So I've got a unique situation I'm working on because of my business, and need to get my personal experian vantage score above 570. Don't ask me why the SBA is using the vantage score but that is what they are using much to everyones dismay. Remember some of what I learned about vantage score it scores any account over 100% credit utilization heavy and it causes a significant loss as does overall credit utilization being over 100%.
Currently Experian Vantage score is 541 so I need to make up 39 points at the minimum. Here is what I've done to try to achieve this so far:
American Express - Reported at 175% CU - Normal cycle push update for CU at 15% - Should Update Next Week
Capital One - Reported at 115% CU - Mid-cycle push update for CU at 85% - Should Update Next Week
Overall CU - Reported at approx. 140% CU - Based on aforementioned updates CU will be at 85-90% Next Week
I'm wondering if this will be enough or additional payments need to be made to get this score where I need it to be. The reason this is imperative is it involves business being funded for our recover from disaster but they are basing it not only on the business credit but also guarantor as such disqualifying me unless it can be fixed. Thank you in advance to anyone with advice or thoughts.
@Anonymous - Thanks so much, that makes a lot of sense. Sadly I do not have the funds to do the AZEO method or I would. I have at most another $500 I could throw at this at the moment without affecting normal budget and throwing myself into a worse situation. I remember the over 100% hurting severly, and just wondered if fixing that will be a big enough climb speculative of course I know no one can truly tell me as each of our profile are unique but given that no cards will over 100% CU and overall will be below 89% I'm just hoping and praying that will be enough business desperately needs the funding. If not, I'll have to figure out the best place to throw the $500 to have the most effect.
@cyrusvalentino wrote:So I've got a unique situation I'm working on because of my business, and need to get my personal experian vantage score above 570. Don't ask me why the SBA is using the vantage score but that is what they are using much to everyones dismay. Remember some of what I learned about vantage score it scores any account over 100% credit utilization heavy and it causes a significant loss as does overall credit utilization being over 100%.
Currently Experian Vantage score is 541 so I need to make up 39 points at the minimum. Here is what I've done to try to achieve this so far:
American Express - Reported at 175% CU - Normal cycle push update for CU at 15% - Should Update Next Week
Capital One - Reported at 115% CU - Mid-cycle push update for CU at 85% - Should Update Next Week
Overall CU - Reported at approx. 140% CU - Based on aforementioned updates CU will be at 85-90% Next Week
I'm wondering if this will be enough or additional payments need to be made to get this score where I need it to be. The reason this is imperative is it involves business being funded for our recover from disaster but they are basing it not only on the business credit but also guarantor as such disqualifying me unless it can be fixed. Thank you in advance to anyone with advice or thoughts.
List these out like this:
Creditor Name/Credit Line/Balance
Need to see the whole picture. Over 100% is OTL but what is the limit.
@Stugotsv10 wrote:Yeah SBA uses vantage for SOME reason!!!!
Just add a tradeline quickly.. friends, family member, longer the better... hopefully a decent limit, worst case add 2... buy one if you have too
Please do not ever tell anyone to purchase a TL on this forum.
The thresholds being provided are all great information, however they are for FICO. OP needs to improve their Vantage Score.
@Ficoproblems247 wrote:The thresholds being provided are all great information, however they are for FICO. OP needs to improve their Vantage Score.
They both go by almost the same %'s. Vantage is 30%. FICO is 28.9%