4 Points away from 620...

Anonymous · ‎07-05-2009

Help! I am 4 points from a mid score of 620. I am using a VA loan so 620 is all I need. I had a CC balance being reported at $1330 but the balance is now $460. Problem is I can't wait for them to report. How do I get three Bureaus to update quicker? Will that do it? If not what will get me 4 points?

cwil31 · ‎07-05-2009

you can ask your lo to do a rapid rescore

MizzB · ‎07-05-2009

@Anonymous wrote:
Help! I am 4 points from a mid score of 620. I am using a VA loan so 620 is all I need. I had a CC balance being reported at $1330 but the balance is now $460. Problem is I can't wait for them to report. How do I get three Bureaus to update quicker? Will that do it? If not what will get me 4 points?

If rapid rescore is not an option, you can dispute the balances with the CRA. The only thing is, I've heard that some lenders dont like to see disputes on a CR just before you enter in a home loan. Not sure how true it is, but worth mentioning.

*********************************************************************************
Current Score (04/20/20): EQ:673; TU: 691; EX: 688 (FICO)
Starting Score (01/20/17): EQ:511 (FICO); TU: 521 (FAKO)
CapOne QS MC: $10k | Chase Sapphire Preferred: $14.5K | OpenSky Visa: $500 | Green Dot MC $300 | Green Dot MC2: $300 | AMEX Gold CC: NPSL | AMEX Platinum CC: NPSL | Amex Gold Delta Skymiles: $3k | DiscoverIT Chrome: $5.6K

llecs · ‎07-05-2009

MizzB wrote:
@Anonymous wrote:
Help! I am 4 points from a mid score of 620. I am using a VA loan so 620 is all I need. I had a CC balance being reported at $1330 but the balance is now $460. Problem is I can't wait for them to report. How do I get three Bureaus to update quicker? Will that do it? If not what will get me 4 points?

If rapid rescore is not an option, you can dispute the balances with the CRA. The only thing is, I've heard that some lenders dont like to see disputes on a CR just before you enter in a home loan. Not sure how true it is, but worth mentioning.

I've also seen some TLs get deleted, some permanently, when a balance gets disputed. IMO, don't do it.

westo12 · ‎07-05-2009

I am curious. Even with the balance at $460, that is still 34% util on that account. Prior to doing a rapid rescore, wouldn't they want to pay that down to around 7% to get the maximum pts possible?

Chap7 discharge 07/2015
Fico 5/1/19: TR:650(73% util)
Cap1(Plat+QS) 3500+4500/Merrick 1600/Express 4100/Overstock 4900.

llecs · ‎07-05-2009

Ideally, OP would want more than 1/2 or even all but one CC reporting $0 with the remaining reporting less than 9%, for max points anyway.

Maybe OP's action to pay this to $460 would drop his/her overall util below 9%. Maybe there are budget constraints. Maybe OP used the card after paying to result in a higher balance. Maybe the LO said we'll approve you if all CC balances are below 35%. Who knows.