topic Re: Grasping at straws....opinion please... in Understanding FICO® Scoring

Grasping at straws....opinion please...

tbone74 — Sun, 14 Mar 2010 03:10:58 GMT

First my apologies....

I've posted a few simplistic questions over the past few weeks...hoping for a magical answer...lol

My situation is.....I was 7 points shy, now 10 points shy of qualifying for a VA Loan. Because we're so close, I've been trying to figure out anything an everything that could possibly give us that 'little' boost over the top.

So with that, here's my next question...which I know is subjective to many variables...but, here it goes.....

I believe I have read somewhere that one can expect a score increase upon reaching the 12 month anniversary of a loan. Has anyone experienced that....or know if that is an actuality? Curious....

Thanks again in advance!

Re: Grasping at straws....opinion please...

llecs — Sun, 14 Mar 2010 03:20:52 GMT

I've seen mysterious increases (up to 20 points even) when some new TLs hit the one year mark. It all depends on your scoring bucket, the number of new TLs reporting, etc. Look for any change to occur on the first of each month, IME.

Re: Grasping at straws....opinion please...

tbone74 — Sun, 14 Mar 2010 03:41:03 GMT

@llecs wrote:
I've seen mysterious increases (up to 20 points even) when some new TLs hit the one year mark. It all depends on your scoring bucket, the number of new TLs reporting, etc. Look for any change to occur on the first of each month, IME.

Thanks for the info! I'll be holding my breath...phone, and laptop....lol, hoping to get a score alert

Re: Grasping at straws....opinion please...

haulingthescoreup — Sun, 14 Mar 2010 13:56:11 GMT

There might also be a tiny increase from the inq hitting one year, depending on how many others you have on that same score report. Mine used to change at the beginning of the month, but then it seemed to be more on the anniversary of the inq/ account opening.

Good luck! Shake that money tree.

Re: Grasping at straws....opinion please...

llecs — Sun, 14 Mar 2010 17:25:01 GMT

@haulingthescoreup wrote:

Mine used to change at the beginning of the month, but then it seemed to be more on the anniversary of the inq/ account opening.

Now that you mention it....last December I had a bunch of TLs hit one year. On December 1, TU dropped the number of accounts opened within the past year from 6 to 3, whereas EQ did not. It wasn't until later in the month that I pulled EQ again and the accounts opened within the past year dropped, making me think that they are scoring based on actual anniversary date.

Re: Grasping at straws....opinion please...

tbone74 — Sun, 14 Mar 2010 17:39:50 GMT

@llecs wrote:

Now that you mention it....last December I had a bunch of TLs hit one year. On December 1, TU dropped the number of accounts opened within the past year from 6 to 3, whereas EQ did not. It wasn't until later in the month that I pulled EQ again and the accounts opened within the past year dropped, making me think that they are scoring based on actual anniversary date.

Interesting! Well I hope this is the case and proves to be a positive. I'm not sure what kind of impact this will provide on my score.....we shall see ;~)

Re: Grasping at straws....opinion please...

AndySoCal — Tue, 16 Mar 2010 02:03:11 GMT

You a couple of options ask the lender which bureau whose score was the middle score. If it is Equifax or Trans Union you can look at the score reasons on the credit report. The score reasons are listed in order impact on the score. You want to do what you can to address those reason(s). You want to work on either your lowest or middle score ignore the highest score changing it does nothing for you.

Re: Grasping at straws....opinion please...

RobertEG — Tue, 16 Mar 2010 02:27:53 GMT

Aging of accounts and dropping of inquiries from credit scoring after one year are factors that rely on age rather than postive actions you can take.

The quickest and most effective action you can take on your own is to reduce % util on revolving (CC) accounts.

What are your % utils on your existing revolving accounts?

Re: Grasping at straws....opinion please...

tbone74 — Tue, 16 Mar 2010 03:34:27 GMT

Thanks for the input, I do appreciate it

However, the reason I'm 'grasping for straws' is, I'm at the point where I'm at 0% Util and all previous CA's are PIF....14+ months ago. There really isn't much I can do at this point other then wait. I've sent out GW's and am hoping to see some positive results from that. I received one today, via email, that stated they would delete from all CRA's. So...with all that being said, I'm hoping that the removal of this collection, in addition to a loan hitting the 12 month mark.....will be enough to boost me 7 to 10 points. .....fingers crossed!

Re: Grasping at straws....opinion please...

tbone74 — Thu, 08 Apr 2010 13:20:01 GMT

Well I think there is some merit to the 12 month TL score bump. I had a TL hit the 12 month anniversary on the 1st...the result, a 54 point increase in EQ.....616 to 670....Excellent!

Re: Grasping at straws....opinion please...

llecs — Thu, 08 Apr 2010 14:11:33 GMT

Wow. Congrats.

Re: Grasping at straws....opinion please...

tbone74 — Thu, 08 Apr 2010 18:11:09 GMT

LOL...okay, my apologies folks. After giving my CR a thorough once over, I realized the last of my CA's have been removed! YEAAHHH! All the GW's have paid off! I'll take the score increase anyway I can get it

Re: Grasping at straws....opinion please...

haulingthescoreup — Fri, 09 Apr 2010 14:17:32 GMT

Excellent work! Looks like that VA mortgage will soon be yours.

* recovers from jealousy at never having a 54-point jump from having an inq fall off *

Re: Grasping at straws....opinion please...

tbone74 — Fri, 09 Apr 2010 14:34:18 GMT

@haulingthescoreup wrote:
Excellent work! Looks like that VA mortgage will soon be yours.

* recovers from jealousy at never having a 54-point jump from having an inq fall off *

After further review, it appears it was more then one of my TL surpassing the 12 month mark. It looks like the last of my CA's has fallen off. I'm sure that's what gave me such a boost

As for the VA Loan...we shall see. We currently have an offer in.....but ultimately, I'm petrified of underwriting!

Re: Grasping at straws....opinion please...

Anonymous — Fri, 09 Apr 2010 14:52:56 GMT

@tbone74 wrote:

[...] I'm at the point where I'm at 0% Util [...].
Congrats on your big score increase.

After reviewing the thread again, I noticed something you said, quoted above. I think that having an overall credit utilization that is above zero percent is superior to a credit utilization than is exactly zero, so long as it's also less than ten percent. In other words, a credit utilization below 10% is better than one at 10% or higher, but a credit utilization that is both above 0% and less than 10% is better than a credit utilization that's exactly at 0%.

Good luck on your loan

Re: Grasping at straws....opinion please...

Anonymous — Fri, 09 Apr 2010 19:45:02 GMT

Hi Tbone,

I joined this site in Feb/March because I am so clueless about money and fico etc. I actually thought not having debt or cc was good. Oy.

I also was trying to get to 620 for my VA loan. (My middle score was 609, other two were 635, and 602.)

I paid off one collection from years ago at the end of Feb. My score the following month jumped to 619 / 650 / 635. (Sorry can't say which was which as all the paperwork is at home.)

I just finished all my paperwork and close on the 28th. I don't know if that helps you at all, but don't give up hope with the VA. Have you also thought about CHFAs? I think they will take you at 580... which would let you start the process and pre-qual/approve... and at least let you be in a position to start seriously househunting?

Edit: Note to self.... read all the thread before replying! D'oh! and gratz! (And PS, I also am finding this process pretty terrifying.)