Current scores and datapoints in my signature below. As you can see, my scores are mostly decent, almost all above 700 now, except for those pesky 5/4/2 mortgage scores which I just can't seem to get up.
The problem, I believe, is that I have 5 old chargeoffs (settled ~21 months ago) that are dragging those scores down, and those scoring models just so happen to put A LOT more weight into past delinquencies than the newer models do.
Do I have any hope at all for getting my FICO 5/4/2 scores above 700? I had dreams/goals of getting them above 740 before applying for a mortgage soon, but at the rate things are going I'm struggling to even get them above 680. Are those old delinquencies going to keep completely wrecking my 5/4/2 scores for the next 4 years until they finally fall off, or is there a chance they might be decent sometime soon?
For more information, my utilization was as high as 70% a couple months ago, but has since been paid down to 30%, but that 40% reduction in utilization had almost no effect on my 5/4/2 scores. So I don't feel like getting my utilization down even further is going to help much, either (but I'm working on it anyways).
Total Loan Balance: $43k / $65k
Total SL: $78k
The chargeoffs will affect less over time, but your scores are still going to be much lower than they otherwise could be until they completely fall off. If you can't do a pay for delete type scenario, you'll have to settle with the scores as they are for the most part.
as of 1/1/23
@Anonymous wrote:Getting your utilization below 9% would help immensely and IMO put all of your mortgage scores over 700. Taking your file from dirty to clean though would be an absolute game-changer and immediately take your scores into the mid-upper 700s without question. Have you done any work to try and get your negative items removed?
I started with 8 chargeoff accounts, and managed to get 3 of them removed, but I haven't had any success getting the remaining 5 removed. They are being very stubborn.
I should be able to get my util% down below 9% over the next few months, so hopefully it helps!
Thanks for the advice guys!
@coreysw12 wrote:Current scores and datapoints in my signature below. As you can see, my scores are mostly decent, almost all above 700 now, except for those pesky 5/4/2 mortgage scores which I just can't seem to get up.
The problem, I believe, is that I have 5 old chargeoffs (settled ~21 months ago) that are dragging those scores down, and those scoring models just so happen to put A LOT more weight into past delinquencies than the newer models do.
Do I have any hope at all for getting my FICO 5/4/2 scores above 700? I had dreams/goals of getting them above 740 before applying for a mortgage soon, but at the rate things are going I'm struggling to even get them above 680. Are those old delinquencies going to keep completely wrecking my 5/4/2 scores for the next 4 years until they finally fall off, or is there a chance they might be decent sometime soon?
For more information, my utilization was as high as 70% a couple months ago, but has since been paid down to 30%, but that 40% reduction in utilization had almost no effect on my 5/4/2 scores. So I don't feel like getting my utilization down even further is going to help much, either (but I'm working on it anyways).
1. You can send verification letters to the bureaus. That sometimes precipitates negatives falling off.
2. Your utilization is still high. You would benefit from getting it down to 6% or less.
3. You would benefit from having as many zero balances as possible.
4. You should avoid any applications for credit or other hard pulls.
