Make sure one of your credit cards, from a major bank, is reporting at least a small ballance, or you will suffer a score penalty for having no credit cards reporting.
@Lf17 wrote:Hi there, I am applying for a mortgage where I need 700 minimum FICO 5, 4 & 2. My scores are currently 697 (Equifax), 697 (Transunion) and 715 (Experian).
I currently have $0 credit card debt, 38k car loan, and 15k car lease (ends July 2024).
When my report was pulled, I had an $84 and $880 balance on 2 credit cards. Both of these cards are paid in full each month (I check my balance daily and pay it that day to make sure there are no late payments). However, at the time the report was paid, it didn't reflect the payment. In addition to these 2 cards, I have 3 other revolving credit cards with $0 balance.
I have over 20 late payments from 2019 due to a hardship situation. These have all been paid off but have seriously impacted my credit score.
What's the best way to get my equifax and transunion score up 3 points?
Thank you!
1. Make sure that one credit card reports a small balance each month, while the others report zero.
2. Send verification notices to the bureaus to try to get some of the negatives removed.
