1 freaking point

[Anonymous]

So we're working to get my credit score over a 620 so we can qualify for a mortgage, and I think I am going to be sick. We started out in the high 590's. I had several collection accounts that I delt with by going back to the OC and paying off directly. I managed to get Comcast, Tmobile, Sprint, and Dish network to delete the collections on my report that way. Remaining was an old verizon account (paid off) and another power company bill had paid off.

Transunion fico 4 score went up to a 643. Equifax fico 5 score is a 608, and the experian fico 2 score is a 6 freaking 19. 1 point off.

My credit utilization is 22%, all other accounts have been paid on time. No other negatives. I cleaned up my act and have been responsible paying on my student loans and other bills for a few years now. I dont know what else I can do to get that score up 1 more point. 

I think im going to be sick.

[Bankrupt2019]

wait a month, it will likely go up the point you need. or pay your balances down under %10 then youll have it for sure!

[Anonymous]

If you have multiple credit cards, you will get some points for having all of your cards reporting at $0 except for one.

You will also get points for bringing your total utilization to < 8.9%.

Those are two seperate factors and each will give you scoring points over what you have now.

PS.  Bringing your total utilization from 22% to 18% may also give you a few points.  There's no question, however, that bringing it to < 8.9% will give you all you say you need.

[Anonymous]

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@Anonymous wrote:

If you have multiple credit cards, you will get some points for having all of your cards reporting at $0 except for one.

You will also get points for bringing your total utilization to < 8.9%.

Those are two seperate factors and each will give you scoring points over what you have now.

PS.  Bringing your total utilization from 22% to 18% may also give you a few points.  There's no question, however, that bringing it to < 8.9% will give you all you say you need.

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+1

Would also add if you have 1 card with very high util, reducing it would be helpful. Keep at it, you will get there...

[Anonymous]

+1 to all accounts except 1 reporting 0 balance

[takeshi74]

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@Anonymous wrote:

My credit utilization is 22%, all other accounts have been paid on time. No other negatives. I cleaned up my act and have been responsible paying on my student loans and other bills for a few years now. I dont know what else I can do to get that score up 1 more point. .

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Keep in mind that the generally suggested 30% is a max and not ideal.  Get it lower and, if you can, get it to only one balance reporting as suggested above.  I can't say that I know the specifics of FICO 2 but 22% seems like it should give you plenty of room to squeeze out more than just 1 point.

[Anonymous]

$44 on a cap one starter card with a $200 limit. I paid it down to $14, it just reported at the worst time.

[Anonymous]

Here's a summary of the advice you are getting about your credit card balances.  Do the following, in the following order of priority:

(1)  Pay all cards to below 28%, as far as their utilization for each individual credit limit.

(2)  If you have multiple credit cards with a positive balance, pay to $0 all cards that have a small balance.  In other words, create as many $0 balances as you can, assuming it is easy to do.  Make sure always that there is at least one card showing a positive balance.

(3)  Continue to pay down your overall credit card debt.  Pay off as much as you can without hardship,  You will probably get at least a few points from bring your total utilization from 22% to 18%. 

You will get the most FICO points from having all cards at $0 except one showing a positive balance, with a total utilization of 1-9%.  (1-5% might be a tiny bit better.)

[SouthJamaica]

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@Anonymous wrote:

So we're working to get my credit score over a 620 so we can qualify for a mortgage, and I think I am going to be sick. We started out in the high 590's. I had several collection accounts that I delt with by going back to the OC and paying off directly. I managed to get Comcast, Tmobile, Sprint, and Dish network to delete the collections on my report that way. Remaining was an old verizon account (paid off) and another power company bill had paid off.

Transunion fico 4 score went up to a 643. Equifax fico 5 score is a 608, and the experian fico 2 score is a 6 freaking 19. 1 point off.

My credit utilization is 22%, all other accounts have been paid on time. No other negatives. I cleaned up my act and have been responsible paying on my student loans and other bills for a few years now. I dont know what else I can do to get that score up 1 more point. 

I think im going to be sick.

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I probably could tell you what to do to get the points up within a month but first I would need to know:

1. how many cards you have, their limits, and balances

2. whether you have any instalment loans open, and if so orig amount + present balance

[Anonymous]

Adding a new card might do the trick.  A secured card is probably what you would need. It would do two things.  Get you something else reporting and also reduce your credit card utilization.  Of course, if you want the mortgage immediately you not go that route.  

When are you looking to close on a place?