topic Re: Credit stuck at 759 in General Credit Topics

Credit stuck at 759

Anonymous — Sat, 06 Oct 2018 11:11:03 GMT

I know 759 is considered a good or very good to some but i like to go a little more, but it seems that for the last 3 or 4 months my reports from CCT is just stuck between 752 to 759, any ideas how to improve this? below is my position now:

Score: Ex 759, Tr 760, Eq 758

Oldest acc: 17.5 years

AAA: 9.2 years

Inquiries: 5

Credit cards: 5

Revolving limit: $67.500

Revolving usage: 0%

Real state debt: $220.000

Co-sign car loan: $20.700

Acc ever late: 1 ( 4 years ago )

Public rec. : 0

Self employed, making around $150k year/salary

really appreciate any help, thanks

Re: Credit stuck at 759

FireMedic1 — Sat, 06 Oct 2018 12:01:20 GMT

Revolving you put 0%. Do any cards report any balance? If no. Have 1 report 5-10 bucks. Then PIF after statement cuts. If no cards report a balance thats a hit that could raise your score.

Re: Credit stuck at 759

Anonymous — Sat, 06 Oct 2018 12:49:36 GMT

I agree that you are taking a penalty for having 0% UTI reporting. When was your last account opened? You have 5 inq and if your most recent account was opened less than a year ago then you are taking some point loss there.

Re: Credit stuck at 759

Anonymous — Sat, 06 Oct 2018 14:31:51 GMT

Yes, some of my cards report balance, I spend a average $5k on my Amex every month and pay in full before the statement, like last month i had $4k balance, paid in full but had a transaction of $150.00 that was pending, it show after my statement was cut. Out of the 5 inquiries, 2 will fall of in December, 2 was for the a car loan that i co-sign, and 3 was for a commercial building loan that i got for my business, we bought a building, the inquiries for the loan will fall off within one year, but the commercial loan it's not been report to my credit. In the spring a carried a balance of $2K, $3k on my Amex for 2 months and my score dropped like 20 points. Seems like if i use my card and Carrie a balance, i'll get penalized for it, and if i use and pay in full, i'll get penalized as well!!!!!

Re: Credit stuck at 759

Anonymous — Sat, 06 Oct 2018 15:38:33 GMT

You mention an Amex card. Can you tell us the exact "make and model" of that Amex? If it is a charge card (Amex Green, Amex Platinum, etc.) then reporting a positive balance will not help you.

You want a small positive balance reporting on a true credit card, not a charge card, with all your other cards reporting $0. (The card with the balance should also be a card in your name, not an AU card.)

It sounds like you have exactly one derog, is that right? (lates, collections, chargeoffs, etc.) And that derog is a late from four years ago. Is it a Day 30 late or is it more severe? Can you tell us the month/year of the derog? FICO might score a 3.9 year old derog more harshly than one that is 4.1 years old.

I'd encourage you to pull your full reports at AnnualCreditReport.com and go over them with a fine tooth comb, looking for every possible derog. Your Age of Oldest Account (17.5 years) and AAoA (9.2 years) is very impressive and you should have a higher score, even with the possibility of all credit cards at $0. (Again, charge cards don't count.)

Re: Credit stuck at 759

Anonymous — Sat, 06 Oct 2018 15:45:09 GMT

@Anonymous wrote:
In the spring a carried a balance of $2K, $3k on my Amex for 2 months and my score dropped like 20 points. Seems like if i use my card and Carrie a balance, i'll get penalized for it, and if i use and pay in full, i'll get penalized as well!!!!!

FICO does not penalize people for carrying a balance. (No current FICO model can tell if you are carrying a balance, though when FICO 10 is one day released that may change.)

FICO does penalize you for reporting all cards at $0. (Reporting a balance is different from carrying a balance.) But as the other folks have explained, that's easy to fix. You just need a true credit card to report a small balance and that particular penalty will go away.

Re: Credit stuck at 759

Anonymous — Sat, 06 Oct 2018 19:06:39 GMT

Hello

I have the Amex Delta Skymiles with $50k Credit limit, and 4 Capital one cards, i don't have charge card. Yes one derog. Mortage default, due to a bad lawyer ( long story, late for 6 months) year was 2014 from june to December.

Re: Credit stuck at 759

Anonymous — Mon, 08 Oct 2018 06:19:42 GMT

I doubt that 30-late is affecting you much by now. Next time you pay your AmEx, pay off all but $20 of it by the due date, and then rinse and repeat each month after. This allows FICO to see a balance and you’ll pick up the points mentioned above that you’re currently being docked.

Re: Credit stuck at 759

Anonymous — Mon, 08 Oct 2018 14:46:41 GMT

@Anonymous wrote:
I doubt that 30-late is affecting you much by now. Next time you pay your AmEx, pay off all but $20 of it by the due date, and then rinse and repeat each month after. This allows FICO to see a balance and you’ll pick up the points mentioned above that you’re currently being docked.

Our OP does not have a Day-30 late, but rather at least a Day-120 late. The received wisdom here seems be that severe derogs remain in full force with FICO 8 all the way up until the time they fall off.

OP, can you clarify for us whether the 2014 mortgage was eventually closed (e.g. by Jan 2015) or is it currently still open (with you getting your payments caught back up by 2015)?

If it is open you have a decent chance of getting the lates associated with it removed. If it is closed the chance is lower, but is still worth looking into it. You would try something called the Goodwill Letter Saturation Technique.

The derog will continue to sharply punish your score until it falls off, which will not be for years. You should certainly implement AZEO for the next couple months regardless to see that does for your score.

Re: Credit stuck at 759

Anonymous — Mon, 08 Oct 2018 22:18:41 GMT

Hello, The mortgage still open, we come out with a agreement in December of 2014, the payment were caught up back than.

Re: Credit stuck at 759

Anonymous — Tue, 09 Oct 2018 01:40:00 GMT

If the OP has a 120+ day late payment present on his CR, he's no doubt in a dirty bucket and his score will thus be capped somewhere in the 760-770 range. The fact that he's at 759 means he's pretty close to that right now, so the chances of his score improving more than another 5-10 points with that late payment being present is very slim and essentially impossible. I was able to get to 768 on TU with a 90 day late payment present and similar age of accounts stats to the OP, just as a point of reference... but my score stalled there and wouldn't budge.

Re: Credit stuck at 759

Anonymous — Tue, 09 Oct 2018 02:38:29 GMT

I encourage you to work with folks here on getting the derog(s) removed. BBS and others have had great success when it is an open mortgage for which they have a long relationship with the lender.

Re: Credit stuck at 759

Anonymous — Tue, 09 Oct 2018 10:15:17 GMT

I'll love to do that.

Re: Credit stuck at 759

Anonymous — Tue, 09 Oct 2018 12:24:23 GMT

CM77, I'd suggest you check out this thread when you have a chance. If you have any questions definitely let me know.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-odds/td-p/4727098

Re: Credit stuck at 759

Anonymous — Tue, 09 Oct 2018 22:58:55 GMT

Wow, that's a great Thread, thanks for taking the time a put something like that together. Will definitely check it out, thanks