topic Re: 453 Credit Score in Understanding FICO® Scoring

453 Credit Score

Anonymous — Sat, 23 Jun 2007 19:51:42 GMT

I have a credit score of 453 and I would like to increase it. I recently settled on three accounts that were 30 days past due. I have four credit cards inwhich two are large amounts that were settled on and two small balance CC that being paid on time. What can I do to increase my score. I look to refinance my house in the next year, or even sell and purchase a new. But I would like to know how to increase my credit score and maintain a good credit rating.

Re: 453 Credit Score

Tuscani — Sat, 23 Jun 2007 19:52:44 GMT

Welcome! What other baddies do you have? Have you read the Scoring 101 thread?

Re: 453 Credit Score

Anonymous — Sat, 23 Jun 2007 19:57:05 GMT

Yes. I read several articles talking about how one can write to the creditors after making payments to have derogitory files removed. Is this posible in my case.

Re: 453 Credit Score

Tuscani — Sat, 23 Jun 2007 20:10:07 GMT

Yep:

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=2661

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=2659

Re: 453 Credit Score

Anonymous — Sat, 23 Jun 2007 20:19:43 GMT

Is it possible that my score would increase being that I settled and paid a smaller amount and later sent a goodwill letter to each creditor?

Re: 453 Credit Score

Anonymous — Sun, 24 Jun 2007 02:48:20 GMT

One other thing you could do to increase your score overtime, refi with this score and the lender will include all of your debt in the loan, you may get a little higher interest rate but all your bills would be paid and refi after 1 year, this will start you with a clean slate, I know this sounds like who's really going to refi me with this score, if your mortgage is current this could be your way out and a fresh start.

Re: 453 Credit Score

MercyMe — Sun, 24 Jun 2007 21:45:52 GMT

I did that! It helped to get the company credit cleaned up and put a new roof on the house. Not a bad deal! After a year I refinanced again and got a 6% fixed! Best thing I ever did!

Re: 453 Credit Score

girlie — Sun, 24 Jun 2007 21:57:16 GMT

when my score was in the toilet (466) i was told by country wide full spectrum lending that i needed at least 500 to be considered. not to be pessimistic, but i don't think any lenders will touch anything under 500. you should try to raise your score to at least that before you think about refi'ing. also, i was looking for a refi when my score got up to 546 and i was gonna get hit with a high rate and a three year pre-payment penalty. i basically said forget this i'm going to spend time raising my scores and then see what i can get. rates are so much higher now, but with my mid score 667, i can at least get a prime rate.

Re: 453 Credit Score

Anonymous — Sun, 24 Jun 2007 22:36:32 GMT

bubba608 wrote:
Is it possible that my score would increase being that I settled and paid a smaller amount and later sent a goodwill letter to each creditor?

GW won't reduce your credit score. Did your GW request work?

Re: 453 Credit Score

Momof5 — Mon, 25 Jun 2007 19:14:48 GMT

Ahhhhh the damage we do when before we find credit forums! You would have been better off simply bringing those 30 day late accts to current by paying the past due plus the current due. The effect of a 30 day late minimizes after 24 mo. "Legally paid for less than full amount" is a score killer and will look bad on a manual review. You can try a GW, but they are not always successful and your chances decrease when you settled instead of PIF.

With the new subprime mtgs at 620 (up from 580) you can bet your sweet bippy that a refi won't fly.

It also appears that these actions are fairly recent so it is unlikely that you can dispute and see them disappear.

So how do you fix this? (1) Make larger than normal payments to you open CC accts and get them paid off. Add new tradelines (subprime cc's(?), secured cards (if necessary), possibly a car note) and pay EVERYTHING on time. Keep track of what is going on with your CR and make sure no more baddies are added.

I cannot predict what you could have score-wise in a year, but you should be in a better position to refi then.

Re: 453 Credit Score

matt3313 — Mon, 25 Jun 2007 22:58:38 GMT

There is hope! I was at a 471 score in september of 2006. I started my credit repair then. I am currently at a 649 nine months later. I'm hoping to get a new car soon. I hope things go well for you as well.

Re: 453 Credit Score

Anonymous — Tue, 26 Jun 2007 01:31:45 GMT

@matt3313 wrote:
There is hope! I was at a 471 score in september of 2006. I started my credit repair then. I am currently at a 649 nine months later. I'm hoping to get a new car soon. I hope things go well for you as well.

amazing! congrats.... i worked my way up from a 490 to 624. really well done! it took me a full year, too. i just wish i could do it all faster.

Re: 453 Credit Score

Anonymous — Tue, 26 Jun 2007 02:30:11 GMT

I cant belive anyone would tell you to do a refi!!!

1st of all... any company that was doing below 500 Fico's are not doing loans anymore. Thats why a lot of bigger companys raised the min Fico for "prime" borrowers.

2nd.... Prime still starts at 620 and some people can get prime loans with below 620 ficos. Every borrower is diffrent.

3rd...Sorry! I stopped reading after I read the advice that said to refi. Just had to vent and Im going to keep reading.

With a below 500 Fico you will get whats called a Hard Money Loan at a "low" 15% and a prepay.

This is a good website to see all the lender that did dumb loans!!

http://ml-implode.com/

Re: 453 Credit Score

Tuscani — Tue, 26 Jun 2007 03:07:08 GMT

OneMortgageGuy wrote:

I cant belive anyone would tell you to do a refi!!!

1st of all... any company that was doing below 500 Fico's are not doing loans anymore. Thats why a lot of bigger companys raised the min Fico for "prime" borrowers.

2nd.... Prime still starts at 620 and some people can get prime loans with below 620 ficos. Every borrower is diffrent.

3rd...Sorry! I stopped reading after I read the advice that said to refi. Just had to vent and Im going to keep reading.

With a below 500 Fico you will get whats called a Hard Money Loan at a "low" 15% and a prepay.

This is a good website to see all the lender that did dumb loans!!

http://ml-implode.com/

Some great reads on that site!