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Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011
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What will get me from 624 to 640 - now at 630 FINAL: 653

[ Edited ]

I need to get to 640+ within the next month to qualify w/ a 4.?% interest rate thru FHA.  If we have to broker, it will be more expensive and 5.?% interest.

 

MYFICO says what is hurting my score:   Negative Items

                                                                          Short Account History    (AAoA is 12 years)

                                                                          Recent Collection & PR  (most recent collection deleted now and I have 2 years clean)  PR = Judgment 2/2010.

                                                                          Bad Payment History 

(This is an old credit score/report from June 4th, I haven't seen the one w/ the collection deleted which got me 15 points this month)

 

MYFICO says what is helping my score:  Bills paid on time recently.

 

MY REVOLVING                                            Balance                                 LIMIT

 

First Premier                                                 58                                            400     (Last month paid from 400 to 58 and only saw 10 point jump)

JCPenney                                                       345                                        1000

CareCredit                                                      497                                        1000

Fingerhut                                                         290                                        1350 

 

I'll have the money in a week to pay all to zero - what should I leave on there?  How much and which card?

Will I make it to 640+?  We will do rapid rescore if we have to do it sooner than waiting til the end of July.

 

Thanks for your wisdom.  My LO says to leave some balances "to show payment history" - That's not what I've read around here.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Valued Contributor
John060675
Posts: 1,126
Registered: ‎08-29-2007
0

Re: What will get me from 624 to 640?

Pay all of the credit cards to a 0% except for one.  Leave $25 or so on it, which will put you at 1% utilitzation.  I think this will do the trick.


Starting Score: 583 EQ, 612 EX, 569 TU
Current Score: 658 EQ, 648 EX, 618 TU
Goal Score: 720 EQ, 720 EX, 720 TU


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Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011
0

Re: What will get me from 624 to 640?

[ Edited ]

Bought a new report today.  The AFNI is gone.  My utilization is 31%   SCORE IS THE SAME!  624.

 

HURTING SCORE                                                                                 HELPING SCORE

Negative Items                                                                                       Low credit usage

Recent Collection + PR                                                                        Bills paid on time recently (last missed was over 3 yrs for student loan)

Short Account History  (Avg 5 years, 12 yrs oldest)

Seeking Credit  (lists 4 inquiries, two from late 2010)

 

It seems that they have a long list of things to add "hurting score" when one goes away, another one comes.  Thought I'd get points  for getting all under 50%.   Holy Moses -- Maybe I WONT get to 640+ by paying down all revolving, since that's already listed as "Helping".

 

What to do, what to do.

Best thing tho, played "Beat the statement" With First Premier and it worked.  Also, the AFNI is definitely gone gone gone.

 

OF NOTE:  Score simulator says 624+ for paying all revolving, but if I pay all but 80.00 it will be 634+ = So they definitely must like a balance!  Now, which account to leave a balance?

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Moderator Emeritus
MarineVietVet
Posts: 14,574
Registered: ‎07-14-2009
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Re: What will get me from 624 to 640?


Booner72 wrote:

Bought a new report today.  The AFNI is gone.  My utilization is 31%   SCORE IS THE SAME!  624.

 

HURTING SCORE                                                                                 HELPING SCORE

Negative Items                                                                                       Low credit usage

Recent Collection + PR                                                                        Bills paid on time recently (last missed was over 3 yrs for student loan)

Short Account History  (Avg 5 years, 12 yrs oldest)

Seeking Credit  (lists 4 inquiries, two from late 2010)

 

It seems that they have a long list of things to add "hurting score" when one goes away, another one comes.  Thought I'd get points  for getting all under 50%.   Holy Moses -- Maybe I WONT get to 640+ by paying down all revolving, since that's already listed as "Helping".

 

What to do, what to do.

Best thing tho, played "Beat the statement" With First Premier and it worked.  Also, the AFNI is definitely gone gone gone.

 

OF NOTE:  Score simulator says 624+ for paying all revolving, but if I pay all but 80.00 it will be 634+ = So they definitely must like a balance!  Now, which account to leave a balance?


