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Looking for someone who knows more than I do.

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New Contributor

Looking for someone who knows more than I do.

I am looking for someone to offer their personal opinion on why my credit is topping out at 700. I do get fico quarterly scores from myfico. Here is a brief over view. 

 

 

-Oldest account in 5-10 years old. 

-5 credit cards with overall limit of 18k; utilization rate of 15%

- 2 single 30 day lates appearing on report about 10 months ago. (credit card)

- 9 180+ day lates on student loans. They are scheduled to all age out 06-2019

-Current car loan and past car loans that have been paid off. 

- Hard inquiries for mortgage. Have not closed yet, so account do does not appear on report yet.

-No other inquiries or derogatory remarks. 

How could i get to 750+?

5 REPLIES 5
Super Contributor

Re: Looking for someone who knows more than I do.


 

utilization rate of 15%

- 2 single 30 day lates appearing on report about 10 months ago. (credit card)

- 9 180+ day lates on student loans. They are scheduled to all age out 06-2019

 


Your issues are right above.  Taking your utilization down to below 8.9% will give you a 15-20 point bump on your scores. The other issues are your delinquencies.  When the majors (180+) fall off, you may see your scores rise 50+ points if only the 30 days remain.  You can't expect much more before those majors are gone, though. 

Message 2 of 6
New Contributor

Re: Looking for someone who knows more than I do.

at what point do those 30 day lates become less a factor and my score rebound as a result?

Message 3 of 6
Frequent Contributor

Re: Looking for someone who knows more than I do.

Utilization is a tad high to maximize scores but the lates will be your holdup. Honestly, considering your late payments, your score is pretty good. Try to hit ~8-9% util. How late are your payments? 30+, 60+, 120+?

Message 4 of 6
Super Contributor

Re: Looking for someone who knows more than I do.

Your 30 day lates are the least of your worries honestly. All it takes is a single 90 day (or greater) late and even if it's 6 years old it will hold back your scores 70-80 points on average. You could remove both of your 30 day late payments and it wouldn't improve your score even a single FICO point due to the fact that you have majors still present on your CR. Majors don't fade much over time; the score gain you get the most from is when your final major falls off.
Message 5 of 6
New Contributor

Re: Looking for someone who knows more than I do.

thanks for all the info. i appreciate it. 

Message 6 of 6
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