topic Re: Help! How do I fix this? in Rebuilding Your Credit

Help! How do I fix this?

Anonymous — Sat, 08 Jul 2017 00:59:22 GMT

My husband and I would like to sell our current house and buy a new construction next summer. I pulled ouf FICO scores to see where we were. He's at 717 I'm at 659 Backstory: Oct 2010 we had chapter 7 bankruptcy discharged so we will be 7 years out by the time we apply for the home loan. We should have 20K possibly 30K for a downpayment. We have no other debt except our current mortgage. I'm not sure how to raise my FICO score. I think his is ok?? I have one credit card with an 8K limit that I keep a 0 balance on. If I use it I immediately pay it off. Should I apply for another to increasy my available credit? Any advice would be appreciated. Here's the only "negative" thing on my credit (other than the ch 7):

0 Missed Payments

In the last year, you've had 0 accounts reported as late. And over the last 7 years, you've had a total of 0 accounts reported late.

Payment history determines about 35% of your FICO® Credit Score.

Fair

Having missed payments demonstrates higher credit risk to lenders. Get and stay current.

Re: Help! How do I fix this?

Anonymous — Sat, 08 Jul 2017 01:32:22 GMT

Haveing 3 accounts total with reporting -0- balance and the 3rd with a balance under 9% will get you a higher score. But what is the time frame on the house. You really don't want new accounts showing up at 1 year before morg. No new accounts, no inq, no cli before closing. You may want to talk with lender BUT no score pulls. If you have print out show and tell time.

Re: Help! How do I fix this?

Anonymous — Sat, 08 Jul 2017 01:37:01 GMT

We are looking at listing our home June of next year so 11 months. So if I shouldn't open any new credit, how do I boost my score? I have 0% revolving right now, should I just start charging things then paying it?

Re: Help! How do I fix this?

Anonymous — Sat, 08 Jul 2017 02:43:20 GMT

If it were me I would do all my "fixes" now. So they can age. All see the post about out the secured instalment loan. That will raise your scores also.

Re: Help! How do I fix this?

DollyLama — Sat, 08 Jul 2017 03:52:48 GMT

Also be sure you are looking at your mortgage scores and not just the general classic FICO 8. Many lenders do a tri-merge report with the 3 bureaus, removing the highest and lowest score of your mortgage score, using the "middle" score. I think they will use the middle score that is lowest on a joint application.

Agree about the Shared Secured Loan, which can add good double digits to your scores, and keeping a low balance on your one card report to the bureaus, then pay in full, then charge something small, tank of gas, a recurring phone bill, with that limit, as long as you do not exceed the $750, you're good. Reporting zero on all cards, even if you have 1, is hurting your credit.

Re: Help! How do I fix this?

Anonymous — Sat, 08 Jul 2017 04:32:24 GMT

Does the share secured strategy work even with a mortgage installment loan being paid? I thought it was only for when you have no installment loan showing.

Re: Help! How do I fix this?

Anonymous — Sat, 08 Jul 2017 04:38:41 GMT

And I think I would immediately app for two major bank CCs, perhaps an amex revolver and charge same day, and a synchrony card, for sp cli.

Re: Help! How do I fix this?

rmduhon — Sat, 08 Jul 2017 06:00:23 GMT

Shared secures loan isn't necessary since you currently have a mortgage and can actually hurt your scores by lowering the AAoA. Is get 2 more cards, secured if necessary to maximize your scores when you get ready to build.

Re: Help! How do I fix this?

Anonymous — Sat, 08 Jul 2017 06:40:21 GMT

Based on your score I thought you did NOT have an installment loan. (sorry) Do you have some derog. For a person with a morg and 1 card that is a little low, My files are little thin with 5 card and no loans (my house is paid for) and more scores are around 760.

Re: Help! How do I fix this?

Anonymous — Sat, 08 Jul 2017 12:03:47 GMT

Other than the chapter 7 from 2010 no, I have no other derogatorry items. I pulled my FICO score from Discover's free scoreboard. Where can I pull a morrgage FICO?

Re: Help! How do I fix this?

Anonymous — Sat, 08 Jul 2017 12:07:14 GMT

My husband has 2 ccs, could I get authorized on his cards and have the same effect?

Re: Help! How do I fix this?

rmduhon — Sat, 08 Jul 2017 12:50:55 GMT

How old are the cards, any lates, and who are the cards from? You can get mortgage scores from here, I don't know of any other place that provides them.

Re: Help! How do I fix this?

Anonymous — Sat, 08 Jul 2017 13:08:47 GMT

My credit card is a year and a half. DH has one a little over 2 years, he's an authorized user on mine that's a year and a half old, and he has one that is 4 months old. No there are no late payments on any of the cards. We vary rarely carry balances from month to month. I make sure we never pay any interest.

Re: Help! How do I fix this?

Anonymous — Sat, 08 Jul 2017 19:09:27 GMT

If your husbands card the 2 year old one is 1) clean no derog 2) and a low utilization rate ie atleat under 19% but really want under 9% then that would help some

You can get morg. score by subscribing to myfico. one of the packages includes morg scores. I know they have 3 different ones but can't recall the names as I don't use them. Can some one help us.

Re: Help! How do I fix this?

rmduhon — Sat, 08 Jul 2017 20:13:40 GMT

But don't get added as an AU to an Amex card.they don't provide the history of the card so it won't benefit you.

Re: Help! How do I fix this?

Anonymous — Sat, 08 Jul 2017 22:38:37 GMT

Thank you! All his are clean so I'll get myself added to them.

Re: Help! How do I fix this?

medicgrrl — Sun, 09 Jul 2017 00:50:28 GMT

Definitely pull your mortgage scores from here. Mine are actually higher than my FICO 8 score's. With your mortgage history, you may be surprised at yours. Not all 3 bureaus count AU accounts on the mortgage score's. Since you're still a year away, I would really consider opening 2 of your own revolving accounts and let 1 account report a small balance.