How to squeeze out two more points

[Anonymous]

This is my first post...but have been keeping up with the forums for a couple of weeks now.

I have been working on re-building my credit and raising my score for the last 6 months in order to qualify for a mortgage.  Now...I am only two points away from qualifying and of course the one giving me problems is Equifax.  I have paid off my most recent collections and the older ones have been at a zero balance.  I have one curent credit card:

Capital One: balance is $7 limit is $500

I have one current student loan as well.  Is there anything that I can do to help rasie my score the last two points I need in order to qualify??

Any suggestions would be greatly appreciated.

-J 

[fused]

Welcome to the forums! When will you go house hunting?

[Anonymous]

I know that standard advice is to not apply for CC before mortgage.  That being said, when DH had only one credit card, he saw a score jump when he added his second card.  He reported a small balance on one card, zero balance on the second card.  The score jump occurred even with the inquiry.  Anyone else have experience with this?

[fused]

This is very true!

[Anonymous]

I would GW the collection accounts that you've recently paid off - ask them to delete entirely.  You should be able to find example letters on this forum.

Even if they are reporting a ZERO balance, they are still reporting as a collection, and they are significantly damaging your overall score.

Even having one CA removed may get you the 2 points you need, but you might as well go for it and GW all.

***********************************************************************
800FICOwannabe

07/01/09 - FICO scores: EQ - 696, TU - 622 (Asset Acceptance reinserted as a new collection)
06/01/09 - FICO scores: EQ - 637, TU - 641
05/04/09 - FICO scores: EQ - 660, TU - 647
04/21/09 - FICO scores: EQ - 711, TU - 642
09/09/08 - Mortgage Enhanced: EQ - 607, EX - 556, TU - 534