topic Re: Need 4 points! Help STAT! in Rebuilding Your Credit

Need 4 points! Help STAT!

Anonymous — Sat, 09 Feb 2013 04:32:56 GMT

Hi,

I have a home in escrow, and it looks like it is going to fall out over 4 points. I bought all three of my scores, but my scores are about 30 points higher than what my lender is showing. They ran my report three times now and it is now lower than it was before I did what they asked me to do to bring up my score. I need a 620 score for them to submit the loan. Today my middle score which is Equifax is 616. Last week it was 618. I paid down the only card I had to a 0 balance and that should have raised my score, but when the loan guy ran it it was now 616. There is one collection for 17 $$ that I paid today, but they wont delete it. It was to Time Warner Cable. I have a Bankruptcy from 2007 after my divorce. I have a Kay Jewlers card with zero balance and one Visa card with a limit of 700,00, and a 0 balance. I have a car loan that has always been On time, with balance of 16,000.00. I don't know what I could possibly do to get 4 more points. It seems insane that 4 points is going to make or break my home buying. Any ideas???

Katfsh

Re: Need 4 points! Help STAT!

DaBears — Sat, 09 Feb 2013 04:51:21 GMT

Never take all your credit cards down to a $0 balance. Keep atlease one or 2 cards at 9% util and watch how fast ur score jumps. When is the closing?

Re: Need 4 points! Help STAT!

Anonymous — Sat, 09 Feb 2013 06:06:09 GMT

FICO doesn't like to see all your CC reporting a 0 balance. Have at least one report at 9% or less.

Re: Need 4 points! Help STAT!

Anonymous — Sat, 09 Feb 2013 06:11:07 GMT

I just disputed some of the old stuff that is on my credit report. For example, there is a charge off that doesnt show included in my BK. Either way, my loan guy just emailed and told me not to dispute anything at this point. Too late. Ugh. I checked the balance on my only credit card tonight. I owe about 94.00 with a 700 limit. They just raised my limit from 500 to 700. That doesnt show on the last pull from the lender. They just raised the limit about a week ago. I guess this isnt going to happen. I cant believe 4 points can make or break my ability to buy this house.

Re: Need 4 points! Help STAT!

DaBall — Sat, 09 Feb 2013 06:21:48 GMT

@Anonymous wrote:
FICO doesn't like to see all your CC reporting a 0 balance. Have at least one report at 9% or less.

Curious? And sorry I can't be of any help to the Op, but is ive noticed that all my credit cards (citi, discover, chase, capital one) all report well before my statement even cuts, thus they always show a balance, even though I PIF every month.

Re: Need 4 points! Help STAT!

Anonymous — Sat, 09 Feb 2013 06:27:05 GMT

Good to know. I've got 4 open revolving accounts. 2 have a credit limit of $500 each and one has currently 10% utilization and the other has 6% utitilzation. Another one has 0% utilization right now. And then the last one has a $15,000 limit, but less than 0.5% utilization (only have a few bucks on it). Because two of those have around 9% utilization, is that just as good as all of them having it?

Re: Need 4 points! Help STAT!

Anonymous — Sat, 09 Feb 2013 06:27:10 GMT

At this point would it be a bad thing for me to get an additonal credit card? Like I said, I have one major card, a car loan, and kay jewlers with a zero balance.

Katfshh

Re: Need 4 points! Help STAT!

DaBears — Sat, 09 Feb 2013 14:08:04 GMT

Fico likes to see anywhere from 1-9% util on CC's. Keeping them at zero balance shows lenders or whoever else pulling your CR that you're not using the cards you will need to call your CC companies and see when they report to the CRA's every month.

Re: Need 4 points! Help STAT!

DaBears — Sat, 09 Feb 2013 14:11:00 GMT

Morning Kat, I always make it a rule for me personally do I really need another credit card? unless you absolutely need it, then go for it. keep in mine Fico doesn't like seeing too many inquiries on your reports, especially in a short amount of time.

Re: Need 4 points! Help STAT!

Anonymous — Sat, 09 Feb 2013 15:44:17 GMT

@DaBall wrote:
@Anonymous wrote:
FICO doesn't like to see all your CC reporting a 0 balance. Have at least one report at 9% or less.
Curious? And sorry I can't be of any help to the Op, but is ive noticed that all my credit cards (citi, discover, chase, capital one) all report well before my statement even cuts, thus they always show a balance, even though I PIF every month.

