cancel
Showing results for 
Search instead for 
Did you mean: 

Best practices - a little advice

tag
Manicete
Established Member

Best practices - a little advice

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.


Fico

EQ 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.

Message 1 of 9
8 REPLIES 8
coldfusion
Community Leader
Mega Contributor

Re: Best practices - a little advice

Being added as an AU is a dual-edged sword as there can be a negative impact to your scores if the card reports with a high utilization and some FICO models can penalize you slightly if no card reporting you as an AU is currently reporting a balance.

 

Is that installment loan a share secured loan where the lender retains the original due dates for remaining open payments if you make early payments aganst the loan and you leveraged that feature to pay down the loan so it will report < 9% utilization? 

 

You might see a minor bump up in your FICO scores (basically nobody who matters cares about Vantage 3.0 scores) if you kept that 1 card you currently let report 20-38% utilization to report under 10%.   Beyond that and letting the credit repair group try to get that bogus late payment removed your biggest ally is going to be time.

(2/2024)
FICO 8 (EX) 846 (TU) 850 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 2 of 9
SouthJamaica
Mega Contributor

Re: Best practices - a little advice


@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.


Fico

EQ 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.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 3 of 9
Manicete
Established Member

Re: Best practices - a little advice

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.

Message 4 of 9
SouthJamaica
Mega Contributor

Re: Best practices - a little advice


@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.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 5 of 9
Manicete
Established Member

Re: Best practices - a little advice

Curious, why if Amex it won't help? 

Message 6 of 9
SouthJamaica
Mega Contributor

Re: Best practices - a little advice


@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.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 7 of 9
Manicete
Established Member

Re: Best practices - a little advice

Finally the negatives came off from the credit repair company. 

Fico 8

tu 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? 

 

Message 8 of 9
SouthJamaica
Mega Contributor

Re: Best practices - a little advice


@Manicete wrote:

Finally the negatives came off from the credit repair company. 

Fico 8

tu 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.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 9 of 9
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.