topic Re: Husband needs to jump 40 points - HELP! in Rebuilding Your Credit

Husband needs to jump 40 points - HELP!

QueenBeeOC — Thu, 06 Jun 2013 21:53:08 GMT

My DH's scores are as follows from lender pull in April 2013

EQ - 571

EX - 604

TU - 623

He has multiple 60 and 30 day lates w/BMW finance, and 2 BofA Charge Offs, a Verizon Collection and a Cap1. Per our lender he said that we need his middle score up to 640 to pre-approve for FHA. I just added him as an AU for Discover - Does any one know if that reports? It's brand new and we are PIF later this month for our first statement that just cut.

Any other suggestions other than obviously paying off the charge offs? He has a car loan in his name w/Chase that we are on time and never late since September 2012 and ONLY on his credit.

I need help in trying to bump his scores ASAP!

Re: Husband needs to jump 40 points - HELP!

Anonymous — Thu, 06 Jun 2013 21:53:22 GMT

I have similar scores to your husband, we're trying to secure a VA home loan. She added me as an authorized user for her AMEX a couple months ago and it did in fact show up on my credit report. we just got the limit raised from 2000 to 6000, hopefully that helps our score, good luck to you and your husband.

Re: Husband needs to jump 40 points - HELP!

Anonymous — Thu, 06 Jun 2013 21:57:35 GMT

He can ask for GW deletions of the lates or the newer ones from BMW.

Paying the COs will help if they are factored into his utilization. Bringing down utilization is the fastest way to get a score bump.

As for the AU reporting, there is conflicting information. You can always call them and ask.

Re: Husband needs to jump 40 points - HELP!

QueenBeeOC — Thu, 06 Jun 2013 22:00:24 GMT

@Anonymous wrote:
I have similar scores to your husband, we're trying to secure a VA home loan. She added me as an authorized user for her AMEX a couple months ago and it did in fact show up on my credit report. we just got the limit raised from 2000 to 6000, hopefully that helps our score, good luck to you and your husband.

Did her adding you as an AU help increase your scores?

Re: Husband needs to jump 40 points - HELP!

QueenBeeOC — Thu, 06 Jun 2013 22:01:47 GMT

@Anonymous wrote:
He can ask for GW deletions of the lates or the newer ones from BMW.

Paying the COs will help if they are factored into his utilization. Bringing down utilization is the fastest way to get a score bump.

As for the AU reporting, there is conflicting information. You can always call them and ask.

We sent a GW letter to BMW, nooooo dice! They cited the fair credit reporting act.. blah blah.

How can I tell if the CO's are factored into his UTIL?

Re: Husband needs to jump 40 points - HELP!

Anonymous — Thu, 06 Jun 2013 22:05:33 GMT

If they show a balance and CL they are factored in.

I would also keep sending those GWs. They can say no 100 times but it only takes 1 yes. Find the CEO, President, etc and send to them.

Re: Husband needs to jump 40 points - HELP!

QueenBeeOC — Thu, 06 Jun 2013 22:07:46 GMT

@Anonymous wrote:
If they show a balance and CL they are factored in.

I would also keep sending those GWs. They can say no 100 times but it only takes 1 yes. Find the CEO, President, etc and send to them.

awww, good to know. Also, the lender/mortgage officer said that his score would go up 20-30 pts by paying off the COs? How much truth do you think is in that? Before we shell out 2K to pay these I wanna make an educated decision.

Re: Husband needs to jump 40 points - HELP!

QueenBeeOC — Thu, 06 Jun 2013 22:10:24 GMT

@QueenBeeOC wrote:
@Anonymous wrote:
If they show a balance and CL they are factored in.

I would also keep sending those GWs. They can say no 100 times but it only takes 1 yes. Find the CEO, President, etc and send to them.
awww, good to know. Also, the lender/mortgage officer said that his score would go up 20-30 pts by paying off the COs? How much truth do you think is in that? Before we shell out 2K to pay these I wanna make an educated decision.

ALSO this is the way 3 of them are reporting

MIDLAND FUNDING 03/13 03/10 $775
OPEN
$1155

PINNACLE CREDIT SE 03/13 01/10 $757
OPEN
$1067 COLLECTION 0 0 0 3 7 $1067

MIDLAND FUNDING 03/13 11/09 $907
OPEN
$907

Re: Husband needs to jump 40 points - HELP!

Anonymous — Thu, 06 Jun 2013 22:12:40 GMT

Paying off a CO in and of itself will not help. It is still scored as a CO. What helps is having it no longer factor into your utilization.

If you know how utilization works you can estimate the before and after %. I always figure you will get a 5 -10 point increase for every 10% you pay down. YMMV of course depending on your overall credit file.

Re: Husband needs to jump 40 points - HELP!

Anonymous — Thu, 06 Jun 2013 22:14:58 GMT

@QueenBeeOC wrote:
@QueenBeeOC wrote:
@Anonymous wrote:
If they show a balance and CL they are factored in.

I would also keep sending those GWs. They can say no 100 times but it only takes 1 yes. Find the CEO, President, etc and send to them.
awww, good to know. Also, the lender/mortgage officer said that his score would go up 20-30 pts by paying off the COs? How much truth do you think is in that? Before we shell out 2K to pay these I wanna make an educated decision.

ALSO this is the way 3 of them are reporting

MIDLAND FUNDING 03/13 03/10 $775
OPEN
$1155

PINNACLE CREDIT SE 03/13 01/10 $757
OPEN
$1067 COLLECTION 0 0 0 3 7 $1067

MIDLAND FUNDING 03/13 11/09 $907
OPEN
$907

Those are collections and not charge offs. Paying a collection does not help your score. If they are in the account section rather than the collection section, it could help.

Are the OCs reporting also?

Re: Husband needs to jump 40 points - HELP!

Anonymous — Thu, 06 Jun 2013 23:08:17 GMT

I don't know if this applies but I had two midland funding accounts on my CR and (yes they were fraudulent) but once removed my score jumped 34 PTS!

Re: Husband needs to jump 40 points - HELP!

QueenBeeOC — Fri, 07 Jun 2013 05:04:17 GMT

Yes. The OC are reporting on the lender pulled CRedit report

Re: Husband needs to jump 40 points - HELP!

Anonymous — Fri, 07 Jun 2013 05:14:09 GMT

What do the OC TLs look like? Are they reporting a balance and CL?

Re: Husband needs to jump 40 points - HELP!

QueenBeeOC — Fri, 07 Jun 2013 05:34:36 GMT

OC are zero balance but says "high credit" and has figures there.

Re: Husband needs to jump 40 points - HELP!

Anonymous — Fri, 07 Jun 2013 05:40:55 GMT

Those are not factored into his utilization so paying them won't help there.

Re: Husband needs to jump 40 points - HELP!

QueenBeeOC — Fri, 07 Jun 2013 05:57:06 GMT

So what should we do to boost his score so we can get us approved?