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Need at least a 20 point increase within the next 45 to 60 days

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rkp25
Valued Member

Need at least a 20 point increase within the next 45 to 60 days

My Fico is currently reporting my score at 702 Equifax. I amcurrently building a new home and desperately want to get to a 720 to qualify for a better rate. I will be doing my rate lock in apps 45 to 60 days, therefore I don't have a lot of time.  I know I shouldn't open anything new so, I'm guessing a CL increase might be the best way to go?  I am an AU on my wife cc which has been reporting for 12 years, limit is currently 9k and currently carries a balance of $500. Then I have 1 cc in my name which has only been opened for 10 months and has a limit of 5k and currently carries a balance of $166.  Which card should we request the increasI on? And by how much?  If this isn't the best way to go, please advise!

 

Thanks!

Message 1 of 10
9 REPLIES 9
user5387
Valued Contributor

Re: Need at least a 20 point increase within the next 45 to 60 days

The utilization percentages per card that you're reporting are well under 10%, so it's not clear how a CLI will help you.

 

What you might look at is the effect of both cards reporting a balance.  There are many threads on this forum that discuss this issue, and its effect on utilization calculations and thus on scores.

 

Another suggestion would be to address any derogatories or inaccurate information on your reports.

 

Message 2 of 10
guiness56
Epic Contributor

Re: Need at least a 20 point increase within the next 45 to 60 days

I don't think I would request a CLI at this point.  It is more than likely going to be a HP and it would lower your score.

 

You don't get points for CL anyway.  It is the decrease in utilization that the benefit would come from.  You can do that just by paying down the cards.

 

Your utilization is already low but if those are the only 2 CC you have, both of them reporting a balance could be hurting your score.  I would try to pay off the $166 and see what happens there.

 

Do you have any negatives on your CR?

Message 3 of 10
rkp25
Valued Member

Re: Need at least a 20 point increase within the next 45 to 60 days

I have a collection for $100 that is 2 years old and paid, tried to get it removed last year and they wouldn't budge. And I also defaulted on my student loans, those were paid in full 5 years ago.  Sorry, but what does "hp" stand for?

Message 4 of 10
user5387
Valued Contributor

Re: Need at least a 20 point increase within the next 45 to 60 days

HP = hard credit pull

 

May cause a short-term score hit.

 

 

Message 5 of 10
guiness56
Epic Contributor

Re: Need at least a 20 point increase within the next 45 to 60 days


@rkp25 wrote:

I have a collection for $100 that is 2 years old and paid, tried to get it removed last year and they wouldn't budge. And I also defaulted on my student loans, those were paid in full 5 years ago.  Sorry, but what does "hp" stand for?


I would keep sending good will letters asking for the collection to be removed.  Find someone else in the company to send it to.  They can say no 100 times but it only takes 1 yes.

 

How severe were the lates on the student loans?

Message 6 of 10
rkp25
Valued Member

Re: Need at least a 20 point increase within the next 45 to 60 days

So you think having a 2 year old med collection removed might gI've me a boost?  The student loan was pretty late since I defaulted on it, it was a govt loanwhich went to collections and they took what I owed directly from my federal IRS refund thatparticular tax season.  Am I even being realistic thinking i can get a 20 pointincreases in the next 1.5 to 2 months?

Message 7 of 10
guiness56
Epic Contributor

Re: Need at least a 20 point increase within the next 45 to 60 days

It is possible given the right scenario.

 

A 2 year old collection is still fairly new.  They do lose impact over time but you could see a bump.

 

I would also try only having one of your CC reporting a balance at 9% or below.

Message 8 of 10
rkp25
Valued Member

Re: Need at least a 20 point increase within the next 45 to 60 days

Ok, thanks. I'll pay off one right now!  I appreciate the help!

Message 9 of 10
user5387
Valued Contributor

Re: Need at least a 20 point increase within the next 45 to 60 days

One point here is that it's the reported balances that matter, not your balance on a given day.

 

In other words, the advice found in many threads on this forum is that if you have N cards, then pay N-1 of them to $0 before the report date (typically close to the statement date), and let the other report a 1-9% balance.

 

Utilization scoring is a combination of (1) overall utilization, (2) utilization per account, and (3) proportion of accounts with balances.  It's particularly (3) that you might want to look at further.

 

Another point is that having all accounts report $0 typically hurts your scores by a few points.

 

Message 10 of 10
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