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2 pt. TU FICO increase & comments

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newmomnewme
Valued Contributor

2 pt. TU FICO increase & comments

Hi all, I started my pay down plan two weeks ago and the first payment posted, statement cut at 0, and reported to TU. 

I've been so focused on the mortgage scores, that I didn't think about improving the others. lol. 

 

I have questions about the comments.

1. I assume the first and last bullets are for two paid collections (same CA...trying to GW them now). Is my assumption correct?

2. Is there a specific UTIL threshold that will rid me of the second bullet?

3. I have a single 30-day late from NFCU 8/2018 - only 4 months old (Is this what the third bullet refers to?) 

4. Is there a difference between derog and delinquency? 

 

115-TUFico.PNG

012019 Fico8/Mortgage Score:
Current Fico9/Fico8/Mortgage Score:
MyGoal Fico8/Mortgage Score:
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Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: 2 pt. TU FICO increase & comments

It's possible to see a negative reason statement related to utilization if your aggregate utilization is 9% or greater, as a scoring penalty would be imposed at that point.  This is one of the reasons it bothers me to hear the recommendation/suggestion that keeping utilization "under 30%" is considered ideal, as anything in the 9%-30% range isn't ideal in terms of FICO scoring.

Message 2 of 6
expatCanuck
Super Contributor

Re: 2 pt. TU FICO increase & comments

1. I assume the first and last bullets are for two paid collections (same CA...trying to GW them now). Is my assumption correct?

2. Is there a specific UTIL threshold that will rid me of the second bullet?

3. I have a single 30-day late from NFCU 8/2018 - only 4 months old (Is this what the third bullet refers to?) 

4. Is there a difference between derog and delinquency? 

 

Regarding item 3, when were the collections?  If long ago, then probably the late.

Re: item 4, derog is a more generic/wider description, but the terms are often used synonymously.  All delinquencies are derogs, but I don't believe the converse to be true.


2023 Goal: save 3 months' net income

Starting FICO8: 666 (give or take a FICO)
[ Last INQ 12-Feb-2024 ]
EQ8435 INQ (Auto, CC, HELOC, 2 mort)7y2m
EX8145 INQ (2 CC, 2 mort, HELoan)6y11m
TU8294 INQ (3 CC, 1 mort)6y6m
5/243/12AoYA 0m | AoOA 23y6m~3%
Message 3 of 6
newmomnewme
Valued Contributor

Re: 2 pt. TU FICO increase & comments



@expatCanuck wrote:

1. I assume the first and last bullets are for two paid collections (same CA...trying to GW them now). Is my assumption correct?

2. Is there a specific UTIL threshold that will rid me of the second bullet?

3. I have a single 30-day late from NFCU 8/2018 - only 4 months old (Is this what the third bullet refers to?) 

4. Is there a difference between derog and delinquency? 

 

Regarding item 3, when were the collections?  If long ago, then probably the late.

Re: item 4, derog is a more generic/wider description, but the terms are often used synonymously.  All delinquencies are derogs, but I don't believe the converse to be true.

 

Collections were opened in 4/2017 and 4/2018...paid in 11/2018. I originally had 3 collections, one CA agreed to remove immediatly so, I am really hoping that my GW campaign works on these last two so I can be rid of my baddies.  

012019 Fico8/Mortgage Score:
Current Fico9/Fico8/Mortgage Score:
MyGoal Fico8/Mortgage Score:
Take the myFICO Fitness Challenge


Message 4 of 6
newmomnewme
Valued Contributor

Re: 2 pt. TU FICO increase & comments


@Anonymous wrote:

It's possible to see a negative reason statement related to utilization if your aggregate utilization is 9% or greater, as a scoring penalty would be imposed at that point.  This is one of the reasons it bothers me to hear the recommendation/suggestion that keeping utilization "under 30%" is considered ideal, as anything in the 9%-30% range isn't ideal in terms of FICO scoring.


Yikes! I won't be down to the <8.9% for a VERY long time without adding new tradelines with insanely high limits lol. I will focus on 30-day late and collections this year.

012019 Fico8/Mortgage Score:
Current Fico9/Fico8/Mortgage Score:
MyGoal Fico8/Mortgage Score:
Take the myFICO Fitness Challenge


Message 5 of 6
Anonymous
Not applicable

Re: 2 pt. TU FICO increase & comments

Don't sweat it. All a negative reason statement means is that you are losing at least one FICO point because of that reason - it's common to assume that the presence of a negative reason statement must mean that it is seriously impacting your score but I can assure you that isn't always the case. Your plan to focus on removing your negative items is a good one for sure.
Message 6 of 6
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