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Help Boosting Credit Score By 20+ points

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Help Boosting Credit Score By 20+ points

Hi All,

 

My wife and I are trying to get approved for a joint mortage and our loan officer says that in order for my income to be used for the co-application I need a minimum of a 620 credit score. My wife has a 731 score but since our current mortgage is in her name it would be hard to get approved for a second with the current mortgage still in place for the size we are looking for and reporting her income alone. My current FICOS are TU 675 EX 598 EQ 599. I have several Charge offs from back in 2013 that are set to fall off next year and since 2013 my credit profile has been flawless with no lates or baddies. The SARMA profile that ran our credit said that my scores could all immediatley be improved by atleast 40 points. My current cards are:

 

Capital One Quicksilver - $1K Limit - Showing $176 Balance. This has been paid in full just waiting to report.

Merrick Bank - $1200 Limits - Showing $0 Balance

Credit One - $400 Limit - Showing $315 Balance - This has been paid in full and just waiting to report.

Walmart Credit Card - $290 Limit - $116 Balance - This has been paid in full and just waiting to report.

Milestone Credit Card - $300 Limit - $0 Balance

Reflex Card - $800 Limit - $0 Balance

American Express Optima Card - $1200 Limit - This is a newer card so this is not reporting yet

Chase Freedom (Authorized User on Wife's Card - $6,000 Limit - $5,216 Balance

 

I know that the Credit One Card was way above the utilization threshold so im hoping I will get a nice score boost for paying that down to $0. I decided to have myself removed as an authorized user from my wifes Chase card since the utilization was so high. Do you think between removing myself from my wifes Chase card and paying off the Credit One that I will get the needed score boost for the EQ or EX credit scores?

Message 1 of 9
8 REPLIES 8
Frequent Contributor

Re: Help Boosting Credit Score By 20+ points


@chaseraider85 wrote:

 

Do you think between removing myself from my wifes Chase card and paying off the Credit One that I will get the needed score boost for the EQ or EX credit scores?


It will defnitely help.  Do you have any open installment loans?  If not, you should consider something like self lender which should help you as well.  




Message 2 of 9

Re: Help Boosting Credit Score By 20+ points

Funny you should say that as the one account that I did not list was an Avant loan for $9K. It is not reporting yet either.

Message 3 of 9
Frequent Contributor

Re: Help Boosting Credit Score By 20+ points


@chaseraider85 wrote:

Funny you should say that as the one account that I did not list was an Avant loan for $9K. It is not reporting yet either.


Once it stops reporting it should help quite a bit.  




Message 4 of 9
Frequent Contributor

Re: Help Boosting Credit Score By 20+ points

Yes waiting for that lower utilization from credit one and removing yourself from the chase card should definitively get you to the minimum score needed or a little beyond
7/2019 Ex 08 670 TU 08 686, EQ 08 692. And climbing...

Cap 1 QS $500, Cap 1 QS1 $750, Discover $9500.
Message 5 of 9
Frequent Contributor

Re: Help Boosting Credit Score By 20+ points

Having the credit mix aka that avant installment loan will bump you a couple points and with paying down as much utl as possible. It's really hard to say how many points collectively but depending on your file.... it will help none the less.

Starting scores - 480 - 11/05/18
Current Scores -





Message 6 of 9
Senior Contributor

Re: Help Boosting Credit Score By 20+ points

Getting off the wifes AU card will help. But 2 new accounts might take away what you may have gained from lowering your util. No more apps. Pay down the 9k loan at least to 89% to start with. Then less than 50%, then try and get to below 28%. Hoping the Avant Loan doesnt report as a CFA. Been some talk about that recently.





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 7 of 9
Contributor

Re: Help Boosting Credit Score By 20+ points

I'm guessing waiting out the year for the collections to drop isn't an option?

 

If you have collections with Portfolio and Midland, paying them off now will get them deleted from your report. If they are just charge offs still with the OC then you are pretty much screwed and have to wait it out.

 


8/1/2018 FICO Scores:

7/12/2019 FICO Scores:
Message 8 of 9
Established Contributor

Re: Help Boosting Credit Score By 20+ points

If I am interpreting this correctly, you are waiting for your cards to report updated balances.  The problem is when they all report a 0 balance because you have paid them in full, you're going to take a penalty somewhere in the neighborhood of -15 points.  Ideally you want 1 major card(take your Quicksilver for example) to report a small balance month to month.  You must have some kind of utilization reported on your revolving accounts to avoid the "all zero penalty".    

 FICO 8
Message 9 of 9
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