GOT MY FIRST FICO SCORE!!

[Anonymous]

its 601, experian fico, i got the score watch free trial,  i have 2 cc for 7 months i use a little each month and pay off, i have derogs and alot of inquiries, that will be more than 1 year old when i try to get a home loan, when the inquiries fall off (2yrs for reg credit report, but true fico only considers inquiries from the last 12 months) if i keep paying my cards on time, (i got one more card just now to raise my overall available limit, and to have the 3 traditional tradelines needed for a fha loan)    

How hard do you guys think it will be to get my score to 620?  any other tips or suggestions?

[Trigga]

You must mean the Equifax scorewatch im sure ?

[CS800]

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@Trigga wrote:

You must mean the Equifax scorewatch im sure ?

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For sure

[Anonymous]

yeah thats the one lol, sorr i think i said experian, but anyway what do you guys think of my outlook?

[CS800]

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@Anonymous wrote:

its 601, experian fico, i got the score watch free trial,  i have 2 cc for 7 months i use a little each month and pay off, i have derogs and alot of inquiries, that will be more than 1 year old when i try to get a home loan, when the inquiries fall off (2yrs for reg credit report, but true fico only considers inquiries from the last 12 months) if i keep paying my cards on time, (i got one more card just now to raise my overall available limit, and to have the 3 traditional tradelines needed for a fha loan)    

How hard do you guys think it will be to get my score to 620?  any other tips or suggestions?

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Good payment history, low util, low inqs, baddies aging. All these would contribute to your score going up. But how long it would take to get up to 620, I dont know. Your mileage may vary here.

[Anonymous]

i know it may vary, but what about a rough ballpark, would it go up a paltry 19 points in the next 12 months?

[Booner72]

What else is on your reports?  Anything bed?  have you done a Scorewatch report and done the "Reveal your Fico Future" thing?

We need more info to know if you will get the 19 points, but if you have a year, then it is likely.  Also you really should shoot for 640.  Better loans out there for 640 than 620 - 620 is cutting it just a tad bit too close in my experience.  What is your TU Score?  You might want to think about getting a walmart as your 3rd card bc then you get a free TU Fico every month - probably not the version a mortgage lender will use - but a good gauge.

Also on your SW report - tell us what it says is "helping and hurting your score."

Do you have any installment loans? (Car, etc)?  if not, you can go get a secured installment loan at a bank or CU.  Pay them 1000.00 and then they have you pay it back and then they report it like a regular installment loan.  FICO doesn't care.

Have you OPTED OUT ?  If not, do it.  Is there anything out there lurking that could come out of the woodwork?  (Old unpaid collections)?

And for the love of the universe, DONT LET ANYTHING BAD HIT YOUR REPORTS!!!!!  No lates, no collections, etc.

[Booner72]

K.  I just reread. You do have derogs.  What are they?  There's your points - getting rid of his stuff.

[CS800]

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@Anonymous wrote:

i know it may vary, but what about a rough ballpark, would it go up a paltry 19 points in the next 12 months?

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Without knowing your credit profile it is tough to even estimate. Have you tried the score simulator on here?

[Anonymous]

yeah it only gives 601-621  621-641 estimates and doesn't let you combine scenarios,  you have to be kidding me, 19 points is really that hard to get?