topic Re: Fico Scoring in Understanding FICO® Scoring

Fico Scoring

Anonymous — Sun, 18 Nov 2012 17:20:29 GMT

I have worked for 5 years to pay off old debt and clear any collection off my credit report. I have one collection from three years ago for T Mobile $274.00. I have three student loans totaling $40k and one credit card with a $500 limit. My score is 547 and I can not get it up to 660 to get conventional home loan.

I have no other installment loans and paid a car loan off in June., THe last late payment was in 2011.

THe mortgage broker, the bank cannot figure out why FICO is nailing me so hard?

Does anyone have an idea and the length of time it takes to get to a 60-680 score?

Re: Fico Scoring

Shogun — Sun, 18 Nov 2012 18:57:12 GMT

Is that collection reporting as paid or showing a balance? You need some sort of revolv to get some more positive TLs on your report. Your file is too thin and any bad will drag it way down. Have you looked at getting a secured card or two?

Re: Fico Scoring

Anonymous — Sun, 18 Nov 2012 19:20:41 GMT

Hi I have the one secured Visa with the $500 limit.

So am I better off paying this card off and keeping a low balance of $50. Or do this and get one mroe additional secured card with a $500 limit...?

Re: Fico Scoring

Shogun — Sun, 18 Nov 2012 20:37:13 GMT

I would suggest getting another secured card. You need to beef your CR up a little.

Re: Fico Scoring

beb86 — Mon, 19 Nov 2012 02:19:47 GMT

@Shogun wrote:
I would suggest getting another secured card. You need to beef your CR up a little.

+1... I would also try the Cap1 secured card....keep your balance way low and keep making on time payments and after 6 months of positive history you should see a nice jump....also try to PFD the COLL.