New Visitor
FICOWTF
Posts: 2
Registered: ‎11-18-2012
Fico Scoring

I have worked for 5 years to pay off old debt and clear any collection off my credit report.    I have one collection from three years ago for T Mobile $274.00.  I have three student loans totaling $40k and one credit card with a $500 limit. My score is 547 and I can not get it up to 660 to get conventional home loan.

 

 

I have no other installment loans and paid a car loan off in June.,  THe last late payment was in 2011.

 

THe mortgage broker, the bank cannot figure out why FICO is nailing me so hard?

 

Does anyone have an idea and the length of time it takes to get to a 60-680 score?

 

 

 

Moderator
Shogun
Posts: 12,896
Registered: ‎04-15-2011
Re: Fico Scoring

Is that collection reporting as paid or showing a balance?  You need some sort of revolv to get some more positive TLs on your report.  Your file is too thin and any bad will drag it way down.  Have you looked at getting a secured card or two?


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
New Visitor
FICOWTF
Posts: 2
Registered: ‎11-18-2012
Re: Fico Scoring

Hi I have the one secured Visa with the $500 limit.

 

So am I better off paying this card off and keeping a low balance of $50. Or do this and get one mroe additional secured card with a $500 limit...? 

Moderator
Shogun
Posts: 12,896
Registered: ‎04-15-2011
Re: Fico Scoring

I would suggest getting another secured card.  You need to beef your CR up a little.  


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011
Re: Fico Scoring

Shogun wrote:

I would suggest getting another secured card.  You need to beef your CR up a little.  


+1... I would also try the Cap1 secured card....keep your balance way low and keep making on time payments and after 6 months of positive history you should see a nice jump....also try to PFD the COLL.

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