@grooveman wrote:
We want to buy a home but my credit scores have taken a big hit due to past high utilization on revolving debt. Our mortgage scores which were recently pulled by Quicken run from a low score of 584 to a high of 624. We have made good progress in paying down our cards, but of course the bureaus seem to take their sweet time updating our score. Is there anything else I can do aside from completely eliminating our revolving debt to get these scores to come up faster?
Just so you know, scores are calculated and reported at the time it is requested so the bureaus are not guilty as you charged. Your creditors are responsible for reporting and the credit bureaus simple reflect what has been reported.
How many credit tradelines do you have? What types and how old?
1) Recommended utilization: All should have zero balances and one at 3%.
2) Recommended number of tradelines and mix: three or more consisting of mostly revolving credit and maybe one installment.
3) Recommended baddies: No late payments. No chargeoffs. No collections. No judgements. No foreclosure. No bankruptcy. No auto repossession.
4) All three credit reports should contain 100% accurate reporting.
5) Ontime payments for 12 months or more.
So how does your credit profile compare to the above items?
