topic Re: Only 2 more points needed in Rebuilding Your Credit

Only 2 more points needed

Anonymous — Tue, 10 Mar 2015 15:12:54 GMT

I only need two more points to get mid score up to 680. I have only one active revolving account, limit of 2000 balance of 36. One installment account with a balance of 8850. I am wanting to apply for a mortgage before rates go up much more. Any ideas on how to get two points soon. Had some derogs on my report, no luck with any goodwill letters. 1 collection two years old that is paid off, 1 chargeoff two years old also paid off. I have a couple of 30 day lates that are about to be two years old. Other than those everything is good for two years.

Re: Only 2 more points needed

Anonymous — Tue, 10 Mar 2015 15:33:56 GMT

You'll probably get a bump just from opening a second revolving account.

Re: Only 2 more points needed

Anonymous — Tue, 10 Mar 2015 15:47:19 GMT

I thought about that but I have no inquiries in two years, will the frown upon having a very recent inquiry if I apply in the next couple of months for a mortgage

Re: Only 2 more points needed

Anonymous — Tue, 10 Mar 2015 15:54:03 GMT

I would go talk to a broker and see what they say about it. A bunch of inquiries right now might raise some eyebrows but a single one, not so much. You might even get a new account established via soft pull (I'm thinking SDFCU Secured Card...)

If you're just looking for a couple of points, the lates aging past 2 years may just do it for you.

Re: Only 2 more points needed

Anonymous — Tue, 10 Mar 2015 16:05:27 GMT

Thanks for the quick response. Also worried about AAoA with a new card. Just getting anxious. Watching the rates creep up and hoping my score creeps up a little quicker than they do. LOL. Any idea on adding me as an AU on my wife's card. It's three or four years old and low utilization and no lates.

Re: Only 2 more points needed

gdale6 — Tue, 10 Mar 2015 18:20:15 GMT

@Anonymous wrote:
Thanks for the quick response. Also worried about AAoA with a new card. Just getting anxious. Watching the rates creep up and hoping my score creeps up a little quicker than they do. LOL. Any idea on adding me as an AU on my wife's card. It's three or four years old and low utilization and no lates.

I would not muddy the waters with an AU account you have your own positives now and you want to keep it that way going forward. If your mortgage app is more than 6 months away then app for 2 new bankcards ASAP, you tend to get a Fico bump for cards 1 2 and 3 opening and reporting. I would not be worrying about AAoA at this point in time.

Re: Only 2 more points needed

Anonymous — Tue, 10 Mar 2015 18:50:22 GMT

Good advice. Hoping to apply in the next two months so I think I will just ride it out and see if my score bumps up the two points by then. Thanks to all who responded.

Re: Only 2 more points needed

ah32 — Tue, 10 Mar 2015 19:33:59 GMT

I wouldn't add an account now. Between the added inquiry and account, the bureaus were undecided on my score. Experian and Transunion went up and down, while equifax tanked.

I would focus on removing late payment and derogatory accounts. Sometimes it takes a few letters to get them to budge. Explain to them that you only need 2 points and you need a new home for your family. I got personal and had better results.

If possible, you can also lower your utilization. If you weren't about to app for a mortgage, I would agree with adding an account, but you never know how your score will react. It's too unpredictable. Good luck!

Re: Only 2 more points needed

Anonymous — Tue, 10 Mar 2015 19:56:08 GMT

Any idea if paying the installment loan down may help. It was originally 20,000 and I have it paid down to a balance of 8850. I know paying revolving down helps but haven't read if paying the balance down on installment loans help. Thanks again for all the info.

Re: Only 2 more points needed

Anonymous — Tue, 10 Mar 2015 20:29:35 GMT

Don't do anything! You'll get the bump you're looking for when the 30 day lates hit 2 years.

Re: Only 2 more points needed

gdale6 — Tue, 10 Mar 2015 21:33:52 GMT

@Anonymous wrote:
Any idea if paying the installment loan down may help. It was originally 20,000 and I have it paid down to a balance of 8850. I know paying revolving down helps but haven't read if paying the balance down on installment loans help. Thanks again for all the info.

Nope, installment loans give you very little towards Fico and paying them down early does nothing.

Re: Only 2 more points needed

Anonymous — Wed, 11 Mar 2015 15:52:28 GMT

Thanks for the responses. Think I will just wait and see if anything happens when lates age two years. Will update with results. Not going to try anymore GW right now for fear of triggering an unwanted dispute. Collection was with PRA and they have denied any help couple of times already, hard to deal with.