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Advice for boosting my 5 4 2 scores?

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Anonymous
Not applicable

Advice for boosting my 5 4 2 scores?

I am looking to buy a house in the next 3-6 months and got a bit of a surprise when a lender did a soft pull and came back with a 586. I am trying to clean up my report and boost my score as efficiently as possible as I would like to keep a decent amount in savings for down payment and closing, as well as any minor cosmetic changes I would want to make on a house.

 

Current FICO 8/FICO 5/4/2

EX: 659/586

TU: 652/670

EQ: 663/650

 

Accounts:

Capital One CC: $5720 balance/ $6750 limit (I dipped into savings and paid enough down to get to 24% util but hasn't updated yet)

Capital One CC: $0 balance / $1250 limit

Credit One CC: $476 balance / $1950 limit (Just paid down to 0 balance but hasn't updated)

One closed CC

Student Loans: $12,163 balance / $13,500 original

Auto Loan: $2188 balance / $14,921 original

Two closed auto loans : about 18k original between the two

Three closed personal loans: about 35k original

 

Derog:

One 30 day late on Cap One from 2015

One 90 day late from Credit One from 2015/2016

One utility chargeoff from 2018

One store CC chargeoff from 2013/2014

One collection that just poped up this week for $412

 

AAoA is 76 mo

Oldest Account 13 years, 2 mo

 

I didn't recognize the collection based on the info on my CR, so I did a verification and am waiting on it. I don't mind paying if it is valid but I don't think that will help my score.

 

Id like to get my middle to 680+ if possible in the next 3 months.

 

9 REPLIES 9
AllZero
Mega Contributor

Re: Advice for boosting my 5 4 2 scores?


@Anonymous wrote:

I am looking to buy a house in the next 3-6 months and got a bit of a surprise when a lender did a soft pull and came back with a 586. I am trying to clean up my report and boost my score as efficiently as possible as I would like to keep a decent amount in savings for down payment and closing, as well as any minor cosmetic changes I would want to make on a house.

 

Current FICO 8/FICO 5/4/2

EX: 659/586

TU: 652/670

EQ: 663/650

 

Accounts:

Capital One CC: $5720 balance/ $6750 limit (I dipped into savings and paid enough down to get to 24% util but hasn't updated yet)

Capital One CC: $0 balance / $1250 limit

Credit One CC: $476 balance / $1950 limit (Just paid down to 0 balance but hasn't updated)

One closed CC

Student Loans: $12,163 balance / $13,500 original

Auto Loan: $2188 balance / $14,921 original

Two closed auto loans : about 18k original between the two

Three closed personal loans: about 35k original

 

Derog:

One 30 day late on Cap One from 2015

One 90 day late from Credit One from 2015/2016

One utility chargeoff from 2018

One store CC chargeoff from 2013/2014

One collection that just poped up this week for $412

 

AAoA is 76 mo

Oldest Account 13 years, 2 mo

 

I didn't recognize the collection based on the info on my CR, so I did a verification and am waiting on it. I don't mind paying if it is valid but I don't think that will help my score.

 

Id like to get my middle to 680+ if possible in the next 3 months.


@Anonymous  Was the collection on your reports before or after you obtained your EX2, TU4, EQ5 scores?

 

If it was before, then with your reduced revolving accounts utilization has been reported, I'm guessing you will see a good score increase. You may come close to your 680 goal.

 

If it was after, it may have lowered your scores. If the debt is valid, you may want to see if they will do PFD Pay For Delete. Who is the collection agency?

 

I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?

Message 2 of 10
Anonymous
Not applicable

Re: Advice for boosting my 5 4 2 scores?

The collection was on my report when I pulled my scores. 

 

It is from Jefferson Capital Systems.

Message 3 of 10
AllZero
Mega Contributor

Re: Advice for boosting my 5 4 2 scores?


@Anonymous wrote:

The collection was on my report when I pulled my scores. 

 

It is from Jefferson Capital Systems.


The good thing, is that Jefferson Capital Systems does do PFD. Collection agencies that do PFD

 

Do have a monthly fee on your Credit One account?

 

If no, then you are good with AZEO.

