topic Re: Who has an idea? in General Credit Topics

Who has an idea?

Rlandon87 — Fri, 22 Aug 2014 08:51:21 GMT

Ok folks here is the situation, I need about 30 points to secure a home loan. I also need some paid off/ paid down items to report to lower my DTI.

Here are my card balances now compared to what they will be next weekend

NFCU- 11989/12000 99% 9192/12000 77%

BOFA 4439/4500 99% 3200/4500 71%

CAP1 4000/5000 80% 3800/5000 75%

Disc 2845/3000 95% 0/3000 0%

Cap1 2955/3000 99% 2350/3000 78%

Cap1 950/3000 32% 0/3000 0%

Chase 2364/3000 79% 2300/3000 76%

Chase 1900/2000 95% 0/2000 0%

Zales 1100/1600 85% 0/1600 0%

Amazon 560/800 70% 0/800 0%

OLDN 233/600 38% 0/600 0%

Shell 11/300 3% 0/300 0%

My utilization now is 64% with at least 5 maxed out cards reporting. I also show 17/26 accounts with a balance reporting which is more than half. After next weekend I will be at 29% overall utilization with no cards maxed out. I will also only show 7/24 accounts with a balance. (accounts with a balance includes student loan accounts and auto loans) Also it should be noted I have quite a few inquries that will be falling off my reports. I have a few missed payments, most recent which was 2.5 years ago, and one paid in full collection from 2010 that reported paid in full 1/2013. My AAOA is 3.3 years with 9 years being oldest account. I have 4 new accounts within 6 months old.

Do you think its reasonable to believe I'd get at least a 30 point increase for this change?

Can anyone tell me which CC companies will report mid cycle upon request.

Thanks for any input!!!

Re: Who has an idea?

fused — Thu, 21 Aug 2014 21:46:13 GMT

Do you know your FICO scores?

You should work with a lender who can do a "rapid rescore" for you?

Re: Who has an idea?

Rlandon87 — Tue, 09 Sep 2014 16:18:40 GMT

EX 98 -588
EQ 04 - 612
TU 04 - 637

08 SCORES
EX-653
Eq-642
Tu-649

Re: Who has an idea?

Rlandon87 — Thu, 21 Aug 2014 23:16:20 GMT

Anyone think I'll see 30 points at least?

Re: Who has an idea?

fused — Thu, 21 Aug 2014 23:32:26 GMT

Before I can give you a guess, I need clarification on the numbers in your first post. You have util at 84% in the left hand list and util at 52% in the right hand list. Where is the 29% coming from?

Re: Who has an idea?

myjourney — Thu, 21 Aug 2014 23:42:33 GMT

Fused wrote:

Do you know your FICO scores?

You should work with a lender who can do a "rapid rescore" for you?

+1 along with getting UTL down would surely result in a dramatic re-scoring IMHO

Re: Who has an idea?

Rlandon87 — Thu, 21 Aug 2014 23:47:32 GMT

These are only the cards with balances, I have other accounts as well..... so can anyone point to a possible score estimate after updates... and will most of my cards with balances do a mid cycle update for me? Or you think do rapid rescore.

Re: Who has an idea?

Rlandon87 — Thu, 21 Aug 2014 23:45:58 GMT

Re: Who has an idea?

fused — Thu, 21 Aug 2014 23:57:47 GMT

These are the factors that are involved in FICO revolving utilization calculations:

- util on individual CC's and revolving lines of credit

- util on all CC's and revolving lines of credit (overall util)

- very high util (maxed-out) on CC's and revolving lines of credit

- OTL (over the limit) damage on CC's and revolving lines of credit

I believe you will get the 30 points you're hoping for if the following shows up on your reports:

Util really goes from 64% to 29%

All 6 or 7 of your current maxed-out cards report less than 80% util

You go from having 12 CC's reporting a balance to 5

Re: Who has an idea?

Rlandon87 — Fri, 22 Aug 2014 00:10:11 GMT

Awesome, I hope you're right and it seems I should... in January I had scores close to 690/700 ' s only difference is these card balances, a few inquries, and the 4 new accounts.

And those things WILL happen FOR SURE, the payments have already been scheduled/made... just waiting on them to clear and report. I will post the results as they update.

Re: Who has an idea?

fused — Fri, 22 Aug 2014 00:17:00 GMT

@Rlandon87 wrote:
Awesome, I hope you're right and it seems I should... in January I had scores close to 690/700 ' s only difference is these card balances, a few inquries, and the 4 new accounts.

And those things WILL happen FOR SURE, the payments have already been scheduled/made... just waiting on them to clear and report. I will post the results as they update.

I came up with my guess for a couple of reasons. First, your FICO 04 scores are quite a bit lower than your FICO 08 scores. Second, I don't think the collection and a few lates are keeping your scores down by themselves. I think the "maxed-out" CC's are playing a big role in your scores being low. We shall see! Good luck!

Re: Who has an idea?

Rlandon87 — Fri, 22 Aug 2014 00:38:09 GMT

Thanks, we'll know in a week or two.

Re: Who has an idea?

Rlandon87 — Fri, 22 Aug 2014 05:41:35 GMT

out

First update.... 8 point bump on EQ SW when shell card reported 0$ from 11$.

So having many accounts reporting a balance obviously puts the hurt on your score... I'm very confident I'll get AT LEAST 22 more points based on everything else reporting

Re: Who has an idea?

fused — Fri, 22 Aug 2014 06:50:19 GMT

That's really encouraging. Just remember the SW Score is a FICO 08 score and not a FICO 04 Score. Also keep in mind the FICO 08 scores are supposed to be a bit more sensitive to high utilization. Again, something that's in your favor.

Re: Who has an idea?

Rlandon87 — Fri, 22 Aug 2014 08:47:11 GMT

So my 04 score would theoretically move the same, or more, or less...

Re: Who has an idea?

bdhu2001 — Fri, 22 Aug 2014 09:13:15 GMT

@Rlandon87 wrote:
So my 04 score would theoretically move the same, or more, or less...

It'll move in the same direction, but not necessarily by the same amount. From my own situation, I would say you'll see a 30 pt increase in your 04 score. However, you may not get it with every CBA.

Re: Who has an idea?

fused — Fri, 22 Aug 2014 19:52:10 GMT

Your 04 and 08 scores will be heading north. How much is still unknown. I'm just really curious to see how much your 6 to 7 maxed-out cards are affecting your scores.

Re: Who has an idea?

Rlandon87 — Sat, 23 Aug 2014 09:15:34 GMT

How long does it take for GECRB to report AU accounts

Re: Who has an idea?

Rlandon87 — Sun, 24 Aug 2014 09:20:26 GMT

Here is a good data point for anyone wondering... my Kay card hasn't been used once since I opened it 11 months ago. I was scared it would close before getting a mortgage and mess up my utilization. So I charged a $20 ring to show some usage.... it reported today and I received a 25 point increase on experian from MYFICO new 3 score monitoring. This further proves the idea that an inactive account isn't fully figured into your score.... I am POSITIVE that this is the only change on the account since yesterday.

Re: Who has an idea?

fused — Sun, 24 Aug 2014 20:52:32 GMT

It's nice to get 25 points for waking up a dormant CC. I have lost as many as 7 points for a CC going inactive. I just wish you could track all of your FICO 04 scores.