cancel
Showing results for 
Search instead for 
Did you mean: 

Next steps to take!??!

tag
Anonymous
Not applicable

Next steps to take!??!

Would like a little insight as to what direction to take with my brothers profile. His main goal is to obtain a mortgage next summer. 

His scores are the following: 

 

EQ - 632

EX - 637

TU - 657

 

 

AAoA is 7 months. 

 

Inquries: 

 

EQ - 3 (2 in 1 year)

EX - 7 (5 in 1 year, 2 in 6 months) 

TU - 5 (3 in 1 year, 2 in 6 months)

 

One collection reporting on EX and EQ to be removed by October 2017.

 

Accounts all in good standing no lates. 

 

New Yo. and Co. - $250  Opened 8/2016  $0 balance

Boscov -$250  Opened 8/2016   $0 balance

NFCU CC - $5K Opened 9/2016  $702 balance

NFCU Auto Loan - Opened 2/2017  

Suncoast LOC - $1K - Opened 8/2016  Maxed out at this time, paying in full by August 8th

Amazon Store Card - $500 - Opened 5/2017  $0 balance

PayPal Credit(I know it's hidden) - $500  $0 balance

 

 

If I am missing any important infor please let me know! He would like to ditch the New York and Boscov cards to bring in something better. Is that advisable? Don't know what direction to point him in! Cash back cards would be something for him, as he doesn't travel. Reccomendations? Thanks my credit gurus!

 

 

Message 1 of 5
4 REPLIES 4
medicgrrl
Valued Contributor

Re: Next steps to take!??!

He looks like he's in good shape. Once that collection drops off and he pays down his cards, he'll see a good bump in scores. I would just let his accounts continue to age. A few months before he's ready to make application, have him make sure all of his credit cards are reporting a $0 balance except 1 card. Let that card report a balance of less than 9%.

Once he's got all that updated, have him pull his mortgage scores.


EQ 778 EXP 782 TU 729
Message 2 of 5
Anonymous
Not applicable

Re: Next steps to take!??!

Thank you medicgrrl. So, no new cards? He wants to app for a second major credit card. That would be a no no?
Message 3 of 5
medicgrrl
Valued Contributor

Re: Next steps to take!??!

Personally, if he wants a new card, I think he should do 2 things right now.
1. He needs to pay down his LOC first.
2. While he's waiting to do that, have him request early exclusion from the 3 CRA's. TU will usually delete things 6 months out. I think Experian is 2-3 months and Equifax at 1 month. He should be good to request the collection be removed from TU and Experian now.


EQ 778 EXP 782 TU 729
Message 4 of 5
medicgrrl
Valued Contributor

Re: Next steps to take!??!

Also, I would leave the store cards open and just put them away somewhere. It'll help him to have a somewhat thicker file next year.


EQ 778 EXP 782 TU 729
Message 5 of 5
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.