@Manicete wrote:Hi All,
I wanted to reach out for some feedback. Currently trying to get my fico scores up and I do have the MyFICO premium to monitor.
My issue is, I'm trying to get my score above the 700 mark. And here is where everything sits.
FicoEQ 620 TU 618 EX 611
vantage
EQ 711 TU 709 EX 698
I got a credit repair company 6 months ago and my vantage score went up almost 80 points but my fico moved maybe 10.
I have 20k total credit lines with maybe 7 cards.
Total utilization is under 15%
all of the cards are at 0-1% and one card floats around 20-38% month to month.
I have 2 negatives. 1 derog from 4 years ago and 1 for a late payment last year that is reporting wrong and trying to have the company fix it.
cedit age is 4 years
credit mix is all credit cards. Just opened an installment account.
I have 6 inquiries within the year. Which was 6 months ago end of this month.
now my question is, without doing the obvious of getting the derogatory off my report is there anything else I can do to get this score up? I know my credit age can go up with an authorized user account. Which I just got added to a family members but waiting for that to reflect.
Welcome to the forum.
1. What do you mean "maybe 7 cards"; you should know exactly, because you need to keep abreast of each of them.
2. You should disregard the Vantage scores, they are meaningless.
3. You should not let a reported balance float to as high as 38%. It should be 28% or lower.
4. You should have 5 or 6 of the accounts reporting zero balances.
5. I can't advise you on your installment account until you give us more information on what kind of loan it is, what the amount was, what the balance is, what the term is.
6. The AU card may help you, hurt you, or have no effect on you; we would need to know the details. You probably don't need it and it probably won't help you.
7. You should not make any new credit applications, or do anything that could result in a hard pull.
@Manicete wrote:I say about 7 because I don't know what the grain account is considered credit card or what. I'm pretty sure it's a revolving account, but wasn't sure to call it a credit card.
The installment loan is a credit strong account that the first gentlemen referred to as. It's a 2 year loan.
I'll make a move to pay down the one card to carry a smaller balance.
The au account will be carrying a 0%. It's my grandmothers and she closed an account I was on for a couple of years which hurt my score about 20 points. She ended up closing that account because my grandfather clicked on something and was more than likely phished so she decided to cancel the card.
Well the "best practice" for an installment loan is to pay it down to 9% of the original loan amount, and then leave it with a low balance as long as possible before paying it off completely.
If the AU account will have a zero balance it probably won't hurt you. If it's not an American Express card, and if it's a lot older than 4 years, it will probably help you. If it's an American Express card it won't help you.
@Manicete wrote:Curious, why if Amex it won't help?
Because when you get listed as an AU on an Amex card, they now treat the date you are issued your AU card as the date of the account. So it adds nothing to your aging factors. It's just a new account.
@Manicete wrote:Finally the negatives came off from the credit repair company.
Fico 8tu 729 +86
eq 708 +83
ex still no update on it as it's still showing 619. Assuming it just needs to update.
now my question is, when does the 5,4,2 score update to follow suit?
There's no such thing as a score update in a vacuum. The data in your report has already updated. When you pull the scores, you'll get the updated scores. To find out your updated mortgage scores you would need to pull your 3 bureau report, which costs big bucks with MyFICO.