 

If yes, then you may want to consider pushing a payment so it will report zero $0.

Message 4 of 10
Anonymous
Not applicable

Re: Advice for boosting my 5 4 2 scores?

Only interest for my CCs, no monthly/annual fees.

 

Knowing they will delete the collection is a big relief. Not sure how many points that will get me but since it's the newest I imagine it hurts the most. 

 

Would it be worth the attempt to get my lates removed? I have browsed the forum a bit and it seems like a hit or miss. The 30 might be doable but it seems like the 90 might be a tough sell. Would getting the 30 removed but having the 90 stay be beneficial in the short term? That chargeoff from 13/14 should fall off soon I think. That would leave one charge-off from 2018 and probably the 90 late (possibly the 30 late as well). Is there a significant impact to removing them if there are still negative marks?

Message 5 of 10
AllZero
Mega Contributor

Re: Advice for boosting my 5 4 2 scores?


@Anonymous wrote:

Only interest for my CCs, no monthly/annual fees.

 

Knowing they will delete the collection is a big relief. Not sure how many points that will get me but since it's the newest I imagine it hurts the most. 

 

Would it be worth the attempt to get my lates removed? I have browsed the forum a bit and it seems like a hit or miss. The 30 might be doable but it seems like the 90 might be a tough sell. Would getting the 30 removed but having the 90 stay be beneficial in the short term? That chargeoff from 13/14 should fall off soon I think. That would leave one charge-off from 2018 and probably the 90 late (possibly the 30 late as well). Is there a significant impact to removing them if there are still negative marks?


That is good that there is no monthly fee on your Credit One card. It can ruin plans for some account holders that want it to report $0.

 

You have a few derogatory items on your credit report. You may or may not see a score increase with the deletion of the collection. If the collection amount is within your budget, then it is something to consider once you get your updated scores. Then, you can plan accordingly.

 

Depending on your mortgage lender and the recency of the collection or charge off, they may want you to address it.

 

Yes, you have 3 - 6 months of GW Good Will time. Use the time that you have to request it. I do recall seeing GW approval with Credit One and Capital One in the rebuilding sub forum.

 

+90 day is a major delinquency. Those impact your scores by a great deal. I would suggest a Good Will campaign.

 

I would recommend reading the below from BrutalBodyShots

The Saturation Technique: Best GW adjustment odds.

 

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Time-Since-Late/m-p/5138396

 

fico8 lates versus time.png

Message 6 of 10
Anonymous
Not applicable

Re: Advice for boosting my 5 4 2 scores?

Thank you for the help! Much easier to get my head around after reading through those links.

 

 

Message 7 of 10
AllZero
Mega Contributor

Re: Advice for boosting my 5 4 2 scores?


@Anonymous wrote:

Thank you for the help! Much easier to get my head around after reading through those links.


You are welcome. Report back with your progress. Hope to read of your success on home purchase in the near future.

Message 8 of 10
Anonymous
Not applicable

Re: Advice for boosting my 5 4 2 scores?

With my updated reports reducing my revolving balances (collection hasn't been removed yet, they said it could take 30 days), I hit my goal and a bit extra. I am not in a huge rush to buy, so I might wait it out another month or so and see if my goodwill letters and the collection removal could bump me up above 700.

 

Current Scores FICO 8/FICO 542:

EQ:  681/688

TU:  699/701

EX:  673/695

 

Thank you again for the help, this has definitely lifted some stress.

 

 

Message 9 of 10
AllZero
Mega Contributor

Re: Advice for boosting my 5 4 2 scores?


@Anonymous wrote:

With my updated reports reducing my revolving balances (collection hasn't been removed yet, they said it could take 30 days), I hit my goal and a bit extra. I am not in a huge rush to buy, so I might wait it out another month or so and see if my goodwill letters and the collection removal could bump me up above 700.

 

Current Scores FICO 8/FICO 542:

EQ:  681/688

TU:  699/701

EX:  673/695

 

Thank you again for the help, this has definitely lifted some stress.


@Anonymous   Congratulations! You hit your target goal. You're close to 700 MMS.

Message 10 of 10
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