topic Re: LAst moment help in Understanding FICO® Scoring

LAst moment help

Anonymous — Thu, 03 May 2007 01:24:56 GMT

Hi all,

this is my second message.

My first one was a replay to fhis great post -

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&message.id=1658&query.id=8163#M1658

Now, this is my question-

My wife and I will try to go for the fist time house loan.

Both with good full time jobs, but her credit history is not so good.

She is FICO TU610 Eq614 Ex 587(why such a difference with same acaunts?) with some collestions(all paid off but one was recently added in Feb paid in full) and late paiments 30, 60, 120.....days( but nothing late for a more than a year), 3 cards paid and 2 at 40% charged.

Me FICO TU664 Eq655 Ex 651 with all @$0 on 4 Cards and less then 10 monts on car loan.

We decided to pull our reports andTU is reporting an inqurie on my wifes report(thas only TU inq) made by Active Credit Company that we did not initiated!
It's listed in hard inquries on our report.
TU is willing to remove it, but only if they get letter from company reporting inq.
I contacted company and they say they did pull CR.

I know they have right to pull our report, but why is listed as hard.

ACC company claims they do not have any letter for dispute, and lady I talked to me said it's the first time she heard about soft and hard pulls!!

How much this inq hurts her score and chance to get a good house loan?

Is it possible to adds some points in a month if she puts this month those 2 credit cards bellow 30%?

Thanks and God Bless you all!

Message Edited by cinoeye on 05-02-2007 06:24 PM

Re: LAst moment help

Anonymous — Sun, 06 May 2007 00:41:38 GMT

Yes, I believe so based on my own exp. Paying her cards down to under 10% or if you can leave only $5 just to ensure that it posts some ccc are funny about reporting 0 balances. Good Luck on your house hunting.

Re: LAst moment help

Anonymous — Tue, 08 May 2007 01:21:24 GMT

Thank you for your anwser. So under 10% is better than under 30%? And keeping some balance is good idea, since I have $0 balance last 3 months and TU stoped reporting. It's also funny how they update almost instantly when you are late, but my C1 card stil reports what was charged in Jan, even tough I have paid balance in Feb.

Re: LAst moment help

Tuscani — Tue, 08 May 2007 11:13:32 GMT

cinoeye wrote:
Thank you for your anwser. So under 10% is better than under 30%? And keeping some balance is good idea, since I have $0 balance last 3 months and TU stoped reporting. It's also funny how they update almost instantly when you are late, but my C1 card stil reports what was charged in Jan, even tough I have paid balance in Feb.

Yes. IMO, 1-9% util is ideal.

Re: LAst moment help

Anonymous — Wed, 09 May 2007 17:24:09 GMT

THank you so much, I'll go to charge my card for lunch.

JUst a note that Cap1 just reported $o balance and my score went up 6 poinst on EX and not down.

Why is that?

Re: LAst moment help

Anonymous — Fri, 11 May 2007 14:55:11 GMT

Is it to late to charge CC now.

I'm shoping for a house at the begining of next month?

Should I charge it now, and week before I go ask for an update of my limits?

Re: LAst moment help

Tuscani — Fri, 11 May 2007 14:59:08 GMT

cinoeye wrote:
Is it to late to charge CC now.
I'm shoping for a house at the begining of next month?
Should I charge it now, and week before I go ask for an update of my limits?

You can.. but what matters (and what is being reported) is the balance from your last statement. Your CCC will not update your TL everytime the balance changes (generally balances are updated once a month i.e.. when the statement is cut). Also, do not apply for any new credit until you close.

Re: LAst moment help

Anonymous — Fri, 11 May 2007 18:03:05 GMT

So I guess it's to late to charge them.

Re: LAst moment help

Anonymous — Fri, 11 May 2007 18:15:34 GMT

...or maybe not?

On 1 CC Tu reports Feb, EX April, Eq, March.

On Second CC TU MArch, EX and EQ April.

Cap 1 reports TU April, EX and EQ May, but even my balance is $0 they repory balance bigger than 30%!

SInce they do not report CLL, I guess that won't matter?

Re: LAst moment help

Anonymous — Fri, 11 May 2007 23:05:17 GMT

Just some friendly advice: you can't manage your credit like a day-trader manages his portfolio. You can't think in terms of, "if I do this, what will my credit score by next week?" You have to think over the long haul. Keep your utilization low, your accounts current, add positive TLs from time to time, bug the card companies for CLIs. Your score will go up over time.

Re: LAst moment help

Anonymous — Sat, 12 May 2007 00:26:08 GMT

Haha, I guess you are right.