How to raise my credit score 6 points?

Anonymous · ‎10-01-2014

My credit score is 634 and I need to raise it to 640 to qualify for a mortgage. I have paid off the delinquinces on my credit report and have submitted the paid off letters but to no avail. Does anyone know ho I can get the 6 points raise to qualify.

Desmoire · ‎10-01-2014

what are your credit card balances? paying off those would raise your score quickly

CreditDunce · ‎10-01-2014

@Anonymous wrote:
My credit score is 634 and I need to raise it to 640 to qualify for a mortgage. I have paid off the delinquinces on my credit report and have submitted the paid off letters but to no avail. Does anyone know ho I can get the 6 points raise to qualify.

If you didn't PFD when you paid CO's, etc, then try good will (GW) letters. It may take time, but removing the derog's will help your score more than anything. See the rebuilding forum for more details.

For something quick, optimizing your util is the fastest (takes about 1 month if you have cash). However, you probably want to do this earlier for a mortgage because they look at everything. The sooner you pay off the CC's the better for a mortgage.

It also may be possible to have yourself added as an AU to raise your FICO 04/98 scores. It requires a family member with a good CC or two though for this to work.

Anonymous · ‎10-02-2014

I don't keep a balance I pay as I use.

takeshi74 · ‎10-02-2014

It's a bit tricky to tell from your posting. It sounds like you could be paying every time you make a charge but just to clarify: paying in full doesn't necessarily mean that you have 0 balances reporting. You can always pull your own reports to verify what is being reported for you. It's the reported balances that are used to determine your utilization.

If you're paying in full prior to the date that the account reports (statement date for most cards) then your reported balances would be 0. If you're paying after the report date and by due date then whatever the balance is on the day of reporting is what is reported. Keep in mind that for optimal scoring purposes you want one balance reporting at 10% or less.

@Anonymous wrote:
I have paid off the delinquinces on my credit report and have submitted the paid off letters but to no avail.

For best scoring improvements you really want to negotiate PFD's. Unfortunately it's too late for that at this point if you've already paid. You can try goodwill letters to see if they're willing to remove the paid delinquincies from your reports. The Rebuilding subforum is the best place to go for such topics.

Anonymous · ‎10-02-2014

I am not familiar with the initials and what they mean such as PFD and AU.

takeshi74 · ‎10-02-2014

Don't overlook the stickies in these subforums. This thread is linked in the Frequently Requested Threads sticky at the top of this subforum:

http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458

Anonymous · ‎10-02-2014

you should be able to qualify for an FHA with that loan. I suggest getting an FHA loan, and use a year to gradual build up your credit score to the 700s then refi for a conventional mortgage.

Luscher · ‎10-02-2014

keep one card at 1% util. that will raise your score more then having all cards paid off

Anonymous · ‎10-03-2014

Zero. I. Owe no-one.