@fatjoe8 wrote:
Mortgage 0 $0 N/A N/A N/A $0 0 Installment 1 $132,415 $0 $132,415 90% $0 1 Revolving 11 $258 $38132 $38132 1% $110 6 Other 0 $0 N/A N/A N/A $0 0 Total 15 $132,673 $33,476 $166,149 75% $425 7
So in essence, I have a student loan in deferment and NO DEBT other than that. My current score is in the low to mid 700s depending on the bureau.
I have 3 negatives. A T-Mobile Collection that dates to 2009 for $288 from Midland. I have a late from WF dating to 2009and attempting to GW it -- if they don't I will be surprised since I have 5 accounts with them. I also have a 30 day late from a CC dating to 2008 so I doubt that has any impact.
Otherwise, factors hurting are probably average age (4 years) and inquiries (8 -- which is due to increasing CL's lately and getting approved for new CC's). My score used to be bad but has improved 150 points in past 2 years. So if you are a FICO veteran, can you give any advice on how to get this score into the mid to upper 700s?
Goal is a new auto loan within next 12 months - but I wanna wait until all my inquiries drop off, which is why I have so many now.
thanks to all
Well the collection is a major derogatory and is probably having the biggest impact on your score right now. Unfortunately, Midland is a pretty tough nut to crack. I would check out some threads in the 'Rebuilding your credit' forum to see what others did to get them off their report. Or search the site for Midland or T-Mobile even. That will make the biggest impact on your score.
What's the number to the far right in your spreadsheet? Number of accounts with balances?
If so, that is likely too high on the revolving tradelines: 6/11 is too many, but that's a short-term optimization problem.
Mid-term the derogs need to come off, that's what's holding back your score from larger improvement. Only other thing is a second installment line would be handy to round out your report but you'll get that with the auto loan anyway so I wouldn't tweak that now.
In short, other than a couple of minor things you're stuck in the long slog requiring patience and discipline for FICO improvement. My own scores, probably flatlined around a 700 FICO '04, 720-730 '08 for the next 4-5 years unfortunately, so I can empathize.
