help me get my score up quickly, please!!

[tooscope2]

Hi All,

Thanks for all the helpful info on the messge board.  I need help, i will be applying for a mortgage in the next month and had decent credit but had a 60 day late reported by one credit card last month.  This really changed my score from a score pull 2 mos ago by about 60 points last week. 

First, I have tried to negotiate with the creditor as this was my only late payment during my 22 month history with them and that the account is now current with 3 payments made in the past month.  So far, they are putting me off but did send a letter saying the account is now current for what that is worth.  Any idea whether I have a prayer of them removing the late payment.  I was away for 6 weeks as part of my job training and got behind.

Second, I am expecting some cash in the next couple weeks and would like to pay off part of the 9400 I owe in credit cards.  How much do you suggest paying (the limits equal 17,000) and how much and how quickly will this help my score.

Thanks

[Anonymous]

Keep bugging the creditor to get the 60-day removed. Keep asking to speak with supervisors and managers, and generally make a pest of yourself (politely but firmly).

As far as applying that cash, you want to look at utilization levels. That's how credit card balances hurt your FICO. Consider these two hypothetical examples:

Card A, credit limit $2000, current balance $1,821
Card B, credit limit $10000, current balance $4,468.

Despite its lower absolute balance, Card A is hurting your FICO far more than Card B. Why? Because Card A is at 91% of its limit, whereas Card B is around 45%. You would help your FICO far more by plopping $1000 on Card A (thereby reducing its utilization to 41%), than by spending that same amount on Card B.

[mycredit07]

You can do it thru the CRAs. Use a paper trail and send them certified. Also you can ask the original creditor to re-age your credit until you go thru with loan application. this works very well in situations like yours. Good luck! Hope this helps!

[Raine]

Hi h1075,

Thanks for your post, however, its content violates our User Guidelines regarding credit repair and it is therefore being deleted.

Our User Guidelines say:

Credit Repair

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[Anonymous]

How long does it take for the "optout" to take effect..... We've done that and all we need to move is three point to get qualified for a mortgage program.  We need something fast or we lose this contract.

[Anonymous]

What range is your score in?  Are you above or below 650?  Just curious because my husband and I are preparing to buy a home sometime next year. 

What credit score do you need for a mortgage?

[tooscope2]

Generally you need at least 620 I have been told to qualify for most prime programs.  However the higher the better obviously.

[tooscope2]

Thanks for all the help.  What is a CRA ?  I should ask Capital One to reage my credit if they don't want to remove the 60 day late tag? 

[tooscope2]

Thanks for all the great info.  Will the opt-out really raise my scores and is that a permanent move.  Are there any disadvantages?  Also, any idea how much of a point raise i can expect if i pay all my credit card balances below 30%.

Thanks

[taz3261]

Just a rule of thumb that I receive from a credit expert no credit cards...from capital one. Capital One is a financial company...try to get credit cards, mortagages etc from banks such Citibacnk, Chase, etc. Banks are looked at more favorable and financial companies lower your scores.