topic Re: Raising FICO 5, 4 & 2 in Understanding FICO® Scoring

Raising FICO 5, 4 & 2

Anonymous — Thu, 21 May 2020 21:09:48 GMT

This is so frustrating, how do I go about correcting my FICO 5,4&2 scores? They are around 100+ points lower than my FICO 9 score. I am trying to buy a house soon and need to raise my those scores as soon as possible.

Re: Raising FICO 5, 4 & 2

AllZero — Thu, 21 May 2020 21:20:45 GMT

Not knowing your exact details, below are benchmarks for FICO 8. Scores lenders use for mortgage are EX2, TU4, EQ5; should react similarly.

Remember these aggregate utilization thresholds: 8.9%, 28.9%, 48.9%, 68.9%, 88.9%
Remember these individual utilization thresholds: 28.9%, 48.9%, 68.9%, 88.9%

If you're not crossing a threshold, you won't be getting points.

Aggregate: 10-15 points for aggregate crossing a threshold.

Individual: ~5 points points for individual crossing a threshold.

Look into AZEO Technique. All Zero Except One card reporting a small balance e.g. $5-$10. Use a bank card. Do not use a store card.

Get your CC aggregate utility at or below 8.9% for full FICO points optimization.

Scores will react positively with one revolving credit card reporting a balance.

You might want to address any derogatory you have; delinquency, charge off, collection, etc. If they are updating monthly, it'll keep your scores suppressed.

Re: Raising FICO 5, 4 & 2

AllZero — Thu, 21 May 2020 21:21:24 GMT

I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?

Re: Raising FICO 5, 4 & 2

Anonymous — Thu, 21 May 2020 22:19:46 GMT

Hey @AllZero , I don't mean to hijack the original poster's post here, but I recently had a Capital One do an off cycle report inexplicably on a balance on a credit card with a $1000 credit limit. This card usually reports a balance of zero dollars every month, but the off cycle report caused her to report a balance of $960, or 96% utilization. this also caused my aggregate utilization to go to 11%. So, if I understand your post correctly, when that card reports zero dollars balance sometime between tomorrow and the next couple of days since the statement closed today, I should see points for crossing all of those individual thresholds and I should see points for crossing below the 8.9% aggregate threshold to correct?

Re: Raising FICO 5, 4 & 2

AllZero — Thu, 21 May 2020 22:51:59 GMT

@Anonymous wrote:
Hey @AllZero , I don't mean to hijack the original poster's post here, but I recently had a Capital One do an off cycle report inexplicably on a balance on a credit card with a $1000 credit limit. This card usually reports a balance of zero dollars every month, but the off cycle report caused her to report a balance of $960, or 96% utilization. this also caused my aggregate utilization to go to 11%. So, if I understand your post correctly, when that card reports zero dollars balance sometime between tomorrow and the next couple of days since the statement closed today, I should see points for crossing all of those individual thresholds and I should see points for crossing below the 8.9% aggregate threshold to correct?

@Anonymous Yes, that is correct. Whatever points you lost when your utilization increased will be returned back to as it was once before as utilization decreased, all else being the same.

If you have Experian daily monitoring, you can observe how your scores will react when your maxed out card returns to zero. Another free daily credit report is Wallethub for TU VantageScore. I disregard the score but observe how VS reacts.

Re: Raising FICO 5, 4 & 2

CreditBob — Fri, 22 May 2020 08:44:10 GMT

The FICO 9 model algorithm does not include the mortgage scores. So don't worry about trying to compare the 2, 4, & 5 to the 9 scoring model. What are your current mortgage scores for the 2, 4, & 5?

You have also not provided enough information in other regards to what else is in your credit report. Here is what would help other members out.

How many revolving accounts do you have? When did you open each one, how long ago? Line of credit vs. current balances?

Do you have nay loans for personal, auto, student, etc.? Original loan amounts, if any, vs. your current balances?

Any new accounts opened within the last 12 months?

Any collections, bankruptcy, liens, court judgements, etc?

