Registered: ‎04-13-2007
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Re: Improving on good scores

Can I borrow a few points? Seriously your scores are good the only thing that is not showing a low util is the elec store cc. I'm not sure how much more you would jump but it is still possible that it shouldn't hurt. Also, for me tu is my highest go figure? Besides they say that it has had some issues lately. If you are getting a mortgage soon I would do the cc thing after if it is within the next few months. New accounts need time to age.
New Contributor
Posts: 51
Registered: ‎04-18-2007
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Re: Improving on good scores

okrogius, are you saying that atheist0069 needs to stay in the super-high range if getting a mortgage? If that's true, that's a good point. Most of the time, though, I haven't seen that there's any real need to stay that high. I get new cards only when there's an irresistable deal, and my wife and I have gotten 11 cards in the last year, with her getting 5 and me getting 6, and my EQ score is 749 and hers is 723. It doesn't look to me like you get 1 hit per inquiry; as near as I have been able to figure out, you get 1 hit of 10-12 points for "too many" inquiries, which stays on until some of them age off to where the number isn't "too many" anymore. If you have different or better information, I'd be interested in hearing it, because this has always been something of a mystery to me. I think I have about 20% total utilization, with almost 75% utilization on one account and 50% on 3 others. With super high scores, there's no need to get new cards just to decrease utilization, and I agree that the hit from inquiries, if there is one, can exceed any gain from making a very low utilization even lower. BUT, a lot of the cards have value in themselves, and except in the case you cite, where someone is getting a mortgage soon, getting really good cards is real cash in the bank, and worth more than the somewhat esoteric exercise of pushing one's score toward or beyond 800.
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