Hi Tower. Unfortunately the simulator needs better language. What it means is pay it down and keep it down and in about 24 months your score should be thus and such. FICO has no historical utilization memory. So, pay down as quickly as possible and begin to reap the rewards. Allow 1-9% to report then pay off by the due date.
Starting Score: 469
TowerHill wrote:
* Two Major Credit Cards and an AMEX green.
* My "Average account age" is 5 years.
* TU FICO score is 752 and is my high score.
I am looking to avoid new INQ's and new TL's due to
their inherent negative affects on short term FICO scoring.
My 2 year plan is to buy a house.
What would your strategie be?
New TL like a gas card or store card.......?
Just let it be?
Just Let It Be.
My strategy would be to apply for nothing unless I absolutely needed it between now and applying for a mortgage.
Then again I have gone as many as 4 years without an app. Instead I would work on inquiry free credit limit increases on existing accounts.
The most important thing to consider is that GW letters usually have the best results if there has been 12 months of on time payments made on an open account since the occurrence of the last late.
I would not send any GW letters out until March. All recipients of the letters should be able to see that you have not been late with anybody for a whole year.
You can GW some of your older late accounts that you have paid on time for a year if you want, but I personally would wait until March myself.
Not last and certainly not least, I would pay off any balances as soon as possible and make a practice of PIFing.
In two years I would guess 770 TU FICO even if a couple of lates should hang around. Without lates in file the score could be somewhat higher. Don't hold your breath for a much higher score however. At least in my experience, the rise in FICO above 760 was painfully slow Especially with TU.