I personally have one more payment in my chapter 13 bankruptcy. And I have been paying very close attention to my own mortgage FICO scores. I just wanted to share that with you because there are other members like myself that are going through the same thing that you are. That is, I would also like to qualify for a mortgage loan.

Re: Raising FICO 5, 4 & 2

Anonymous — Fri, 22 May 2020 12:22:38 GMT

@Anonymous wrote:
Hey @AllZero , I don't mean to hijack the original poster's post here, but I recently had a Capital One do an off cycle report inexplicably on a balance on a credit card with a $1000 credit limit. This card usually reports a balance of zero dollars every month, but the off cycle report caused her to report a balance of $960, or 96% utilization. this also caused my aggregate utilization to go to 11%. So, if I understand your post correctly, when that card reports zero dollars balance sometime between tomorrow and the next couple of days since the statement closed today, I should see points for crossing all of those individual thresholds and I should see points for crossing below the 8.9% aggregate threshold to correct?

The Fico scores have no memory... its just math. what every points you had before will come back once the balance is back/reports as it did before.

Re: Raising FICO 5, 4 & 2

Anonymous — Mon, 13 Jul 2020 17:52:58 GMT

Not sure that I see an answer to your specific question. I have the same one.. paid off Debt other than Mortage. Fico Scores including Auto scores have shot up to 775-804 across all 3 bureaus. Assuming when I went to refi my home all would be fine but told my 'middle's score is over 100 points lower than the personal scores. 2 months later, Experian finally updates Mortgage (Fico 2) but the other 2 are still very low. I just need 1 of the remaining 2 to update to get a lower interest rate, but I can figure out how to get either FICO 2, or 5 updated... any suggestions? All Debt is paid off...

Re: Raising FICO 5, 4 & 2

AllZero — Mon, 13 Jul 2020 18:08:06 GMT

@Anonymous wrote:
Not sure that I see an answer to your specific question. I have the same one.. paid off Debt other than Mortage. Fico Scores including Auto scores have shot up to 775-804 across all 3 bureaus. Assuming when I went to refi my home all would be fine but told my 'middle's score is over 100 points lower than the personal scores. 2 months later, Experian finally updates Mortgage (Fico 2) but the other 2 are still very low. I just need 1 of the remaining 2 to update to get a lower interest rate, but I can figure out how to get either FICO 2, or 5 updated... any suggestions? All Debt is paid off...

@Anonymous. Are you implementing AZEO method?

Re: Raising FICO 5, 4 & 2

Anonymous — Mon, 13 Jul 2020 19:54:15 GMT

@Anonymous The scores are updated once the creditor reports the information to the CRA and they update it. This typically happens monthly.

If you have a Credit Karma account you can see the dates each creditor typically updates your account each month. Or, for that matter with most CMS frontends.

You would have to give your profile information for us to give specific information.

Re: Raising FICO 5, 4 & 2

Lesleymm — Thu, 02 Dec 2021 17:13:06 GMT

So I keep my cc balance at zero. If I'm understanding you correctly, I should report a balance every month? Then pay it off?? Thank you in advance for your help

Re: Raising FICO 5, 4 & 2

Lesleymm — Thu, 02 Dec 2021 17:42:56 GMT

What if I only have one card? Still keep that ONE at a low balance?? I have zero other debts on my reports. I have settled all my collections, all my negative accounts on my credit. I only have student loans, in good standing. I'm trying to boost my fico 5,4,2. What else could I do to rapidly increase those?

Re: Raising FICO 5, 4 & 2

CreditBob — Mon, 20 Dec 2021 08:37:33 GMT

You can not rapidly increase your score,not even in 30 days. Make sure that you are realistic in expectations. I had to start over again from a chapter 13 bankruptcy. So, a public record or collection will take a few years. Student loan debt will need to be paid down.

I am encouraging you not to give up. On this website, go to the education tab and to estimate your Fico score. Be completely honest with your answers. Try different answers and see the possible results.