Advice on 'massaging' my 'New' Equifax Score

Anonymous · ‎11-02-2008

Ok last i checked, Efax was 686 (one CC had updated from $100/$10000 to $9800/$10000 and bumped my utilization way up).

Since then my last baddie, a 7 yo $2k CO from Cap1 fell off. I'd think this would give me a decent bump (waiting for ScoreWatch) since it reduced utilization, removed a baddie, and resulted in (finally) a perfect score. Can help but think given the rest of the profile that that one baddie was so unusual for a 'high-scorer' it was whacking me pretty hard.

Anyway wondering which of the following anyone would recommend to help get scores even higher;

1) I have a Chase card with $0/$5k opened in July that stopped reporting to Efax. Will this help or hurt (+: low util card and reduced overall util -: New Account)

2) I have an HSBC card ($100/$3000) which is being reported as 'Lost' (I lost and they repleaced it, now they report the old # AND the new # as Lost). Putting back on helps util score and low balance card, but the account is from 2/08 and failry new

3) Closed Amex from 1980: Just started reporting again a couple weeks back. Not sure how it affects me; it is a closed account but also is from 28 years ago. It doesn't any lates but on Efax seems to report $100 High Limit and $0 as Credit Limit

4) Installment Loan: Don't have one, thinking of getting a $1k personal loan, paying off $700 month one, and then making payments on it. Will adding to my mix of 'types' especially with utilization down on it help vs the fact it is another New Account/Inquiry?

5) Last step is to try to get new Amex and have it back-dated to old Account.

Hoping between the;

Falling off of the CO which is last baddie

Paying down cards and adding back CLs from the non-reporting cards to get util very low (say from 40% to 1%)

Adding back in the low use and good history cards (even though short)

And adding a 28 year old Amex account

Adding to my mix of credit with installment loan

I can bump 100+ points (686 now)

I figure too when I apply (Feb or so) 2-3 of the new cards will age a year as will the inquiries.

Anonymous · ‎11-02-2008

1) Is the Chase card still on the report it just hasn't been reporting balances? Have you been using it?

2) The util will help you a little bit, but getting the new card coded correctly won't affect your average age.

3) The way the closed Amex is reporting what your limit was doesn't matter as it doesn't factor that into the equation.

4) An installment loan could boost you 10-20 points, but make sure it will not trash your AAoA because it could also be a neutral if it really lowers your average and then you will just waste your time and money.

5) Number 5 is a big time yes. 28 years of history on your report would be an awesome boost and make up for the pain some of those newer accounts are causing you, and the installment loan would likely cause you.

That said, 100 points is a lot!

Still I think it is possible

I see 30-40 points for getting down to 1% util.

10-15 points for an installment

and 10-20 points for another 28 year old account (depending on what it does to your AAoA)

+ the CO coming off

That could well hit 100. Goodluck to you!

Anonymous · ‎11-02-2008

@Anonymous wrote:
1) Is the Chase card still on the report it just hasn't been reporting balances? Have you been using it? No it just somehow fell off. I use it very sporadically, balances low.

2) The util will help you a little bit, but getting the new card coded correctly won't affect your average age. Yeah I figured the util will help. CL will add about 5% to reported CL total.

3) The way the closed Amex is reporting what your limit was doesn't matter as it doesn't factor that into the equation. Even though it shows a balance? Am I getting dinged for Balance and/or am I getting credit for age? Should I just get rid of it on principle?

4) An installment loan could boost you 10-20 points, but make sure it will not trash your AAoA because it could also be a neutral if it really lowers your average and then you will just waste your time and money. Ah, average age. I don't think it would hurt that much. My own accounts are all new anyway, while I have several AUs ranging from 37 to 10 years helping. So if they *don't* count AUs (at least on manual review) one more new account won't hurt / lower avg age; if they *do* count AUs on manual review or scoring, it might lower averge age from 9 years to 8 1/2 at worst.

5) Number 5 is a big time yes. 28 years of history on your report would be an awesome boost and make up for the pain some of those newer accounts are causing you, and the installment loan would likely cause you. Yeah this is my White Whale. It will be hardest because Amex turned me down because of Experian, MOSTLY because of two Bally CO's. Still trying to get PFD on those. Amex also said they didn't like my 'low limits' ($1k to $5k) so will try to add my Partners First $10k to that, take the ding for new Accounts (since they are already dinging me on that) and double my limit in Amex 'eye'. Hopefully if they re-review and see my score from 696 to 730 or so (if Bally's go bye bye) and account CLs higher, AND if I apply for Green instead of Blue, I can make the cut. That said, people here keep saying Amex is ALWAYS Experian but on 'another board' where they have Credit Pulls I see more then a few for Efax/TU on other cards (SkyMiles I think). I'll beg if I have to, I agree this will give me quite a ding on points AND when I get the manual review I won't be discounted because all my own cards are young.

That said, 100 points is a lot!

Still I think it is possible
I see 30-40 points for getting down to 1% util.
10-15 points for an installment
and 10-20 points for another 28 year old account (depending on what it does to your AAoA)
+ the CO coming off
Wow, add that to 737 and you're talking over 800 right there! Also consider by that time I'll have another 3-4 months of payments, and 2-3 cards/inquiries that aged to 1+ years.

That could well hit 100. Goodluck to you!
Thanks and Thanks for taking the time!

Anonymous · ‎11-02-2008

Oh while we're at it do you have any idea how much getting a PAID Judgment removed will have on my score? I got it off TU last year on dispute, remains on Experian, trying to wrangle it off.

I'm pretty sure I can get the two bally's off Experian (if they keep ignoring the PFD like they did the Document Verification 'request' I'll dispute on that plus the fact they reported 90+days lates for 3 years several years AFTER they charged it off. My understanding is this is verboten) but if the Paid Judgment remains it will hurt as far as i can tell.

Message Edited by nyccc2 on 11-02-2008 11:28 AM