Need to get to 700....

[Anonymous]

3 years ago I got into some huge financial issues from gambling, which resulted in me taking out about $150k in personal loans, missing lumbers, etc.

I ended up with several accounts 30-60 days late, and a charge off. My credit score dropped to 525; this was around January 2019.

since then, I started a second and third job. i paid off all my student loans, 1 of my car loans, and this past week i paid off my final personal loan.

currently, i am an authorized user on 2 credit cards with a $17,500 limit, using 2%, plus my house and car, thats it.

my transvantage 3.0 score is back upto 775, but that doesnt seem to matter. for the life of me i cant get my FICO to move, ive been at 680 for months even as i paid off all these accounts.

im trying to build a home and the bank wont let me do 10% down unless i hit 700; i thought the underwriter would see my progress and understand but they just go by the number.

any idea what i can do? im hoping the new year does something for the aging but any ideas would be much appreciated

[Anonymous]

The only 2 things that you should focus on, as they're the 2 biggest sectors of the Fico pie would be Payment History and Amounts Owed.

For Payment History, you want to remove all negative items from your credit report.  Depending on what they are, which lender(s) they're with etc. there are different ways to go about this.  Your best resource would be the rebuilding section of this forum, where you can find lots of information and post specific questions related to the removal of negative items.

For Amounts Owed, you want to get your reported revolving (CC) utilization down to a single-digit number.  I'm not sure where your current balances verses limits stand, so you're welcome to share those if you'd like.  Revolving utilization is a Fico score killer, so that's what should be focused on.  Do not worry about installment loan debt, as it is far less meaningful/impactful to Fico scores than revolving debt.

The final piece of advice would be to apply for NO CREDIT at all between now and when you secure your mortgage.  You want to take zero hard pulls on your credit and open zero new accounts, as those things will only lower your Fico scores further.

[Anonymous]

All I have on my report now is:

2 cards (authorized user) with 2% utilization 

1 mortgage 

1 car payment

Are there legit ways to remove negatives from my file? I paid the charge off (settled for less) and all the accounts with late payments are paid in full, so I'm not sure where else I can improve aside from just waiting...

[DiamondDan73]

Some others will chime in for sure. First thing is try the Goodwill letter for the late payments. Next you might be better off opening a card in your name vs being an authorized user. I believe 3 revolvers are the best for FICO.

[blindambition]

For best credit mix, 3 cards and 1 installment loan recommended. Apply for cards before mortgage isn't recommended, within a year. You need cards in your name though.

As commented above, try GW letters and try to get some lates removed from lenders. The process is described here. 

[gdale6]

Hi there OP, I have merged your thread from rebuilding into the thread here in GEN that you created earlier today. Please refrain from cross posting in the future it is not inline with our TOS and it can lead to confusion by the members. I thank you for your understanding on this.

[Anonymous]

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@Anonymous wrote:

Are there legit ways to remove negatives from my file? I paid the charge off (settled for less) and all the accounts with late payments are paid in full, so I'm not sure where else I can improve aside from just waiting...

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Try GW letters.  Check out this thread if you have time:

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-odds/td-p/4727098

[blindambition]

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@Anonymous wrote:

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@Anonymous wrote:

Are there legit ways to remove negatives from my file? I paid the charge off (settled for less) and all the accounts with late payments are paid in full, so I'm not sure where else I can improve aside from just waiting...

---

Try GW letters.  Check out this thread if you have time:

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-odds/td-p/4727098

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That link was suggested and provided upthread.

[Anonymous]

Good call, I missed it.

[Anonymous]

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@Anonymous wrote:

All I have on my report now is:

2 cards (authorized user) with 2% utilization 

1 mortgage 

1 car payment

Are there legit ways to remove negatives from my file? I paid the charge off (settled for less) and all the accounts with late payments are paid in full, so I'm not sure where else I can improve aside from just waiting...

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How's your progress going? 🙏🏻