Waiting on utilization increase is driving me crazy!

[Catacam]

I am doing all I can to get my midscore to 620 and I tell you, this waiting game killing me! I have done all that I can at this point but I am obsessed with these forums and it is crazy to see the differences in point increases depending on everyones situation. It would be so nice if this was more easy to predict!!

Husband and I want to buy a home. I make a great income but have old negative collections in the form of medical bills. Loan officer for the lending company pulled my report and I was at a 595 with TU which was the mid grade score for me, 614 and 560 for the other two.  She asked me to be added to my husbands cards (5 of them) as an authorized user to boost my score to 620 which is the minimum for the FHA loan. My score actually dropped down to 567 after being added however two of his accounts that I was added to were at about 90% utilization, so she said to have me pulled back off. Here is where I stand right now...

Walmart - $600 limit, was at $461, paid down to $10

JCP - $500 limit, was at $405, paid down to 0

HSBC - $400 limit, was at $299, paid down to 0

Cap One - $500 limit, was at $110, paid down to 0

Sears- $3500 limit, balance $3200 was listed as AU, I have been taken off

Chase - 3500 limit, balance at $300 listed as AU, I have been taken off

Any thoughts on this?

Thank you so much!

[MarineVietVet]

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@Catacam wrote:

Any thoughts on this?

Thank you so much!

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I'm thinking you should be pleasantly surprised when all of this updates. 

Keep us updated.

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Catacam]

Thank you MarineViet!!! It is nice to see some validation!

This is the first time that I have ever really looked at my credit and I am shocked at all of the inacurate information!! I have incorrect balances on old collections, the same collection account showing 5 times, one credit card showing up twice, etc... I cannot wait to go through and clean all of it up, but from the information I have gathered from this wonderful site and from my LO, I need to wait. DONT do anything until after close!!

On a side note, I have seen many of your posts on this site, and you are a wealth of information, so thank you!!

[MarineVietVet]

FICO scores not only overall uitilization but individual account utilization plus the number of accounts reporting a balance at the same time. You were getting dinged for all three:

Overall utiliization before all these steps - 83%; afterwards it will be about 2%.

Individual utilization:

Walmart - $600 limit, was at $461, paid down to $10 Was at 77%, will be 2%.

JCP - $500 limit, was at $405, paid down to 0 Was at 81%, will be 0%.

HSBC - $400 limit, was at $299, paid down to 0 Was at 75%, will be 0%.

Cap One - $500 limit, was at $110, paid down to 0 Was at 22%, will be 0%.

Sears- $3500 limit, balance $3200 was listed as AU, I have been taken off Utilization was 91%, will be 0%.

Chase - 3500 limit, balance at $3000 listed as AU, I have been taken off Was at 86%, will be 0%.

You had 6 out of 6 revolving accounts reporting a balance at the same time. You'll now have 1 out of 6. That is a very good thing!

Edited to correct updated numbers given by OP.

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Catacam]

I didn't realize it scored on so many levels! I am even more encouraged!

And I had a typo on the chase account. His balance is actually 3000, not 300, so it will be even better!!

All of the companies have send a fax stating the new balance so my LO is going to order a RR with all of the agencies, so I should know soon.

She does not run credit again (the house we are under contract with closes on April 27th) because we will be under the 90 day mark. She said we should sail through Underwritting as all of my badies are medical.

Thank you again for your help. It is much appreciated!

[MarineVietVet]

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@Catacam wrote:

And I had a typo on the chase account. His balance is actually 3000, not 300, so it will be even better!!

Thank you again for your help. It is much appreciated!

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I've updated my post to reflect the new numbers.

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Catacam]

So I still haven't gotten any sort of alert as to an increase in credit score, granted my first card that I paid off has a billing cycle end date of the 12th, but I am so antsy!!! Hopefully I get some encouraging news, and as a side benefit, I have an extra few hundred a month now!!