It depends on when they report and when you pay. It may take a month or so of experimenting but try to get all but one to zero and one at 9% or below before they report.

Do they report at the same time every month?

Re: Need 4 points! Help STAT!

Shogun — Sat, 09 Feb 2013 15:54:07 GMT

@Anonymous wrote:
FICO doesn't like to see all your CC reporting a 0 balance. Have at least one report at 9% or less.

This one!

Re: Need 4 points! Help STAT!

scorpiostinger07 — Sat, 09 Feb 2013 16:05:27 GMT

OP I sent you a PM with the Time Warner Cable CEO email address maybe you could send a GW and have them request that the CA remove the $17 entry.

Re: Need 4 points! Help STAT!

Anonymous — Sat, 09 Feb 2013 19:01:48 GMT

Thanks! Would this work even if the 17.00 collection is with a collection agency??

Katfshh

Re: Need 4 points! Help STAT!

Anonymous — Sat, 09 Feb 2013 21:13:38 GMT

Depends on whether they own it or are assigned it.

A PFD is for who is reporting the TL.

Re: Need 4 points! Help STAT!

scorpiostinger07 — Sat, 09 Feb 2013 23:45:47 GMT

When I contacted the CEO my account was in collections with a CA. I had a callback within 2 hours after sending the email. Just explain your situation in the email..They were very helpful. I paid the account and they had the CA deleted within 2 weeks.

Re: Need 4 points! Help STAT!

Anonymous — Sun, 10 Feb 2013 03:28:43 GMT

OK, I sent the email to the CEO. Thank you! It's Saturday, so I guess I would know if it works on Monday! I hope so!!

Katfshh

Re: Need 4 points! Help STAT!

Anonymous — Sun, 10 Feb 2013 13:20:16 GMT

Couple of things...

First, do not apply for any credit cards or anything right now or before you close, that will only hurt your score. The inquiry will hurt you and then the brand new account will make your Average Age of Accounts lower.

Second, how old are the open accounts that you have? How old was the account that you are disputing? When you dispute an account, I believe it takes it out of being factored into the score while in dispute, and even though it was a negative account, the fact that it old may not have been hurting your score and could actually have been helping it by giving you a longer Average Age of Accounts. Which bureaus did you dispute it with? Ive found that some are very quick to do their investigations, like a week or less, while others take up to 30 days.

Re: Need 4 points! Help STAT!

Anonymous — Sun, 10 Feb 2013 17:05:53 GMT

CA accounts are not supposed to be taken out of score factoring. Sometimes they are if they are reported incorrectly.

Re: Need 4 points! Help STAT!

Anonymous — Sun, 10 Feb 2013 23:08:54 GMT

It was a collection with Time Warner for 17.00. I never even heard about it. I had switched to Direct TV and apparently, had a balance with TW. I would have never avoided 17 .00 bucks. Ugh.

I probably just blew it. I just went and disputed a few other things on my report. I guess I will see tomorrow if it hurts me. I haven't applied for anything new. I just cannot believe that 4 points is going to make or break me. I did notice that my Visa Card upped my limit last month from 500.00 to 700.00. It doesn't show that new limit on my report. I would think that might be worth a few points. Time is the problem here. We should be applying for the loan and getting the appraisal by now. And because of my score we haven't done that yet. So, I either have to get the score up right now, or back out. I don't want to back out. I have to move, the house I currently rent is up for sale, so either way I have to move. The prices are climbing quickly and I can only qualify for 365,000. The home I have in escrow is 345,000. One just like it was sold to a cash buyer last week for 355,000. j

4 stinking points. Ugh.

I do have a few 30 day lates and one student loan with a few 90 day lates in the last few years, both of those accounts have a zero balance.

Re: Need 4 points! Help STAT!

Anonymous — Mon, 11 Feb 2013 05:32:58 GMT

Why did you go an dispute a bunch of items after the loan officer said not to? From my understanding, you cannot have any accounts under dispute when applying for a mortgage, you will not get approved if you do, you'll need to wait until they are no longer in dispute to continue I believe.