topic Re: Just need 10 points!!!!! in Understanding FICO® Scoring

Just need 10 points!!!!!

Anonymous — Thu, 05 Mar 2009 22:49:48 GMT

So I really need 10 points for my home loan. I have such a thin credit file that getting this 10 points seems impossible. I thought I would get it when I had my newest collection deleted off, but nope no score change. I can only hope that paying my two credit cards down to 2% utility will help.

Re: Just need 10 points!!!!!

llecs — Thu, 05 Mar 2009 22:50:46 GMT

Outside of the CCs, what else is reporting?

Re: Just need 10 points!!!!!

Anonymous — Thu, 05 Mar 2009 23:07:56 GMT

Thats the bad thing is that all I have besides these two credit cards is 2 other collections. One of those will be removed this month, just not sure if it will be in the next two weeks.

Re: Just need 10 points!!!!!

haulingthescoreup — Thu, 05 Mar 2009 23:18:47 GMT

soonergirl wrote:
So I really need 10 points for my home loan. I have such a thin credit file that getting this 10 points seems impossible. I thought I would get it when I had my newest collection deleted off, but nope no score change. I can only hope that paying my two credit cards down to 2% utility will help.

Pay one off completely 2-3 days before the statement date. Pay the other to 2% 2-3 days before the statement date. Oh, and stop using each card 5-6 days before its statement date.

Neither are American Express or HSBC/ Orchard or US Bank, I hope? (They have different reporting patterns from most banks.)

Re: Just need 10 points!!!!!

Anonymous — Sun, 08 Mar 2009 23:35:58 GMT

What isthe reporting pattern of HSBC/Orchard? I have one each of those credit cards. Never been late and they always report every month.

Re: Just need 10 points!!!!!

haulingthescoreup — Sun, 08 Mar 2009 23:44:30 GMT

My understanding is that their bank cards report the balance that showed on your account on the last business day of each month. The actual date that they update seems to vary, though. I've read two weeks later, and then other times, they seem to go walkabout and skip a month or two.

I have a Best Buy store card, as opposed to the MC (which would be regarded as a bank card), and it updates the balance on my statement as of the statement date, reporting that very day, if that makes sense. So my statement posts on the 19th, and they immediately report the balance that shows on that statement. It shows up on EX within 24 hours and on the other two whenever.