Trying to reach 700+ FICO, Help!

[Anonymous]

Thank you for stopping by this forum post, I'll try to keep it brief.

In short, I would like to lease a 2016 Range Rover Sport through LR Financial around December 2015. MSRP: $95K, Residual at 64% on a 33 month lease term, payments hovering between $1500-$1550 depending on mileage option. 

Auto Loan History: 

May 2006 (First Auto Loan through WF Financial, $30k Financed for a term of 72 months, put $10k down on a $40k vehicle. Satisfied loan, reporting only through Experian)

May 2013 (Owners Choice Financing through BMWFS for $30,500, Term of 36 months, $10k down on a $40k vehicle, Loan is current, reporting across all CBs) 

Credit History (reporting from a myFICO Score 3B Report as of 9/30/15) 

myFICO Scores: EQ: 674 TU: 681 EX: 651 

FICO Auto Score 8: EQ: 672 TU: 675 EX: 637 

FICO Auto Score 5: EQ: 673 

FICO Auto Score 4: TU: 644

FICO Auto Score 2: EX: 687 

Collections: (Dispute filed with CBs on 9/21 to have deleted) 

TU: Xerox Safelight ($100) - collection paid September 2015

EX: NCC Business Services ($954) - collection paid back in October 2013, still reporting with CB 

EQ: Same collection reported above w/ EX, still reporting with CB. 

Oldest Account: 

9 Years

AAoA:

4 Years

Revolving Accounts:

AMEX PRG (NPSL), AMEX Green (NPSL), CSP ($8500 FS), Discover Bank ($1400), Capital One ($2200) - Active/Never Reported Late, CLU - 10% 

Installment Accounts:

BMWFS ($20,800), LendingClub ($17,500) - Active/Never Reported Late

Student Loans:

AES - Paid/Closed /Never Reported Late

Income: 

$250k+/annually

DTI - $13% (I believe this is calculated off of monthly debt, correct?)

My goal is to achieve a 700+ FICO score when I approach the dealer for the lease in December. Right now, I'm roughly 25 points off from that goal. Is it because of my short length of credit history that I can't seem to break past the 700 mark? 

I'm thinking maybe I should pay off the installment loan I have, around $17,500? I opened that account just to include another installment loan on my credit to show that I am capable of making payments over $1000 towards installment accounts.

I'm clueless as to the steps I should take for my credit goals, and given the sheer knowledge power on this forum, perhaps there is positive advice for my situation. Thank you in advance for taking the time to read through this. 

[Anonymous]

I should also say that I have played around with the Credit Simulation tool through myFICO, to determine if there are any steps I could take to get to 700+ FICO.

The only thing working for me is to remain on-time with payments for the next 24 months to break 705 FICO with TU and EQ. I guess I am doing or have done everything I can do to optimize my FICO score potential at this point. Even a new credit card or loan will not help me with my goal. I do wish that the simulation tool had an option to pay off an installment debt to determine FICO score improvement. 

So the question still stands for the FICOForum, if paying off my installment debt listed in my original forum posting above would be a viable option to reach my goal by December 2015. 

If you have any suggestions at all, I'm open ears. Thank you again for your time. 

[Pway]

It looks as if the collections accounts are still weighing heavy on your scores.  Try getting those deleted or contacting those to see if they will remove them from your reports seeing that they are paid in full.  I am pretty sure with those collections accounts gone you will see that nice boost you are looking for. 

[Anonymous]

@pway, per your advice, I spent the better part of the morning today doing a bit of research through myFICO and coming across something called a "Goodwill Letter." I took a chance at drafting my own letter, and sent an email to both collection agencies that are still reporting the derogatory accounts. I received email confirmation from both stating the following: 

"This letter is to serve as communication that we have submitted a request on September 30, 2015 to Equifax, Transunion, Experian and Innovis to delete this account from your credit report. However, it could take up to 60 days to be reflected by the credit reporting companies." 

I'm not sure if this is what is needed to bump me up to 700, but my fingers are crossed.

Given your insight and advice, I will come back to update this thread after about 45 days (given the time it may take for all CB's to update with this new information). Thank you again for your help. 

[Anonymous]

Wow, great job!

I was never successful with getting anything removed by GW, either my creditors are stubborn or they really dont like me at all.

I would think you should get a good score bump from this.

GL

[Anonymous]

Update on myFICO
EQ- 714 TU - 711 EX - 714
(with one more collection waiting to be removed)

I have officially joined the 700 Club, and hope to be mid 700's by month's end!

[Anonymous]

TU Update on 10/08/15

TU - 740 !

[Anonymous]

Wow those collections were weighing you down. Congrats!

[Anonymous]

It's crazy to think that technically 50+ points were related to those paid collections from < 2 years ago. 

I have learned a lot about FICO scores in the last 3 weeks and I owe it all to this forum. I would have never guessed I could get to 740, and I feel like there is more improvement to come in the near future. 

Thank you for the congrats. I am definitely reeling in this. I won't go on a credit card app spree, I will try to nurture this and continue to improve for the car loan come December.