topic Re: i need 50 points in General Credit Topics

i need 50 points

Anonymous — Thu, 04 Oct 2007 19:33:34 GMT

In six months I am planning to refinance my mortgage. I have only two open accounts, one home loan and a Credit card with a $400 limit. I do not plan on any new loans or expected any new negative items on my credit report. I am now paying a high interest rate on my mortgage because of a past bankruptcy. I max out my credit card every month, and pay it off each month. I know it is a no no on maxing out a credit card. My credit score is about 630. Dose any body feel If I keep on paying on time and get my credit card down to this 1 to 9% Balance, is it possible to get a score of about 680 in six months?

Re: i need 50 points

PayYouNever — Thu, 04 Oct 2007 21:55:04 GMT

If you can pay off the CC, then avoid using it for a month and ask for an APR reduction (which I would do in any event) and a CLI (kick it up to $800 to $1000), then you'll be able to boost your score.

Also, with the APR reduction and the CLI, you might not be maxing out your CC each month, which keeps your UTL down thus keeping the score up.

What'll happen with the low APR and high CL is, you'll appear to have more available immediate credit which can help you score.

Message Edited by PayYouNever on 10-04-2007 02:55 PM

Re: i need 50 points

SmartCookie — Thu, 04 Oct 2007 22:34:40 GMT

Welcome glassblower1! Please start here: http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

I agree with PP regarding trying to get a CLI. Ask your CC company if they can just do a soft INQ. I think though that it will take more than that to give you 50 points. One thing I will mention is that you should find out what day your CC company reports its info to the CBRs. For instance, mine does on the day my new bill is generated. So since I, like you, pay my bill in full each month, I make sure to finish paying off any posted charges the day prior to that... which is the 'close' date.

When my bill is generated that following day, the CBRs just see charges that haved posted overnight. Easy way to keep UTI lower as opposed to letting your $400 max be reported each month.

Maybe you also have some derogs on your CBRs that you can try to remedy.

Re: i need 50 points

Anonymous — Mon, 15 Oct 2007 02:19:22 GMT

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=49332#M49332

Re: i need 50 points

Anonymous — Mon, 15 Oct 2007 03:06:30 GMT

I suggest you go get 1 or 2 new cards. They will add positive information to your credit report and will give you more available credit so your utilization won't be as bad even if you max out that $400 card every month. A 630 is good enough to get yourself a Carnival Cruise MC and a Hooters card. A Wamu and Target are also possible. The Hooters, Carnival and Wamu should all get you more than $1k limits assuming your income is relatively good. Don't go crazy and get all 4 cards but 2 won't hurt you and will only help you. In 6 months with the added TLs and lower utilization, you could see a pretty decent gain in your FICO. I helped my sister raise her TU score about 60 points in a month with a couple credit cards and some disputes. I don't see why you couldn't as well.

Re: i need 50 points

Anonymous — Mon, 15 Oct 2007 03:22:58 GMT

I know for sure I need to get an auto loan in one month. So I will pay my credit card down to the 1 to 9% that will not be a problem. So I feel I Should only apply for a car loan, not a credit card also. Do you agree?

Re: i need 50 points

Anonymous — Mon, 15 Oct 2007 03:26:27 GMT

No I don't. The car loan is an installment account. A credit card is a revolving account. I suggest you get the credit cards. If you need a car loan, I would apply for a loan on your own so you don't end up with 20 pulls to get your loan. Much easier to pay what you want to pay when you have a check in your hand ahead of time.

Re: i need 50 points

Anonymous — Mon, 15 Oct 2007 03:36:41 GMT

Not sure if I agree with Bam -
if you were 8 to 12 months out from the re-fi he is giving the exact correct advice.

Given the 6 month time frame-
you want 50 points and a car loan is going to be tough.

Do you have any collections?
When was your last late payment?

Re: i need 50 points

Anonymous — Mon, 15 Oct 2007 03:37:58 GMT

How do I go about getting a loan on my own. dont they need a title and know how much down on a certain car before they approve me?

Re: i need 50 points

Anonymous — Mon, 15 Oct 2007 03:40:41 GMT

@Anonymous wrote:
Not sure if I agree with Bam -
if you were 8 to 12 months out from the re-fi he is giving the exact correct advice.

Given the 6 month time frame-
you want 50 points and a car loan is going to be tough.

Do you have any collections?
When was your last late payment?

I'm not the average person but I came up 146 points on 2 CRs in 3 months. I've helped a friend and a couple family members gain 30-60 points depending on their situations in 3-6 months.

I agree it won't be easy but it can be done.

Re: i need 50 points

Anonymous — Mon, 15 Oct 2007 03:41:07 GMT

usually they will tell you new approved up to x, used up to x. if used no older than x, with no more than x miles, and in some cases they say no daewoo, or other type of odball mfgr's that don't hold thier value.

glassblower1 wrote:
How do I go about getting a loan on my own. dont they need a title and know how much down on a certain car before they approve me?

Re: i need 50 points

Anonymous — Mon, 15 Oct 2007 03:43:47 GMT

You can apply directly with a place online or go see your bank etc. Many people have used Cap 1 auto loans for their auto loan. Basically they pull your credit and determine what amount they are willing to lend you. Then you know you are approved up to $xxxxx.xx dollars. They will send you a blank check and you can write the check to the seller up to the amount you were pre-approved for.

Re: i need 50 points

Anonymous — Mon, 15 Oct 2007 03:47:07 GMT

Let me be clear I need the 50 point in about 6 months I need a car now, so I am not looking to get 50 points in one month. I have a car dealer that I bought 3 new cars off of in the past say he can get me a car loan with my score in the 630 to 660 range. I want to refinace My house in 6 months, that is when I want the 50 points.

Re: i need 50 points

Anonymous — Mon, 15 Oct 2007 03:50:22 GMT

Realize this.....if you let the dealer get you a loan they will shop you around like a $2 call girl at a Vegas convention. Then they will be making money off the loan to top it off. Your best bet is to apply yourself and walk in there knowing what you can afford and what your APR is ahead of time.

Re: i need 50 points

Anonymous — Wed, 17 Oct 2007 21:28:07 GMT

My wife has had a fashion bug Credit Card for about 5 months now. Her balance is less than 9%. Should I get myself on her account to help raise my score, also do you think fashion bug would put me on it without a inquiry?

Re: i need 50 points

Anonymous — Wed, 24 Oct 2007 20:47:50 GMT

Please take what bamf70 told you very seriously. If you listen you have a chance. If you don't, I think probably not.

Re: i need 50 points

PayYouNever — Thu, 25 Oct 2007 00:50:46 GMT

use a service like E-Loan to get your loan qualification, so you get the best deal... like they say when Banks Compete you win. Otherwise, you're getting hosed.

Re: i need 50 points

Anonymous — Thu, 25 Oct 2007 03:02:18 GMT

What kind of scores is E-loan looking for and who do they pull?

Will there only be 1 inquiry or multiple?

If approved for xxxx amount will they send you the check to take to the local car dealer?