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Update! Need a 20 pt boost FICO

Re: Need a 20 pt boost FICO. Help please


@xaximus wrote:

@PineappleMan wrote:

We are in the mortgage lending process and I need a 20 pt boost. I think my best bet is to update my info and pay down my utilization. Any advise? Should I take me off as an AU from my wife's cards? She is not on the mortgage loan application. I have $5000 I can use to pay down debt.

Here's my balances:

1. Line of Credit at credit union: $13,026 bal/$30,000 CL (43% util)

2. Citicard: $3,945 bal/$11,000 CL (36% util)...wife's card, I'm an AU

3. Amex: $2901/$6000 CL (48%)

4. Amex: $931/$13500 (22%)...wife's card, I'm an AU

 

 

My major derog is the short sale that is to fall off this Sept (Experian), Nov (Transunion) with M&T bank. I've submitted a "dispute" to see if they'd do an early exclusion. I'm waiting for results.

  


I would pay the following - 

 

1. Line of Credit at credit union: $13,026 bal/$30,000 CL (43% util) -  $1500, this will bring utilization down to 38%

2. Citicard: $3,945 bal/$11,000 CL (36% util)...wife's card, I'm an AU - $1000, this will bring utilization down to 27%

3. Amex: $2901/$6000 CL (48%) - $2500, this will bring the utilization of this account down to 6%

4. Amex: $931/$13500 (22%)...wife's card, I'm an AU - This amount doesn't add to 22%, it's more like 6%.

 

If you don't want to pay the debt's on the DW cards, then I would suggest paying down the CU CC and Amex. 


Thank you for your helpful response!

Message 11 of 15
Frequent Contributor

Re: Need a 20 pt boost FICO. Help please

It may be worth writing a couple GW letters. Those lates are still affecting your score even though the accounts are closed.
Just wandered out of the garden April 16, 2018 to get pre-approved for a mortgage. Intend to take care of this quickly and be back in the dirt before long.
Message 12 of 15
Highlighted

Re: Need a 20 pt boost FICO. Help please

I tried but no luck

Message 13 of 15

Re: Need a 20 pt boost FICO. Help please

7/16/18 Good Stuff Update!

 

I got a letter from M&T bank with whom I have a short sale with in 2011. I had written them a goodwill letter last year and again this month. I guess someone received it and they responded! Someone will be working to immediately remove the short sale from all 3CBs.

This has a fall off date of Sept-Dec 2018. The 3CBs each have a different day for it to be removed.

I'm holding my breath and hoping it's done soon. If not, TU and EX said to call in on Aug 1st to ask for an early exclusion.

 

The other news...

I paid down some big balances today per our mortgage LO and the AZEO method. We were trying to get up to 680, but now we're hoping to get up to 700! We will do a rapid rescore soon. She said I didn't need to pay down the cc balances but I did it to follow the AZEO advice.

 

The only balances remaining are now...

HIUSA LOC $6764/$30,000, Util 22.5%

Chase Auto $7700

 

My income is $170k. Mid mortgage fico 673.

 

 

 

Message 14 of 15
Moderator

Re: Need a 20 pt boost FICO. Help please

Good progress, keep it up.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 15 of 15