i need 50 points

[Anonymous]

In six months I am planning to refinance my mortgage.  I have only two open accounts,  one home loan and a Credit card with a $400 limit.  I do not plan on any new loans or expected any new negative items on my credit report.   I am now paying a high interest rate on my mortgage because of a past bankruptcy.   I max out my credit card every month, and pay it off each month.   I know it is a no no on maxing out a credit card.  My credit score is about 630.  Dose any body feel If I keep on paying on time and get my credit card down to this 1 to 9% Balance, is it possible to get a score of about 680 in six months?

[PayYouNever]

If you can pay off the CC, then avoid using it for a month and ask for an APR reduction (which I would do in any event) and a CLI (kick it up to $800 to $1000), then you'll be able to boost your score.

Also, with the APR reduction and the CLI, you might not be maxing out your CC each month, which keeps your UTL down thus keeping the score up.

What'll happen with the low APR and high CL is, you'll appear to have more available immediate credit which can help you score.

Message Edited by PayYouNever on 10-04-2007 02:55 PM

[SmartCookie]

Welcome glassblower1!  Please start here:  http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

I agree with PP regarding trying to get a CLI.  Ask your CC company if they can just do a soft INQ.  I think though that it will take more than that to give you 50 points.  One thing I will mention is that you should find out what day your CC company reports its info to the CBRs.   For instance, mine does on the day my new bill is generated.  So since I, like you, pay my bill in full each month, I make sure to finish paying off any posted charges the day prior to that... which is the 'close' date. 

When my bill is generated that following day, the CBRs just see charges that haved posted overnight.  Easy way to keep UTI lower as opposed to letting your $400 max be reported each month.

Maybe you also have some derogs on your CBRs that you can try to remedy. 

[Anonymous]

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=49332#M49332

[Anonymous]

I suggest you go get 1 or 2 new cards. They will add positive information to your credit report and will give you more available credit so your utilization won't be as bad even if you max out that $400 card every month. A 630 is good enough to get yourself a Carnival Cruise MC and a Hooters card. A Wamu and Target are also possible. The Hooters, Carnival and Wamu should all get you more than $1k limits assuming your income is relatively good. Don't go crazy and get all 4 cards but 2 won't hurt you and will only help you. In 6 months with the added TLs and lower utilization, you could see a pretty decent gain in your FICO. I helped my sister raise her TU score about 60 points in a month with a couple credit cards and some disputes. I don't see why you couldn't as well.

[Anonymous]

I know for sure I need to get an auto loan in one month.  So I will pay my credit card down to the 1 to 9%  that will not be a problem.   So I feel I Should only apply for a car loan, not a credit card also. Do you agree?

[Anonymous]

No I don't. The car loan is an installment account. A credit card is a revolving account. I suggest you get the credit cards. If you need a car loan, I would apply for a loan on your own so you don't end up with 20 pulls to get your loan. Much easier to pay what you want to pay when you have a check in your hand ahead of time.

[Anonymous]

Not sure if I agree with Bam -
if you were 8 to 12 months out from the re-fi he is giving the exact correct advice.

Given the 6 month time frame-
you want 50 points and a car loan is going to be tough.

Do you have any collections?
When was your last late payment?

[Anonymous]

How do I go about getting a loan on my own.  dont they need a title and know how much down on a certain car before they approve me?

[Anonymous]

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@Anonymous wrote:
Not sure if I agree with Bam -
if you were 8 to 12 months out from the re-fi he is giving the exact correct advice.

Given the 6 month time frame-
you want 50 points and a car loan is going to be tough.

Do you have any collections?
When was your last late payment?

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I'm not the average person but I came up 146 points on 2 CRs in 3 months. I've helped a friend and a couple family members gain 30-60 points depending on their situations in 3-6 months.

I agree it won't be easy but it can be done.