Currently in tough situation,need to increase score ASAP

[Anonymous]

I will be buying a home and closing is sept.8th.Mortgage lender pulled my scores as EF-680,

TU-630,EX-620.I was shocked when i saw those numbers because I don't have any past due's and have 5 credit card accounts in good standings.I  need to try to increase my score to a middle score of 660 inorder to get a descent rate.Currently offered 7% plus have to pay 2.0 in points.I will be putting 20% down on a $160,000 home.Here's a summary of my Credit report:

-  3 medical collections.2 just recently showed up.(Used HIPPA today for all 3 CRA)

- Seems I have at least 8-10 closed accounts all in good standings(student loan,CC's)

-5 or 6 open CC accounts in good standings.(Have been actively using only 2 in past year or so.PIF every month)

-Many inquires lately(7) in past 6 months.

-Recent 30day past due on BOA CC which i have no knowldge of.Card has been closed and new card is being issued.(currently under fraud BOA investigating)

-currently have a mortgage thats in very good standing.(since 1996)

Based on this summary does anyone see where i can make a quick improvement inorder to increase my score by Sept5th or so?Can i remove closed accounts somehow?Will a CLI help?Maybe get a credit repair agency involved?Wha is really driving down my FICO?

Message Edited by jerzstyle00 on 08-23-2008 12:37 PM

[Anonymous]

The collections and the recent late is what is holding your scores down.

I know you said you PIF each month on the cards, but do you pay before their reporting date? Are your balance showing $0 on your CR?

It is going to be tough to get anything done by September 7th, but not entirely impossible.

Maybe let just above 1% report on your CC that you haven't used in a year. FICO wants to see you using some credit, because it measures how well you manage your credit and if you aren't using it, you aren't managing it, in their eyes. Don't let no more than 9% report.

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jerzstyle00 wrote:

I will be buying a home and closing is sept.8th.Mortgage lender pulled my scores as EF-680,

TU-630,EX-620.I was shocked when i saw those numbers because I don't have any past due's and have 5 credit card accounts in good standings.I  need to try to increase my score to a middle score of 660 inorder to get a descent rate.Currently offered 7% plus have to pay 2.0 in points.I will be putting 20% down on a $160,000 home.Here's a summary of my Credit report:

-  3 medical collections.2 just recently showed up.(Used HIPPA today for all 3 CRA)

- Seems I have at least 8-10 closed accounts all in good standings(student loan,CC's)

-5 or 6 open CC accounts in good standings.(Have been actively using only 2 in past year or so.PIF every month)

-Many inquires lately(7) in past 6 months.

-Recent 30day past due on BOA CC which i have no knowldge of.Card has been closed and new card is being issued.(currently under fraud BOA investigating)

-currently have a mortgage thats in very good standing.(since 1996)

Based on this summary does anyone see where i can make a quick improvement inorder to increase my score by Sept5th or so?Can i remove closed accounts somehow?Will a CLI help?Maybe get a credit repair agency involved?Wha is really driving down my FICO?

Message Edited by jerzstyle00 on 08-23-2008 12:37 PM

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[Anonymous]

Yes exactly my balances on my CC are showing $0 balancesI usually PIF 2 weeks before the due date.From now on i will leave maybe 5-10% to show.But my question is when?if my due date is on the 24th of each mon when do i make a payment?

I will also start using other CC's as well although it may be to late...

About that fraud account...If it comes back and they claim it was me that used the card..will BOA immediatley go back and ask the CRA to report back the 30day past due on my new CC?Or will they just ask me for the payment and not report unless i pay?