Hello All,
So I joined Fico program in October 2019 and have been trying feverishly to make gains and improvements. I started in the low 500's and can't even break the 600 ceiling. I have a new job and have been fortunate to make good money. I want to buy a home and my goal is at least a 650 score in order to qualify for some of the 1st time home buyer programs. Btw I'm 45, so late start.
The FICO simulator says if I pay $6,631 towards my revolving/open account balance over 24 months, I could expect to see an average of a 75 point increase across all three bureaus. I adjusted the simulator to see if I paid it all off at once and I could expect a 45 point average increase. Now here comes the real questions. I have four credit cards utilizing about 2%. I just opened a secured Discover last month for $2,500, Credit One for a year $500, Capital One card for $1,500 two years and another Capital One for a year @$500. Again these are only utilized for about 2%.
I have two JP Morgan Chase Bank cards that show up in the FICO monthly report under open/revolving. One is for the amount of $3,593 and notes say the last activity was in March/April of 2014. Two bureaus show account closed by creditor and the other shows closed by creditor/charge off.
The second one is similiar (JP Morgan Chase) for $3,030. Same activity as the above.
I've hired Credit Saint back in February of 2020 and so far they have helped to get some things like charge off deleted and I've paid Midland/Jefferson/Plaza Services small balances to PFD.
How do I tackle the JPMCB issues on my open revolving credit? Your experienced guidence and advice is greatly appreciated. It seems taking care of these will have more impact than the PFD's I've done.
