what to do for 6 point increase

[raven2009]

i paid my cards down and I am trying to get a mid 580 mortgage score ...right now I am at 574 ....I have one more card that I am an authorized used with my husband . I was going to pay this off but it wont report until 11/24/18 or so ..If I remove my name as authorized user would this help me at all ? If it were removed I would be under the 10% utilization ...so I have a card for 300, 300, 400, 700 and the one I share with my husband for 1500...I was going to pay the $1500 but need 6 points sooner ...What suggestion is bettter to do ? pay it and wait ...or remove myself as authorized user ? if I remove myself what would that do to my score?

[CreditInspired]

Hi OP

Are all your CCs reporting a balance? If yes, pay all off to $0 balance except one. Then make sure that one reports a balance of less than 8.9% of the CL. That will give you a bump in scores.

[raven2009]

yes I have done that ....My mid mortgage score has went up 50 points in the last 2 weeks just from paying my cards down but I need 6 more points and all that is left is the shared card with my husband ..I will pay it off yes but it wont report until the 24th or so and I want to get the 6 points this week ..so my question is if I remove myself as authorized user on his account would that help immeidately or would it be worse ? if I remove myself then I have 4 credit cards not 5 and I have a credit utilization of belowe 10% .The reports say my credit age is long so taking myself off the account should have no impact on credit age ....but would this report immediately or not until statement cycle of credit card ?

[CreditInspired]

Once you pay it off, call the CBs and ask if they will update your report.

I’m not sure about what will happen with AU account. Maybe someone with more knowledge can answer that one.

[Anonymous]

If I'm reading this correctly, you said you have $0 balance on all cards except for the AU card and AU card is maxed out at $1500/$1500 limit, is that right?

[raven2009]

yes .I have been monitoring and paying these down for past 2-3 weeks ..I have managed to get my mortgage scores and fico 8 up .....but my mid mortgage score is 574 and I need a 580 .....now I can wait until Nov 24th and my cycle will end with that $1500 card and as long as its paid off then I hope that should give me the 6 points ..but really needed it sooner than the 24th and was thinking if I take my name off of account with husband would that increase it since then the $1500 would not be factored in ..I plan to pay the $1500 either way ...but needing that 6 points asap ..

[Anonymous]

Ok few things.

1. Even if you remove yourself as AU, it will still take at least 1 cycle to report so the quickest way is to pay it off then call in and explain your situations, ask nicely to have them report mid-cycle.

2. You're currently leaving FICO points on the table because all your other cards are reporting $0 at the moment, you can maximize your score with a technique call AZEO, All Zero Except One (report all $0 except one card reporting < 8.9%), but the One card can not be an AU card. Other than paying off the AU card and have it report mid-cycle, you also need to make a charge (about $10) on one of your cards and call in to request a mid-cycle reporting so you achieve AZEO and grab points left on the table.

List the make and model of all your cards (and the AU card) so we can advise which would be more likely to cooperate with mid-cycle reporting.

[DollyLama]

Is the mortgage a joint application and yours is the lower of the middle "mortgage" scores, correct? 

If your balances on your cards, in your name have zero reported balances across the board, and you remove yourself as AU, your scores will plummet. If you take the avenue of removing as AU, make sure one of your cards has at minimum a $10 reported balance. 

Since you need this done by the 24th, you do need a card that the statement cut will be around 18th or 19th to be on safe side of reporting. 

I would not count on a removal of AU until that cards reports. The utilization on that card alone is also dragging down the scores. 

Still with middle mortgage <600 indicates some derogs, I suppose all avenues have been exhausted to best ability to clear your file up. 

Are your revolving credit all bank cards or just retail cards?

Is any account, AU or yours be aging 1 year on the youngest account you might have? 

[raven2009]

The card I am waiting to report is first access .I have a $300 credit limit and paid it to $0 ....yes I have another one I left the less than 8 % on ..... so I am waiting in next 3 days for first access to report as it closes tomorrow ..but then I only have one more after that which is the one I am authorized user of ..It has a $1500 credit limit and I will pay $1495 on it which will be $0 balance ..its through Merrick bank and I called and asked if I pay this today or tomorrow would they be willing to report but the man that answered said no they report a day after statement closing which is about the 21st to 22nd ...I will call again and ask but if not I may just wait until statement close and hope this helps me with the 6 points .... perhaps also the first access card that will update in a few days may give me 6 point on experian mortgage score? The 3 mortgage scores are 585 equifax, 533 transunion and 574 experian .interestingly Transunion has not updated my mortgage score for at least a month but has updated fico 8 to 595....wish that one would update too .....

[Anonymous]

Ok you need to be 100% precise in your answers, I asked if all your other cards are at $0 balance and you said yes, now you said one is waiting to report $0 and another is still at 8%, these details make a world of difference.

This is what you need to do,

1. Pay off the Merrick card (AU right?), try to have it report mid-cycle, if not just wait for the statement to cut on 21st/22nd.

2. Let First Access to report $0 tomorrow.

3. Leave the remaining card (8% UTI) and do not pay it off, you can pay it DOWN to avoid interest but leave $10 to report, if you pay this off (as well as the AU card) you will be hit with All Zero penalty of about 15-20 points.

If you do these things to the T, you should be able to gain those 6 points when Merrick reports. As for your mortgage score not updating (assuming we're talking about myFICO subscription), it will not update again until your monthly or quarterly scheduled report update (depending on your subscription level), you can however pay for another report update anytime, but I would wait until Merrick updates so you don't waste your money.