What can I do to raise scores?

Anonymous · ‎02-12-2021

Hi all! I have been lurking and reading for a little while and have made some progress with my credit. Now the problem is my husband's credit! He is two points below a 620 for his MMS, so I'm trying to figure out what I can do to increase his scores. Info below:

Experian FO2: 618

Equifax: 615

TU FI4: 626

Bruce:

THD store card $509/1000

Credit One: (not yet reporting) $26/300

Academy store card $0/100

CO: Synchb/JCPenney card $315/250 balance since 10/20

4 late payments in 2020 showing on Academy card over Jan then ok til April/May/June 30-60-90. Card is now current with no balance.

What is the best thing for me to do to show a quick increase of some points to get him at least above a 620 MMS?

thornback · ‎02-12-2021

Immediately pay the charge off because that outstanding balance is factoring into his overall utilization and if the creditor is updating the payment history with CO notations monthly or periodically, it will keep his scores suppressed. You also want to prevent a collection account from popping up.

Mortgage scores are sensitive to the number of cards reporting a balance so--

Allow only one card report a balance (AZEO - All Zero Except One). His one card should be Credit One since it's the only bankcard (keep the balance low). Once Credit One reports, pay off the THD store card.

Hopefully, he doesn't lose points when Credit One reorts for having a new account...

Personal Aphorism:"Forget What You Feel, Remember What You Deserve"

Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 04/2022: EX 796 ✦ EQ 793 ✦ TU 790
Current FICO 9s | 04/2022: EX 790 ✦ EQ 788 ✦ TU 782
2022 Goal Score | 800s

My AAoA: 4.6 years not incl. AU / 4.9 years incl. AU
My AoOA: 9.2 years not incl. AU / 11.2 years incl. AU
Inquiries: EX 0/12 ✦ EQ 0/12 ✦ TU 0/12
Report Status: Clean
Garden Status:

Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.

Anonymous · ‎02-12-2021

Thank you, Thornback. I'll get right on him about that and we will see what happens. Off to pay off Home Depot.

thornback · ‎02-12-2021

YW! Once you get that all squared away, please consider coming back with your score updates. We like data points around here...

I dont know when you plan to app for a mortgage, but if you have a few months, you could also try to goodwill some of those late payments away - send letters/emails to the lender explaining why you were late, taking responsiblity, and then requesting removal as a good faith gesture. This takes a bit more time and effort but it's worth trying if you really want to clean things up.

Some reading on that process --

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-...

Some success stories--

https://ficoforums.myfico.com/t5/forums/searchpage/tab/message?advanced=false&allow_punctuation=fals...

Good luck!!

Personal Aphorism:"Forget What You Feel, Remember What You Deserve"

Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 04/2022: EX 796 ✦ EQ 793 ✦ TU 790
Current FICO 9s | 04/2022: EX 790 ✦ EQ 788 ✦ TU 782
2022 Goal Score | 800s

My AAoA: 4.6 years not incl. AU / 4.9 years incl. AU
My AoOA: 9.2 years not incl. AU / 11.2 years incl. AU
Inquiries: EX 0/12 ✦ EQ 0/12 ✦ TU 0/12
Report Status: Clean
Garden Status:

Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.

thornback · ‎02-12-2021

@Anonymous wrote:
Thank you, Thornback. I'll get right on him about that and we will see what happens. Off to pay off Home Depot.

I'd recommend paying the chargeoff with synch first if you can only pay one or the other at this time.

Also keep in mind, if you pay off everything and they all report $0 before credit one reports, you will be penalized (temporarily) for having no revolving credit usage. You always have to report at least one balance.

Any points lost from this penalty are immediately regained once a balance reports.

This is why I suggested paying off THD after Credit One reports..

Personal Aphorism:"Forget What You Feel, Remember What You Deserve"

Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 04/2022: EX 796 ✦ EQ 793 ✦ TU 790
Current FICO 9s | 04/2022: EX 790 ✦ EQ 788 ✦ TU 782
2022 Goal Score | 800s

My AAoA: 4.6 years not incl. AU / 4.9 years incl. AU
My AoOA: 9.2 years not incl. AU / 11.2 years incl. AU
Inquiries: EX 0/12 ✦ EQ 0/12 ✦ TU 0/12
Report Status: Clean
Garden Status:

Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.

Anonymous · ‎02-12-2021

Ok, his Credit One should report any day now. I'll wait for that to go through before I pay off Home Depot. Thanks again and I will come back and update once I see some results.

Anonymous · ‎02-19-2021

Quick update-

My husband's Credit One reported today with a $26/$300 usage. His score increased by 5 points. I'm thinking it was related to now a mix of credit and having 3 open accounts versus 2. I paid off the Home Depot store card today and it should report in a few days, so we will see what happens when we have finally reached AZEO for him. Really, really hoping his MMS jumps at least about 620 if not 640. I'll come back again once it reports. I love seeing these changes. Thanks, all!

thornback · ‎02-19-2021

@Anonymous wrote:
Quick update-
My husband's Credit One reported today with a $26/$300 usage. His score increased by 5 points. I'm thinking it was related to now a mix of credit and having 3 open accounts versus 2. I paid off the Home Depot store card today and it should report in a few days, so we will see what happens when we have finally reached AZEO for him. Really, really hoping his MMS jumps at least about 620 if not 640. I'll come back again once it reports. I love seeing these changes. Thanks, all!

The 5 points may be related to utilization with the additional credit limit helping to offset the balance on that charge off.

Either way - moving in the right direction so congrats! Can't wait to see where everything stands after THD reports.

Personal Aphorism:"Forget What You Feel, Remember What You Deserve"

Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 04/2022: EX 796 ✦ EQ 793 ✦ TU 790
Current FICO 9s | 04/2022: EX 790 ✦ EQ 788 ✦ TU 782
2022 Goal Score | 800s

My AAoA: 4.6 years not incl. AU / 4.9 years incl. AU
My AoOA: 9.2 years not incl. AU / 11.2 years incl. AU
Inquiries: EX 0/12 ✦ EQ 0/12 ✦ TU 0/12
Report Status: Clean
Garden Status:

Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.

Anonymous · ‎02-19-2021

I didn't even think of that. That could be those 5 points for sure.

Anonymous · ‎02-20-2021

So, the husband paid off the CO though it still hasnt reported. Between Credit One reporting and THD card reporting as paid off, his MMS went from 618 to 626. So I am thrilled that he is now over a 620. I'd like to get it up to 640 but with those lates on his report from 2020, I don't think it is going to happen. Thank you for all your advice!