That choice is up to you. It really doesn't matter which account has that small balance reporting.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

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

Regular Contributor
MattieNumNums
Posts: 125
Registered: ‎04-06-2011
0

Re: What will get me from 624 to 640?

My not be any of my business but I think that you should probably try and pay those Credit Cards off before purchasing a house. It will do two things, 1.) Raise your score and get you a better Interest Rate and 2.) Allow you to have the extra money you need to put towards being a home owner.

 

 

Starting Score (12/1/2010) - EQ: 495 / TU: 490
Current Score (11/3/2012) - FICO EQ: 705 / FICO TU: 696 / Transrisk: 753 / Vantage: 753
Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011
0

Re: What will get me from 624 to 640?

Thanks Mattie - definitely anyone's business if they take the time to read and help me out - i sincerely appreciate it.  I've paid 2 of 4 off, the rest will be paid off the end of the week.  Then if we have to, rapid rescore.  Praying the AU card hits, and with both of those, I believe I will get over 640.  The AU is a Visa since 94 w/ a 5K limit reporting 60 bucks.  The AU holder's credit score is 831.  DAM wish I could piggyback of that somehow!  But I'll take what I can get.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Regular Contributor
MattieNumNums
Posts: 125
Registered: ‎04-06-2011
0

Re: What will get me from 624 to 640?

From my experience it really depends on when the company reports during the month and how long the bureaus update. I've had one account hit in 2 weeks and some I am still waiting for more than 8 months later.

Starting Score (12/1/2010) - EQ: 495 / TU: 490
Current Score (11/3/2012) - FICO EQ: 705 / FICO TU: 696 / Transrisk: 753 / Vantage: 753
Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011
0

Re: What will get me from 624 to 640?

[ Edited ]

I just wasted 20 bucks to find out my TU Score here at MYFICO - 661.  Now only if that could be a TU04 SCORE!!  There are also 3-4 collections on TU that are my husband's.  Am I responsible for those?  I am too afraid to dispute as that could slow our mortgage loan process.  IF we ever move to that process.  We are supposed to hear about the short sale house by the end of this week.  The 401K $ will be in the bank in a couple days.

 

And also:  TU says the 3rd thing hurting my score is high credit usage.  I'm at 31% utilization.  Equifax says LOW utilization is helping.

 

 

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Regular Contributor
MattieNumNums
Posts: 125
Registered: ‎04-06-2011
0

Re: What will get me from 624 to 640?

The very very very fine print on almost all credit application states that if you check the box that says "Married", you are responsible for each others debt (saw that on Suze Orman recently.) 

 

As for disuputing, I wouldn't do that right now. Disputes have seriously helped and hurt me in the past.

Starting Score (12/1/2010) - EQ: 495 / TU: 490
Current Score (11/3/2012) - FICO EQ: 705 / FICO TU: 696 / Transrisk: 753 / Vantage: 753
Moderator Emeritus
beamMEup
Posts: 4,470
Registered: ‎12-31-2008
0

Re: What will get me from 624 to 640?

[ Edited ]

Booner72 wrote:

And also:  TU says the 3rd thing hurting my score is high credit usage.  I'm at 31% utilization.  Equifax says LOW utilization is helping.



If you're at 31%, lowering your utilization will gain you points on both TU and EQ.  They both like to see something at about 9% or lower and both FICO ding you as it increases. 

 

ETA: I see on a previous post that you paid down from about 50 to about 31%, and didn't hit one of the utilization "barriers" that will bring a FICO increase.  Both 50% and 31% are high.  I would shoot for lowering it as much as you think you can.  Because it varies with each individual and with each individual over time, it's hard to predict an exact cutoff point - but evidently you haven't hit the cutoff point for your particular report yet.  If you can, I would consider shooting for under 29% and see if that's one of the "magic" points for you right now.

 

edited again for clarity.  gosh it isn't that early!?!

Just puttin' syrup on something, don't make it pancakes.

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