Advice Needed: Close Store Cards to Raise TU4 Score? Any Other Tips?

[jrands]

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@Anonymous wrote:

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@jrands wrote:

Though I know lowering my DTI will also help in increasing my score, I think at this point there's some disproportionality between my DTI compared to my FICO scores. In general, I think my FICO scores are stronger relative to my overall DTI.

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@jrands Lowering DTI has nothing to do with scoring. Fico scores do not take income into account. 

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Yes, understand. Just brought it up in the context of getting a mortgage as I am looking for a home anytime within the next year or so.

[Anonymous]

As long as you understand. You said lowering DTI will help increase scores. I just didn’t want you to be under any misconception because, no it will not. That’s definitely not the case, at least not directly. 

[jrands]

Quick update: My BoA 2 posted to all three CBs today and resulted in the following below. Again, my BoA 2 utilization went from 59% last month down to 46.9%. The payoff to Store Card 3 won't post until the 15th. Hopefully it'll provide a bump for the EQ and TU scores.

Mortgage

EQ5: 762-->762-->762

TU4: 730--730-->730

EX2: 782-->782-->787 (+5 after BoA 2 posted)

FICO 8

EQ8: 796-->811-->820 (+9) (Overall total increase of +24 for getting my CapOne 4 and BoA 2 below the 48.9% threshold)

TU8: 784-->805-->808+ (+3) (Overall total increase of +24 for getting my CapOne 4 and BoA 2 below the 48.9% threshold)

EX8: 796-->807-->814 (+7) (Overall total increase of +18 for getting my CapOne 4 and BoA 2 below the 48.9% threshold)

[Trudy]

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@Anonymous wrote:

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@Trudy actually the mortgage scores like no new accounts longer than 12 months we haven't determined exactly where that line is, but its beyond 12 months. I think an important reason for the recommendations is the underwriters don't want to see any new accounts, because the new accounts are still affecting mortgage scores at 12 months, interestingly enough. I would like to know where that line is at actually.

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Thanks.  Didn't take note of any change in score but that reason code dropped or disappeared from my MTG scores after 1yr 1m .

[Anonymous]

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@Trudy wrote:

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@Anonymous wrote:

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@Trudy actually the mortgage scores like no new accounts longer than 12 months we haven't determined exactly where that line is, but its beyond 12 months. I think an important reason for the recommendations is the underwriters don't want to see any new accounts, because the new accounts are still affecting mortgage scores at 12 months, interestingly enough. I would like to know where that line is at actually.

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Thanks.  Didn't take note of any change in score but that reason code dropped or disappeared from my MTG scores after 1yr 1m .

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@Trudy What? you dropped the reason code on the mortgage versions at one year one month? And You dropped it on score 8 at one year of course? So they were a month apart? Is it possible it shifted to slot five where you couldn't see it?

[jrands]

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@jrands wrote:

Quick update: My BoA 2 posted to all three CBs today and resulted in the following below. Again, my BoA 2 utilization went from 59% last month down to 46.9%. The payoff to Store Card 3 won't post until the 15th. Hopefully it'll provide a bump for the EQ and TU scores.

Mortgage

EQ5: 762-->762-->762

TU4: 730--730-->730

EX2: 782-->782-->787 (+5 after BoA 2 posted)

FICO 8

EQ8: 796-->811-->820 (+9) (Overall total increase of +24 for getting my CapOne 4 and BoA 2 below the 48.9% threshold)

TU8: 784-->805-->808+ (+3) (Overall total increase of +24 for getting my CapOne 4 and BoA 2 below the 48.9% threshold)

EX8: 796-->807-->814 (+7) (Overall total increase of +18 for getting my CapOne 4 and BoA 2 below the 48.9% threshold)

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Quick update: Paid down my BoA 2 account further. Utilization went from 46.9% last month down to 28.5%. The Store Card 3 zero balance also posted. Unfortunately, neither of these two actions raised my mortgage scores. However, my FICO 8 scores did increase.

Mortgage (no change)

EQ5: 762

TU4: 730

EX2: 787

FICO 8

EQ8: 820-->827 (+7)

TU8: 808-->814 (+6)

EX8: 814-->822 (+8)

[jrands]

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@jrands wrote:

Quick update: My BoA 2 posted to all three CBs today and resulted in the following below. Again, my BoA 2 utilization went from 59% last month down to 46.9%. The payoff to Store Card 3 won't post until the 15th. Hopefully it'll provide a bump for the EQ and TU scores.

Mortgage

EQ5: 762-->762-->762

TU4: 730--730-->730

EX2: 782-->782-->787 (+5 after BoA 2 posted)

FICO 8

EQ8: 796-->811-->820 (+9) (Overall total increase of +24 for getting my CapOne 4 and BoA 2 below the 48.9% threshold)

TU8: 784-->805-->808+ (+3) (Overall total increase of +24 for getting my CapOne 4 and BoA 2 below the 48.9% threshold)

EX8: 796-->807-->814 (+7) (Overall total increase of +18 for getting my CapOne 4 and BoA 2 below the 48.9% threshold)

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Quick update: Paid down my BoA 2 account further. Utilization went from 46.9% last month down to 28.5%. The Store Card 3 zero balance also posted. Unfortunately, neither of these two actions raised my mortgage scores. However, my FICO 8 scores did increase.

Mortgage (no change)

EQ5: 762

TU4: 730

EX2: 787

FICO 8

EQ8: 820-->827 (+7)

TU8: 808-->814 (+6)

EX8: 814-->822 (+8)

[AllZero]

Very nicely done for the FICO 8s. You're above 760 MMS which is a very respectable score.

[jrands]

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@AllZero wrote:

Very nicely done for the FICO 8s. You're above 760 MMS which is a very respectable score.

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Thank you! It's taken awhile, but happy where I'm at with my scores overall.

[M_Smart007]

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@jrands wrote:

Quick update: My BoA 2 posted to all three CBs today and resulted in the following below. Again, my BoA 2 utilization went from 59% last month down to 46.9%. The payoff to Store Card 3 won't post until the 15th. Hopefully it'll provide a bump for the EQ and TU scores.

Mortgage

EQ5: 762-->762-->762

TU4: 730--730-->730

EX2: 782-->782-->787 (+5 after BoA 2 posted)

FICO 8

EQ8: 796-->811-->820 (+9) (Overall total increase of +24 for getting my CapOne 4 and BoA 2 below the 48.9% threshold)

TU8: 784-->805-->808+ (+3) (Overall total increase of +24 for getting my CapOne 4 and BoA 2 below the 48.9% threshold)

EX8: 796-->807-->814 (+7) (Overall total increase of +18 for getting my CapOne 4 and BoA 2 below the 48.9% threshold)

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All 800's .. Congrats! ..

[M_Smart007]

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@AllZero wrote:

Very nicely done for the FICO 8s. You're above 760 MMS which is a very respectable score.

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@AllZero, so you are saying .. that I am barely above "respectable"