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Jen79
Posts: 3
Registered: ‎03-21-2008
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Need 6 points on TransUnion FICO score fast - any suggestions?

[ Edited ]
I'm applying for a mortgage and have been told by the lender that my middle credit score needs to be 680. My TransUnion FICO score is currently my middle score at 674. I'm trying to get those 6 points as quickly as possible and need suggestions.

Background:

A week ago, my TransUnion score was 636. I disputed all of the credit card accounts on which I am merely an authorized user, and those were removed. My score went up to 674.

I am paying off all of my revolving credit as of the first of April. I have about $40k in available credit just sitting there. Everything I've read has suggested that I keep these cards open to improve my credit-to-debt ratio.

I have student loans and two car loans totaling close to $100k. There's not much I can do about these.

I have an old collection from a medical company which was opened in 2003 and paid in full in 2005. I have been in contact with the collector to ask them to remove the collection. TransUnion told me that the collector can voluntarily remove the collection even though seven years have not elapsed since the last missed payment. The collector insists that they don't have the power to remove the collection from my credit report and that I need to contact TransUnion. I know I could dispute the account, but it was a valid collection and 7 years have not passed, so there's no guarantee it would be removed. I also can't get the creditor to tell me that they wouldn't confirm the account if I disputed, and the whole process could take up to a month anyway. Please note that the issue here is that the creditor claims they can't remove the collection, not that they won't.

Does anyone have any other suggestions for trying to squeeze those 6 points out quickly? Do you have any recommendations for dealing with the creditor? Is there any legal authority I can cite to prove to them that they do have the power to remove my paid collection? Thanks for your help.

On a side note, my Experian and Equifax FICO scores differ by over 100 points (595 vs. 698) even though they have the same information. Is this normal?

Edited to add: The creditor has told me that since the account is paid in full it doesn't affect my credit score anyway. I'm fairly certain this is completely untrue. Any comments?

Message Edited by Jen79 on 03-28-2008 08:54 AM
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llecs
Posts: 32,881
Registered: ‎08-04-2007
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Re: Need 6 points on TransUnion FICO score fast - any suggestions?

A CA, assuming that is the one reporting, can remove the info if they want to. It is impacting your score equally as if it were unpaid. I'd send GW's but also aim for the pres. or VP of the company. They are just being lazy. Another option that may be better is to DV the CA. If paid, CA's will delete because it takes time and money to answer each DV. Some here have posted success in doing that.
 
The fastest was to increase TU is to pay down your balances. I don't know what those are, but I have a rule of thumb (not exacting) that for every 1% you pay down up to 9% for your overall utilization, you gain 1 point. So, if you are at 25%, you'd gain 16 points (25-9). Again not official, but it seems true for me.
 
If you lay out EX and EQ you probably will see some major differences. Look for utilization, accounts, acct age, number of accts, lates on one but not the other, comments, etc.
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desifink
Posts: 405
Registered: ‎10-20-2007
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Re: Need 6 points on TransUnion FICO score fast - any suggestions?

You say you're paying off all your revolving debt in April - that may help to show a nice jump, depending on what your util is now. From what I've read here, CRAs like to see less than half of your revolving accounts showing a balance of 1 - 9%. So, you may want to leave a very small balance on at least one account. I've heard some people say that paying off completely resulted in a score drop. YMMV.
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Jen79
Posts: 3
Registered: ‎03-21-2008
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Re: Need 6 points on TransUnion FICO score fast - any suggestions?

Sorry, I thought I had included all of my info. I'm paying off my revolving credit accounts - less than $4,000. So do you think paying off such a small amount will impact my credit score enough to get me up to 680 from 674?
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007
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Re: Need 6 points on TransUnion FICO score fast - any suggestions?



Jen79 wrote:
Sorry, I thought I had included all of my info. I'm paying off my revolving credit accounts - less than $4,000. So do you think paying off such a small amount will impact my credit score enough to get me up to 680 from 674?

There's still not enough info.  You say you plan to pay down $4K, but the actual dollar amount is not important.
 
What we need to know is what % of your total available credit you are currently using.
 
What is the sum of the credit limits on all your open revolving accounts?
 
Also, for maximum FICO points, do NOT pay all those balances down to $0.  If you could post all your open cards along with their individual current balances and individual credit limits, that would be helpful to give you a plan of attack.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Valued Member
64met
Posts: 35
Registered: ‎01-16-2008
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Re: Need 6 points on TransUnion FICO score fast - any suggestions?

Listen to the experts on this site.... DO NOT pay all your balances to zero!!!!!!! Unfortunately b4 I found this site; I rid myself of all my CC debt... mistake I made was not only zero balance BUT closing the account... IF only I knew what this was doing to my credit!  Now; as we are finalizing our loan for our new home... this mistake will  cost me an additional $250 per month in terms of a higher rate... because my median score is 715.... I need 720 to qualify for the lower rate... Moral of story... If I would have not paid off and kept a couple open... I would have the needed FICO of 720. 
New Member
mary_c
Posts: 3
Registered: ‎03-29-2008
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Re: Need 6 points on TransUnion FICO score fast - any suggestions?

Instead of paying down my debts (don't have the money) I got a $10,000 credit line reporting, this solved my debt to credit ratio problem.
 
This site gives a really clear explanation of how to solve a debt to credit ratio problem www.supereasycredit.com/offers/collection/11
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ByrdMan
Posts: 7,975
Registered: ‎12-19-2007
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Re: Need 6 points on TransUnion FICO score fast - any suggestions?



64met wrote:
Listen to the experts on this site.... DO NOT pay all your balances to zero!!!!!!! Unfortunately b4 I found this site; I rid myself of all my CC debt... mistake I made was not only zero balance BUT closing the account... IF only I knew what this was doing to my credit!  Now; as we are finalizing our loan for our new home... this mistake will  cost me an additional $250 per month in terms of a higher rate... because my median score is 715.... I need 720 to qualify for the lower rate... Moral of story... If I would have not paid off and kept a couple open... I would have the needed FICO of 720. 



64 I, too, learned this lesson the hard way. Closed up $31M in CCs, b/c I wasn't really using the cards. Aaaauuugggghhhh! I would definitely be in the 700 club across the board, if not higher, had I kept those cards open.
___________________________________________________________________
Do what is true in spite of the consequences--your future is only as true as you are.
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RobertEG
Posts: 17,708
Registered: ‎03-19-2007
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Re: Need 6 points on TransUnion FICO score fast - any suggestions?

Wow, Byrd, I am intrigued as to why there is a 100 point difference in your scores.  I know that you are a FICO-holic, and have scoured your reports for discrepancies.  Why the big difference in your scores, if you care to share?
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ByrdMan
Posts: 7,975
Registered: ‎12-19-2007
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Re: Need 6 points on TransUnion FICO score fast - any suggestions?

Robert, I have posted the long version a couple of times, so the short version tonight. In short, my ex had a utility account that was in both of our names. She didn't pay, so I did. When I did, they put the poor history onto my current utility account that was at a residence different from the one in question. Thus a string of 90s. My TU score is suffering greatly for that. Also, there is a baddie on both TU & EX from her.

And I call this the short version. :smileytongue: I am confident that both EX & TU will see the light in the near future.
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