Contributor
praise123
Posts: 108
Registered: ‎06-24-2012
How can I get to 700 score

Lastyear, I had a score of 570 now I am at 648 so I want to thank my fico family for educating me. I had no creditcards now I have 7 that I manage very well. My utilization is at 18% but I plan to lower it more in the next month.  My oldest card will be 1 year in March. How can I get to 700 score. I would likeyo get a good rate on a mortgage in 6 months because I am looking to buy a house.

B

Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
Re: How can I get to 700 score

praise123 wrote:

Lastyear, I had a score of 570 now I am at 648 so I want to thank my fico family for educating me. I had no creditcards now I have 7 that I manage very well. My utilization is at 18% but I plan to lower it more in the next month.  My oldest card will be 1 year in March. How can I get to 700 score. I would likeyo get a good rate on a mortgage in 6 months because I am looking to buy a house.

B


I think we first need to know what is on the credit report that made your score 570 a year ago.  Are the negatives that you can try to get removed, or are they already mainly gone, so your score has improved to its current level.

 

If your oldest card is 9-10 months old, that lack of account age is also going to lower your score, and may make it harder to get a good rate.  How new are the rest of the cards?  You might need to age them more before applying.

 

 

Standard advice for the rest is to try to lower utilization to under 10%, and preferably, by paying before the statement cuts, have all but one card reporting zero balances.

 

But for mortgages, score is only one factor (more or less a gatekeeper).  They are going to want to see some evidence of good credit behavior and of course ability to pay the mortgage, taxes and any other fees.

 

Senior Contributor
drkaje
Posts: 3,482
Registered: ‎07-25-2008
Re: How can I get to 700 score

If there are old issues that can be helped with goodwill letters, start there.

 

If it's just a matter of newness to credit, keeping utilization low and paying on time will do the trick. Also, don't apply for anything new because the hard pulls will drag down your score 5ish points each.


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Established Contributor
Cadillac-XTS
Posts: 1,837
Registered: ‎08-20-2012
Re: How can I get to 700 score

+1

Frequent Contributor
pdog661
Posts: 377
Registered: ‎03-31-2012
Re: How can I get to 700 score

praise123 wrote:

Lastyear, I had a score of 570 now I am at 648 so I want to thank my fico family for educating me. I had no creditcards now I have 7 that I manage very well. My utilization is at 18% but I plan to lower it more in the next month.  My oldest card will be 1 year in March. How can I get to 700 score. I would likeyo get a good rate on a mortgage in 6 months because I am looking to buy a house.

B


Why was your score so low?

 

Start writing good will letters for anything negative you find on your report, and make sure everthing on your reports are accurate.

 

Pay you Credit Card balances down,  Make sure only 1 card reports, and give you a UTL of only 9%

 

How many total accounts are on your file?  Do you have auto loans, student loans, or any other revolving loans?

 

How many inquiries are on your file?

 

From your post the only thing I see that is going to drastically improve your score is time.  Allow your credit cards to age (2-3 years) and make sure not to have to high of a UTL.

 

Here is a general break out of a score:

 

31% - payment history

30% Utl

15% Average age of account, and oldest account

10% inquiries (Hard Pulls only)

14% types of accounts (mortgage, credit cards, revolver loans)

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007
Re: How can I get to 700 score
[ Edited ]

pdog661 wrote:
Here is a general break out of a score:

 

31% - payment history

30% Utl

15% Average age of account, and oldest account

10% inquiries (Hard Pulls only)

14% types of accounts (mortgage, credit cards, revolver loans)


 

FICO scoring is a little different:

 

ce_scorebreakdown.png

 

Definitely util (a tad high at 18%), baddies, and the new credit are a big score drain for OP.