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Stuck at 630

New Visitor

Stuck at 630

Hello.

 

Noob here. I've been trying for 3 years to break 630 and ABSOLUTELY CANNOT go beyond. Can any experts, or anyone help me figure this out? I've been trying to refinance and about to give up.

 

My FICO score has fluctuated between 615 and 635 for four years.  My bureau scores are 65 points higher each, but I understand the lenders use FICO.

 

Here's the rundown:

 

I make 45K, and owe 164K on my home.  Only (2) 30 day late pmts in a six year period.

I have no other loans or debt.

I have (1) secured CC with a $300 limit. Always paid on time. Low $ usage. Have had acct for 2 years.

I have (1) non-secured CC with a $300 limit.  Always paid on time. Low $ usage. Have had acct for 1 yr.

One acct in collections from 2010 for $600.

 

I am trying to get the collections agency to agree to a PFD letter. 

 

Suggestions? What do I need to do?

 

Thanks so much for the help.

 

3 REPLIES
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Moderator Emerita

Re: Stuck at 630

Welcome to the forum. As you know, FICO does not take income into consideration. What's your reported util? are you letting balances on both cc's report? Is your util over 10%? Who are your cc's with?
Valued Contributor

Re: Stuck at 630


User8675309 wrote:

 

I make 45K, and owe 164K on my home.  Only (2) 30 day late pmts in a six year period.

I have no other loans or debt.

I have (1) secured CC with a $300 limit. Always paid on time. Low $ usage. Have had acct for 2 years.

I have (1) non-secured CC with a $300 limit.  Always paid on time. Low $ usage. Have had acct for 1 yr.

One acct in collections from 2010 for $600.

 


 

Your revolving credit limit is very low and few. Ask for higher credit limit, add a few more credit cards and maybe an auto loan.

"I am become death, the destroyer of worlds"
Contributor

Re: Stuck at 630

If you can PFD on that collection it will help tons. Also even old 30 day lates with little history hurt, write Good Will Letters for those. That should get your score up higher where a credit limit increase on your cards is more likely to happen. Then start adding cards. Probably a regular unsecured first and a store card eventually. As your score climbs you should probably add more cards as your file is very thin without other loans.

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