How can I have a 731 Fico score?!?

[nycfico]

Here are the facts from my credit report,

1% utlization

AA0A:  6.8 years

Oldest account:  23 years

Newest account (installment car loan) 10 months

Percentage paid on my one installment loan:  48% (I pay extra each month)

Collections:  None

Liens:  None

Late payments:  1 for 30 days in November, 2018)

Inquiries:  6 (1 in February 2020, 3 In July of 2019 two in late 2018)

So, aside from one 30 day late payment, I have a pretty much perfect credit report.  Four credit cards (only one, Amex, reports a balance each month) with an installment loan.

I'm planning to apply for a mortgage and won't even get the best rates, because of a stupid mistake about a year and a half ago with a card I've had for about ten years and never been late on.  This 30 day late is costing me basically 100 points.

SO FRUSTRATING!!!

[Anonymous]

Have you tried to goodwill the late?

An other less effective option is to pay down the installment more.

 Maybe you'll get some points back in July-Aug when the 2 inqs fall off.

 Also maybe some more points when your youngest account hits 1 year of age

[nycfico]

Yes, i did try to goodwill the late immediately when it happened...I had a payment return because I used the wrong checking account to pay Merrick Bank.  They wouldn't take it off.  I suppose I could try again but it's time consuming and from what I hear hardly ever works.

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@Anonymous wrote:

Have you tried to goodwill the late?

An other less effective option is to pay down the installment more.

 Maybe you'll get some points back in July-Aug when the 2 inqs fall off.

 Also maybe some more points when your youngest account hits 1 year of age

---

[TheKid2]

You may not be maxmizing your scores. How many revolvers do you have? For AZEO, you don't want the lone balance on a CHARGE card, you want it on a CREDIT card.

You should definitely try to GW off the lone late.

You should also be sure you are referring to your Mortgage Scores - not FICO 8 or VS scores.

[Girlzilla88]

But that is a very honest mistake I would take it above a Representative and just explain and appologize just be as honest and upfront as possible and let them know you are looking to get a home down the line but if they would consider it and that it wouldn't happen again.    Sometimes being persistant helps but sometimes it is just a matter of reaching the right person too.     I do agree that the others you will see a smaller boost but that late is what is making the biggest difference for sure.

[Girlzilla88]

And yes double check to make sure it is Mortgage Scores, and if you are attempting the AZ method use a BANK card to report 8.9% or below 9%   ^^  (Maybe not 1% but no more than 8.9%)

[FlaDude]

I would assume a 2 year old 30 day late would be responsible for a lot of points. When my 30 day late dropped off at 7 years, it was still causing around a 25 point hit, I'm sure it was much more at only two years.

[SouthJamaica]

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@nycfico wrote:

Here are the facts from my credit report,

1% utlization

AA0A:  6.8 years

Oldest account:  23 years

Newest account (installment car loan) 10 months

Percentage paid on my one installment loan:  48% (I pay extra each month)

Collections:  None

Liens:  None

Late payments:  1 for 30 days in November, 2018)

Inquiries:  6 (1 in February 2020, 3 In July of 2019 two in late 2018)

So, aside from one 30 day late payment, I have a pretty much perfect credit report.  Four credit cards (only one, Amex, reports a balance each month) with an installment loan.

I'm planning to apply for a mortgage and won't even get the best rates, because of a stupid mistake about a year and a half ago with a card I've had for about ten years and never been late on.  This 30 day late is costing me basically 100 points.

SO FRUSTRATING!!!

---

What do you mean "731 FICO score"?

There are 3 mortgage scores, EX2, EQ5, and TU4.

What are they?