@JTC403 wrote:
What is the best way to increase FICO 04 (mortgage scores?)
Also, NextGen (Penfed's) score?
Thank you
More data would be helpful such as:
1) Current scores
2) Current aggregate utilization across your open credit card accounts.
3) Number of open accounts reporting a balance. (you have an extraordinary card count)
4) Baddies on file
- In general Fico 04 is less tolerant (relative to Fico 08) of profiles showing a lot of open accounts with balances. Not sure where you stand but less than 25% is a good place to start. (example if you have 36 open CC accounts => report a balance on 8 cards max).
- Fico 04 appears to be less tolerant than Fico 08 relative to new credit. If you want to incvrease score, stop opening new accounts and let inquiries reach 12 months age so they stop impacting score. [also, as stated avove, average age of accounts is important for scoring ... so you need to garden to move that bulk up in age]
- An aggregate utilization of under 9% is best for score regardless of the Fico model. Don't allow any one card to post a balance that equates to 50% or more of that cards CL. Better yet keep the posted balance below 30%.
- If you have baddies, they will hold your score down big time. Others can offer advice on getting them removed - depending on what they are.
Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
