After payoff, how to keep scores going up?

[brownee]

Ok, we're looking to buy a house this summer. Right now, our scores aren't good enough (high 500's). We're in a position to pay off our credit cards this Friday. That's all great, but after that..how will I continue to keep our scores up? We don't have car notes or anything else (well, ok..student loans) that report to the bureaus. What is to stop us from hitting a plateau since nothing else will update each month as being paid on time? I don't know what to do...thoughts?

[203bravo]

you don't mention what your credit utilization ratio currently is - so it would be hard to predict how much of a score boost you would receive.  but getting it lower should help.

What other baddies are on your file?  COs, collections, etc?  and how old are they?

what about late pays?? age and have you attempted GW to the creditors?

The mixtue does count, and you will get the credit of having an installment loan if your sudent loans are in repayment.

Other than that - TIME.

here is the link to "Credit Scoring 101"  that will give you some ideas of where you may be at and how to get where you want to go.

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=29793

Message Edited by 203bravo on 04-27-2009 01:17 PM

[brownee]

I'm sorry. I should have known to put that. Right now, we're at about 98% utilization.

We have a bankruptcy on all 3 bureaus and a judgement only on TU and EQ.  No collections for me at all as we've finally gotten them deleted, but DH has a few paid and unpaid. I have a charge off that is paid (i've sent a GW letter) from 2007 with First Premier cc. I have a late from last month, but CapitalOne Auto has sent letters to the 3 bureaus to delete that (I sent them a GW through planetfeedback and they responded yes to delete it since it was our very last payment).  DH has a late from January that we're working to get deleted (a 30 day late). Before that, the last lates were late 2007.

[203bravo]

You will see an increase then when you get that 98% down  

* how old is the BK

* how old are the judgments (have they been satisfied)

* are you applying jointly for the mortgage - or just using your credit

getting there.. Just stay strong.

[brownee]

Thanks! The BK is from 1999 and is scheduled to drop off late this year. The judgement is from 2005 and is paid and even though I have a letter from the courts directing the bureaus to delete it, only Experian has done so no matter how many times I send letters! We're using DH's status as a vet to use the VA loan, so we'll be applying together. We gross about $99k a year and have no debt other than student loans ($20k total left) and the credit cards that we're paying off this week. We have found several houses that we love and hope to get moved late summer...in time for school to start.

[203bravo]

Well best of luck... If you haven't already cruise over to the mortgage boards.. It's full of great information and ideas. 

Sounds like you are doing everything you possible can right now.  Just keep up the hard work.

[mystikal1]

For Capital One did you manually enter the address? Who did you send it to?

Thanks.

[brownee]

On Planetfeedback, you mean? Yeah, well...let's see. I put in Capital One because I think when I put in CapitalOne Auto, it couldn't find anything.  I know it went to a Richard Fairbanks, though.