DROPPED 27 POINTS!!!!

[haulingthescoreup]

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@Anonymous wrote:

I now have 2 cc reporting balances. I tried to consolidate to prevent inadvertent missed payments but once I hit 702 I was cut back 27 points. good thing is, the 0 balance on the new account brought up the score by 10 points. New score 690!!!!

I am getting a bit frustrated.

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There's always a little turmoil when you've been working on current cards plus getting a new one. I think you'll see continued progress as early as next month, once all the dust settles.

Hang in there!

[Anonymous]

Thanks for the encouragement.  I just got the good news.  +25 points.  Back on the road to 800.  I trust that by year end I will be there or nearly.  I now have only 2 account.  both utils are high over 50% but as soon as one of them drops to 9 or better I should see the score go up incrementally.

I have one at 75% and another at 65% util hence only 700 FICO.

I will continue to do an agressive pay down to get this to 800!

[Anonymous]

Your scores should go up nicely, but 800 is a mean feat. You could be looking at 50-60 points easy, but I wouldn't bet on 100. Keep in mind that scores much over 760 have very little practical meaning if you are applying for a loan, so this shouldn't be discouraging news.

[mrlimo]

There are a few posts on here on what it takes to be in the 800 club. Read the High Achievers thread. Mostly it comes from a very long clean history. Low Util. Diversity of revolving/instalment accounts. I was at 813 EQ last month and went out and bought an item on a new account with a 50% ballance on a 6 month same as cash revolving line. That one purchase droped me to 778. Not sure what all is affecting the drop points wise but New Inq against the report for the next year, New Account bringing down my average age of accounts, 50% of 1 card, brought up my 2% Util to about 10% overal util, Brought 3 ballances to 4.  Hard to say how they are weighed but those facters adds up to -35 Fico Points. The good part is I am not looking to apply to anything else right now so I am not worried. If I was to apply for something 778 is above the 760 threashhold for the best rates still. I know what I have to do to bring up the numbers again. 1 year for the INQ, average age will go up in that time as well, The ballance will be paid off in 6 months (makes fiscal sence not fico sence) In July 2009 all will be back to normal and probably even higher.

 Just remember that the higher the score the more critical the small things effect your score.

[Anonymous]

thank you for the feedback. I am trying to bring down the util on both accounts to under50% in 3 months.

[Anonymous]

The more I pay attention to those things the harder it gets.  I have 3 inquiries under 2 years so as long as I keep those in there I am not likely to get to 800, I just figured.  Can I do anything about the inquiries.  They were stupid mistakes.

[Anonymous]

NOW I AM AT 700.  How do I increase 25 points.  I was thinking that I have a line of 18,300 available and maybe I should use 10% of that to reduce balance on another where the util is 35%.  So if I lower one card to 25% util I should be able to raise the FICO to 725 rigth??

[Anonymous]

If I am only 700 now how is it best to climb to 725??

[haulingthescoreup]

What would it take to get both of them under 10%? (Not at 10%.)

Even better, one under 10% and one at 0%. That way you'd have both low util, and only one card with a balance.

What is your time frame? Are you coming up on a deadline where you have to have a certain score?

Over the long run, you will probably find that this is simpler with three or four cards instead of two, if you have any installment credit like a mortgage or car loan. With only two revolving accounts, you're getting penalized for all your cards (as in, two) having balances, in addition to your total util.

If someone has two or three open installment accounts, which by definition always have a balance, and only two CC's, they will probably always get zinged for too many accounts with balances.

The penalties seem to kick in with more than half of ALL open credit accounts with balances, and half or more of REVOLVING (= CC) accounts with balances.

[Anonymous]

I am intending to reach 760 by end of the year.  I was told I need to open an account that reports to the CBs but does not create hard pulls.  Is that possible.  If my available credit lims go up my util percent would also be lowered thus the increase in the FICO.  I am planning on getting a new car by end of the year to replace my 1999 vehicle.  I want a great rate and better yet, better monthlys.

Also if I get one of my cards down to 9%util I can get to my goal of 760 by year end.  Any suggestions???