My score is 735 with no negative items

[Anonymous]

I really need to get a score of 740 within the next two months for a home mortgage.  Any ideas on how to do this?  My wife's score is 800. 

[llecs]

Did you have a chance to pull all three scores? And are they from this website?

Did your recently apply or open new accounts?

And why does your score have to hit 740 (e.g. due to something the lender said?)

[Anonymous]

735 was porivded via CBCInnovis:

EFX01 738

TRU01 733

XPN01 746

I had 3 credit requests, 07/31/2007 and 01/23/09 and 02/02/2009

I'm graduating from medical school and the lending program will allow a higher debt to income ratio if my score is above 740.

[llecs]

I may be treading on unfamiliar ground here, and someone correct me if wrong, but it is my understanding that CBCInnovis does use a FICO score in their tri-merge reports, but that TU uses TU'04 version which may be statistically lower than the TU score found in myFICO. Proceeding on the assumption that it is a FICO score, it is possible to predict changes in score.

For the two pulls for 2009, did you receive any new accounts for the two? I know the one from yesterday certainly hasn't reported, but what about the one from 1/23?

Do you have any CCs? If so, how are those balances in relation to your total CLs?

Do you have any lates or other baddies?

[Anonymous]

The three pulls:

2007--request for credit increase, denied due to no income (student)

Jan 2009--applying for mortgage, lender will grant mortgage on May 1st, but nothing has gone forward at all (no signed documents)  This is CBCInnovis

Feb 2009-- Bank of America to get competing terms on mortgage.  This lender provides us with best options because they will give 100% financing with no PMI and ignore my student debt.  Still, no signed docs and won't give loan sooner than May 1st.

Two credit cards, 1 open since 2000, $500 limit, currently balance of $250.  Never late.  Other has $9,446.86 limit, never late.  Always paid off.   Balance of $46.52.

Reserve line on checking account of $1250, never been used.

Like I said, I have never been late on any payments.  For whatever reason, I have about 8 accounts with Sallie Mae (my medical student lender) that show up on my credit report.  I presume this shows up for each loan that has been processed.  I will consolidate these loans after graduation in May.

[llecs]

Here's what I'd suggest....

Pay down both CCs. Let one report $0 and let the other report $1. You have 50% utilization reporting on one card and that's too high (even though the balance is relatively low). You should squeak out a few points just by doing that.

The $9,446.86 CL card, is that a CC or a loan? I've never seen a CL like that. Oh! Or is it the "high balance" reporting from a signature-type CC?

If nothing else, the only thing that can help your score is time. You may see a minor increase over time with those two inquiries (the 3rd no longer impacts your score).

If you are going for the mortgage loan, IMO, wait to consolidate the SLs until after the mortgage is finalized.

[Anonymous]

It is a credit card provided by our bank.  It started out 5 years ago at $750.  They increase it on a quarterly basis, maybe even sooner without us even asking.  I think they look at our checking account and the fact that we pay it off in full every month and give us more.  We make 100% of our purchases on our card (for points), so we use and pay off about $2000 a month on our card.

Waiting to consolidate is going to be tricky.  We have found the home and we are offering $75K less than asking (and will get it).  However, we don't want to lose it by waiting (given that any other buyer on the market could see how great a deal this is).  By waiting, I mean the difference between May 1st and May 16th (when I consolidate).

[haulingthescoreup]

Just to add, the deal on making your CC's report certain balances is that you have to make your payment before they report. Most cards update on your statement dates (NOT your due dates), so look at your statement dates over the past few months to get a feel for when this might be. Stop using each card about a week before its statement date, then pay online (not by mail) four days before statement date. Keep checking to make sure that it posts, and to make sure that nothing else sneaks on. Do another last-minute payment if you have to.

[MattH]

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@llecs wrote:
...The $9,446.86 CL card, is that a CC or a loan? I've never seen a CL like that....

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Back when I had a JC Penney card I recall it had a strange limit, something like $1796.53 - that wasn't the actual value, I don't remember the actual value 20 years later, but it was that SORT of number, if you know what I mean.

Even now, some companies seem to like round numbers, my Chase limit is $25K, while others don't, my Citi limit is $23,400.00 and my Discover $10,400.00, but I've never had another as strange as JCP was.

[Anonymous]

I know the feeling of having something so close but yet so far out of your reach.  My DH middle score was 717, 3 points away from getting approved with a conventional loan of 4.5%   We did everything, we paid off everything, and the more we tried, it still didn't work.  I disputed a paid collection from a few months back (big mistake) and in the end we ended with him being 709.  Live and learn.  We are currently in escrow with a FHA loan at 5.0%.  Good luck and be very careful not to damage it like we did.