740?

[bfedro427]

Currently just pulled my Fico and it looks like it is sitting at a 739/740. Trying to see if there is anything I can do to get the remaining 20 points needed for the lowest interest rate.....any ideas?

• 739 Score Currently
• 1-30 Day Late 2+ Years Ago (No other negatives)
• ~5% Utilization
• ~$25k Installment Balance
• ~$20k Student Loan Balance
• AAoA is 3 Years
• Oldest Account 5 Years / 8 Months
• 0 Inquiries 

About a year ago, I financed a vehicle through my local credit union. I was told my score was a 787 at that time (unsure of which bureau), so I am preplexed as to why it has dropped since then. I want to get the best rate I can, however thought I would seek advice to see if there was anything I could do (short of having a longer credit profile) to get the score to mid 760's for a mortgage. 

[drkaje]

Any chance you could get goodwill on the one late payment?

[bfedro427]

Its a Capital One that I am working on...

Not sure if this is even a possiblity, but lets say I was added on as an authorized user on one of my parents credit card that has been established for 5+ years and retains a 0%-3% utilization. Would this help the AAoA enough to see a boost in scores? 

[drkaje]

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@bfedro427 wrote:

Its a Capital One that I am working on...

Not sure if this is even a possiblity, but lets say I was added on as an authorized user on one of my parents credit card that has been established for 5+ years and retains a 0%-3% utilization. Would this help the AAoA enough to see a boost in scores? 

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I'd keep working on Cap1. There are quite a few threads where someone finds the right e-mail address or contact info from Cap1 to get things done. Try scouring the ""rebuilding" forum for posts from people in similar situations who have had success. It might cost a soft or hard but if you can get someone from Cap1 to pull a report and see it's the only misstep, they might show a little love. 30 day lates hurt less over time but may have greater impact on higher scores than we'd like to believe.

Being added as an AU should improve AoAA but there's really no telling what effect there will be score-wise. Another uncomfortable aspect to AU status is, the primary cardholder can still pay on time but after a balance has already posted. From a utilization standpoint, that may not really be helpful.

[Bondo]

You could always go to a different lender also. My credit union gives the best rate for anyone over 680. Conventional is 3.875 right now there.

[webhopper]

You likely decreased your average account age by opening that new loan... also have the loan inquiries fallen off yet?

By the way, you could totally pick up some points by calling up the creditor and asking them if they will make an adjustment to your credit reporting since you're a stellar customer and that the late payment was a minor mishap caused by (insert reason here).  If I were you I would gush about how great their product and / or service is / was while doing this begging.

Also, the balance on your installment loan is fairly high and the loan is fairly new... that is likely why your score took a plunge.

[pizzadude]

I agree that getting that 30 day late removed is probably the best way to get points back ~ maybe if your account is still open they would remove the late as a one~time GW gesture.

Getting added to a AU card that is older than your AAoA will help, but unless it significantly increases your AAoA then I wouldn't expect too much of a gain.

Paying down your installment balances won't do much for your FICO score;  revolving utilization is weighed much more heavily, and at 5% you are in good shape there.