Dirty File OPTIMIZATION...

[Charmante]

So, my roommate has a fairly dirty file, but is sort of well aged and mixed, too.

He has a couple of CLOSED 10-15 Year Old Revolvers. Never Late.

About 3 or 4 Closed and Paid 5-10 Year Old Installment Loans. Never Late.

3 OPEN Revolvers that are 2 Years Old (Never Late - $196 of $400), 3 Years Old (90 Day Late 03/2019 $308 of $500), and 5 MONTHS Young (Never Late $0 of $1,750).

AND a Brand New 1 Month Young AUTO LOAN that is $19,500 of $19,500 HB. First payment due the 28th of $397.

A LOT of INQ. -- about 10-15 per bureau -- mostly due to Auto Loan hunting over a 3-6 month period.

About 5 CO/Collections. Mostly medical. 2 ages off this year. 2 are currently being paid, with a mural agreement with Bull Financial to REMOVE after 12 payments (10 remaining) and 1 that JUST appeared from Wakefield and Associates for $1,589 for MediVac Services (we have not contacted them, yet. Just showed up this month)...

Scores 530-550 depending on Bureau.

What can we do to BEST Improve Scores?

What's the HIGHEST you predict his scores CAN REACH in current condition with CO's...?

Like, if we PIF the $308, and pay the $196 down to 8%, what kind of Increase to Score, might we see?

Once 5 month old account hits 1 year, what kind of increase may we expect?

Auto Loan hitting 1 year may increase scores by how much?

INQ's hitting 1 year old, may increase by how much?

Any advice is greatly appreciated!!!

Thanks!!!

[Anonymous]

I'm confused regarding the reference of closed revolvers or installment loans that are 10+ years old.  Are these accounts still visible on the CR? 

[Charmante]

@Anonymous Yes. They are. They are 10+ years old, but were not closed but about 5 years ago. So will remain for about 5 more years. At least 4.

[dragontears]

See responses below 

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@Charmante wrote:

So, my roommate has a fairly dirty file, but is sort of well aged and mixed, too.

He has a couple of CLOSED 10-15 Year Old Revolvers. Never Late.

About 3 or 4 Closed and Paid 5-10 Year Old Installment Loans. Never Late.

3 OPEN Revolvers that are 2 Years Old (Never Late - $196 of $400), 3 Years Old (90 Day Late 03/2019 this is going to hurt for a LONG time $308 of $500), and 5 MONTHS Young (Never Late $0 of $1,750).

AND a Brand New 1 Month Young AUTO LOAN that is $19,500 of $19,500 HB. First payment due the 28th of $397.

A LOT of INQ. -- about 10-15 per bureau -- mostly due to Auto Loan hunting over a 3-6 month period.

About 5 CO/Collections. Mostly medical. 2 ages off this year. 2 are currently being paid, with a mural agreement with Bull Financial to REMOVE after 12 payments (10 remaining) and 1 that JUST appeared from Wakefield and Associates for $1,589 for MediVac Services (we have not contacted them, yet. Just showed up this month)...

Scores 530-550 depending on Bureau.

What can we do to BEST Improve Scores? boilerplate answer is to reduce utilization and remove negative information (not that helpful right?l

What's the HIGHEST you predict his scores CAN REACH in current condition with CO's...? I don't pretend to know enough about scoring to guess at this (and everyone's answer would be a guess)

Like, if we PIF the $308, and pay the $196 down to 8%, what kind of Increase to Score, might we see?

Once 5 month old account hits 1 year, what kind of increase may we expect? popular opinion is dirty score cards don't suffer from a "new account penalty", if that is true there will be 0 change to FICO8 

Auto Loan hitting 1 year may increase scores by how much? same as above 

INQ's hitting 1 year old, may increase by how much? whatever few points that was lost when they occurred 

Any advice is greatly appreciated!!!

Thanks!!!

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[Charmante]

@dragontears I figured the 90 Day Late would be the nail in the coffin. IF we PFD ALLLLL the CO/Collections, and reduce utilization to 8%, basically ONLY LEAVING the 90 Day Late remaining as negative, do you think it would shoot up from a 530, to at least a 660?

Trying to get everyone to 660+ for our Mortgage. 2 of us are 750+, but 2 are below 660 and they said the 750+ERS cannot carry the bad scores. That EVERYONE needs to reach 660.

[dragontears]

The information you got is correct, mortgage lenders will ALWAYS use the lowest mid mortgage score when there is more than one person on the loan