topic Re: How can I have a 731 Fico score?!? in Understanding FICO® Scoring

How can I have a 731 Fico score?!?

nycfico — Wed, 10 Jun 2020 14:24:33 GMT

Here are the facts from my credit report,

1% utlization

AA0A: 6.8 years

Oldest account: 23 years

Newest account (installment car loan) 10 months

Percentage paid on my one installment loan: 48% (I pay extra each month)

Collections: None

Liens: None

Late payments: 1 for 30 days in November, 2018)

Inquiries: 6 (1 in February 2020, 3 In July of 2019 two in late 2018)

So, aside from one 30 day late payment, I have a pretty much perfect credit report. Four credit cards (only one, Amex, reports a balance each month) with an installment loan.

I'm planning to apply for a mortgage and won't even get the best rates, because of a stupid mistake about a year and a half ago with a card I've had for about ten years and never been late on. This 30 day late is costing me basically 100 points.

SO FRUSTRATING!!!

Re: How can I have a 731 Fico score?!?

Anonymous — Wed, 10 Jun 2020 14:50:28 GMT

Have you tried to goodwill the late?

An other less effective option is to pay down the installment more.

Maybe you'll get some points back in July-Aug when the 2 inqs fall off.

Also maybe some more points when your youngest account hits 1 year of age

Re: How can I have a 731 Fico score?!?

nycfico — Wed, 10 Jun 2020 14:55:54 GMT

Yes, i did try to goodwill the late immediately when it happened...I had a payment return because I used the wrong checking account to pay Merrick Bank. They wouldn't take it off. I suppose I could try again but it's time consuming and from what I hear hardly ever works.

@Anonymous wrote:
Have you tried to goodwill the late?

An other less effective option is to pay down the installment more.

Maybe you'll get some points back in July-Aug when the 2 inqs fall off.

Also maybe some more points when your youngest account hits 1 year of age

Re: How can I have a 731 Fico score?!?

TheKid2 — Wed, 10 Jun 2020 15:04:07 GMT

You may not be maxmizing your scores. How many revolvers do you have? For AZEO, you don't want the lone balance on a CHARGE card, you want it on a CREDIT card.

You should definitely try to GW off the lone late.

You should also be sure you are referring to your Mortgage Scores - not FICO 8 or VS scores.

Re: How can I have a 731 Fico score?!?

Girlzilla88 — Wed, 10 Jun 2020 15:04:39 GMT

But that is a very honest mistake I would take it above a Representative and just explain and appologize just be as honest and upfront as possible and let them know you are looking to get a home down the line but if they would consider it and that it wouldn't happen again. Sometimes being persistant helps but sometimes it is just a matter of reaching the right person too. I do agree that the others you will see a smaller boost but that late is what is making the biggest difference for sure.

Re: How can I have a 731 Fico score?!?

Girlzilla88 — Wed, 10 Jun 2020 15:06:24 GMT

And yes double check to make sure it is Mortgage Scores, and if you are attempting the AZ method use a BANK card to report 8.9% or below 9% ^^ (Maybe not 1% but no more than 8.9%)

Re: How can I have a 731 Fico score?!?

FlaDude — Thu, 11 Jun 2020 14:45:17 GMT

I would assume a 2 year old 30 day late would be responsible for a lot of points. When my 30 day late dropped off at 7 years, it was still causing around a 25 point hit, I'm sure it was much more at only two years.

Re: How can I have a 731 Fico score?!?

SouthJamaica — Thu, 11 Jun 2020 15:14:04 GMT

@nycfico wrote:
Here are the facts from my credit report,

1% utlization
AA0A: 6.8 years
Oldest account: 23 years
Newest account (installment car loan) 10 months
Percentage paid on my one installment loan: 48% (I pay extra each month)
Collections: None
Liens: None
Late payments: 1 for 30 days in November, 2018)
Inquiries: 6 (1 in February 2020, 3 In July of 2019 two in late 2018)

So, aside from one 30 day late payment, I have a pretty much perfect credit report. Four credit cards (only one, Amex, reports a balance each month) with an installment loan.

I'm planning to apply for a mortgage and won't even get the best rates, because of a stupid mistake about a year and a half ago with a card I've had for about ten years and never been late on. This 30 day late is costing me basically 100 points.

SO FRUSTRATING!!!

What do you mean "731 FICO score"?

There are 3 mortgage scores, EX2, EQ5, and TU4.

What are they?