Improving MyFico Score

[JaKobe]

Hello myfico family members I'm reaching out to you guys with questions about improving my score. Myfico score is 703 I have 2 late payments 30 days late but it's been 4yr and 6 months since it has occurred and I've been current every since. What's the best way to help improve my score? I need a 17 point increase I'm looking at purchasing a new home. My debt utilization is at 60%. Thanks in advance.

[Gunnar419]

The quickest way to get that kind of quick jump in your score is to get that utilization down. Way down. Below 30% at minimum. Below 10% if you can. Utilization changes do wonders in a big hurry.

I'm curious, though. What kind of loan is it that isn't happy with a 700+ score but would be happy with one around 720?

[JaKobe]

It's on a traditional 30 yr fixed loan. My loan officer said that if it was at 720 he would be able to get the intrest rate down almost a half a point. Gunnar I asked myself the same question the chart that myfico score falls in says I need a 760 before my rate changes again. That's why I reached out to my online family.

[guiness56]

Definitely get it down.  That is way too high,  even 30% is too high.

I would get it at 9% or below.

[Anonymous]

You have to pay your bills and payments on time and decrease the utilization of debt about 30%. Manage your bank account and credit history good so that lenders can trust on you to give loan.

[sarahcatherinemay]

Pay your debt down to about 9%! You'll see the increase you need!

[dodfire]

Yep.....what ^^they said!! Good luck!!

[Burned2manybridgesB4]

They're all right about the lowering of util. Rest assured, after your success of being timely more than four years, those few 30's are more of an eyesore, than a score hindering.