1. FICO has many algorithyms. You say your CU requires a score of 720. You need to make sure you compare your score to 720 in the correct algo. When you say you have 695, is that 'Score 8'? Your CU might use another algo, like 'Score 3'. If so, you need to find out which algo they use for the loan, and then compare your score using the correct algo. Because your score might not be 695 in the loan algo.
2. Best you can do to raise your score quickly is pay off both credit card, INCLUDING ANY NEW CHARGES THAT WILL POST ON YOU NEXT STATEMENT, BEFORE the closing date(s) of your current statements.
Good luck
13Oct22 Exp F8: 812
@calisig Op doesn't state if they have other cards if they are at zero and they pay these 2 off then scores will take a hit for all zero ballances.
Hmm - interesting - every time i paid my cards to zero, my scores went up. But you are saying scores should go down. I did not know that. thanks for the correction
The fast way would be getting the derogatory removed. That alone should get you close, assuming we're talking about the same credit report and FICO variant. This is easier said than done, though.
The other way would be letting your profile age and accumulate positive history as the derogatory gets further in the past. It's hard to say how long this would take, but I might guess 6-12 months.
A 30-day late is a derogatory ... mentioning since you elsewhere listed "0 derogatories." It is not a very severe one, though. JMO, good luck!
@doctormyers wrote:My local Credit Union told me i automatically qualify for a $20,000 CC with no further underwriting as long as my credit is 720 when I apply. And they pull EQ
currently I'm at
695 FICO
1YR AAOA
4 INQS
3 RECENT ACCOUNTs opened
6% Utilization
9 TOTAL ACCOUNTS
0 derogatory
One of my credit cards has a $216 balance out of $1000
One has a $20 balance out of $300
I need 25 extra credit points to boost my score badly . If I pay down that $216 balance will that bring me to 720 score like I need ?
also I have 1 30 day late on a Closed credit card, it's been over a year since the late payment and the account was paid in full. Is it worth it to remove this account/ get the late off to increase fico ?
Paying down the $216 balance won't get you a lot of points.
If you could get rid of the 30-day late, that would probably get you the points you want to get.
If you let your new accounts age, that's going to get you points. If you make no new credit applications, you'll probably get up to 720 in 6 months or so.
@doctormyers wrote:My local Credit Union told me i automatically qualify for a $20,000 CC with no further underwriting as long as my credit is 720 when I apply. And they pull EQ
currently I'm at
695 FICO
1YR AAOA
4 INQS
3 RECENT ACCOUNTs opened
6% Utilization
9 TOTAL ACCOUNTS
0 derogatory
One of my credit cards has a $216 balance out of $1000
One has a $20 balance out of $300
I need 25 extra credit points to boost my score badly . If I pay down that $216 balance will that bring me to 720 score like I need ?
also I have 1 30 day late on a Closed credit card, it's been over a year since the late payment and the account was paid in full. Is it worth it to remove this account/ get the late off to increase fico ?
You sitting at 6% util which isnt bad. The 2 cards you posted about have a lower credit line. What do the other 7 accounts have as credit lines? And why is this new card so "badly" needed? How recent are the 3 accounts? Any other baddies besides the 30 day? More info gets more results.
