rapid reporting a good idea?

[Anonymous]

I want to purchase a house, and I ran a report today and my FICO score is 692. I qualify for a VA loan but would like my rates to be as good as they can be...like anyone else.

I just paid off my 'maxed out' credit cards (2 total) for $4000 brining my available credit from 11% to 100%.
in my case does it seem like a good idea to do this or just sit it out and wait. I am not in the loan process yet but would like to be soon.

also, about how much will this rais my credit? according to the FICO score predictor, it says my score will raise from 692 to 742-782, but it does not say how long it will take.

if it matters...i have no negative info on my report except for 30day late payment on a CC back in Jan 2006.

Any help is greatly appriciated.
Thank you

[Tuscani]

No need to rescore at this point.. Just wait the 30 days for your balances to update.

Have you tried to GW that late?

[ScoreBooster]

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@Anonymous wrote:

I just paid off my 'maxed out' credit cards (2 total) for $4000 brining my available credit from 11% to 100%.

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Hmm, the best result would have benn an available credit between 99% and 97%. 100% is certainly better than 11%, but NOT the best possible.

Try to keep the above mentioned usage on ONE of the two cards (1-3% of your TOTAL available CC-limits).

Message Edited by ScoreBooster on 02-04-2009 09:51 AM

[Anonymous]

the late was on a credit card that I closed over a year ago with Chase. About a week ago I disputed it but it is still pending.
Is there something better i should have done?

Also, I think i will take the advise and just sit it out and wait, and in the mean time spend a little money on a credit card so it has a 97-99% available credit.

[llecs]

You really shouldn't have disputed it. Chase could delete the account instead. If it was helping your avg. age, your score could drop. Or if you had other lates that weren't reporting before, they could easily report now.

GW is the best option.

[Anonymous]

i guess i should have posted this before i took any action. can some explain to me what GW means?

[llecs]

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1stimebuyer wrote:
i guess i should have posted this before i took any action. can some explain to me what GW means?

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Common Abbreviations

actually...try in here. GW letters is somewhere in the middle of this list:

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=5933

Message Edited by llecs on 02-04-2009 04:48 PM

[Anonymous]

Thanks for the link..helpful, but I just checked my credit report to see if the dispute was fixed and they deleted my whole account. So good that i dont have any lates anymore but bad that my credit time has decreased. overall my FAKO score went from 674 to 687 (whatever that is worth).

my accounts are still not updated on my reports and it is killing me to apply for a loan so i can start this proceess. I guess i will just sit on it for a month and hopefully watch the rates drop and the tax "credt" go up.

thanks all for the help!!