How to Increase my score

[Anonymous]

I was wondering what would be a good way to increase my credit score.

EQ is 701

TU is 660 ( due to Verizon Charge Off which I am still trying to get it removed)

EX is 664.

My revolving credit is only 1700 dollars which I paid about 1400 this month on my credit card. so by end of the month I should have about 400 bucks as revolving credit.  I am trying to refinance since the mortgage rate is low that would be a good way to increase my score in next 2 to 3 months?  Do u think secure credit card from Bank of America will increase the score? 

[Anonymous]

hi Dhaval,

the Secure credit card might ding a few points when it first reports, but if you report less than 9% or $0 on your CC when they report it to CRA, eventually, it will help increase your score.

Also you want to keep your revolving debt to be less than 9% of your total CL.

[Anonymous]

Any idea how much score jump I will get if I pay my Util below 10 percent?

[itsjustmeibe]

Are you going FHA or Conventional? FHA min score of 620 will get you the best rates. Have you talked to a loan officer yet? You can get information about your options without them pulling your credit, just by giving them your scores.

[Anonymous]

I currently have a conventional loan and would like to stay with conventional loan.  here i some disadvantages i found. my only concern is number 3. 

Disadvantages:

1)You will normally be required to carry the mortgage insurance premium longer than conventional financing at least in a market where homes are appreciating in value steadily. This is because the appreciated market value of the home is not considered when the mortgage insurance is dropped. FHA will allow you to drop the mortgage insurance once you pay your loan balance down to 78% of the original purchase price. Conventional loans will allow you to do this the same way but they will also take into account the appreciated market value with an appraisal.

2) FHA requires an up front mortgage insurance premium (UFMIP) equal to 1.5% of the base mortgage amount. The UFMIP premium works like autombile insurance in that if you sell the home or refinance within a certain period of time you will receive a refund on the unused portion.

3) In a sellers market or a market where there is a high demand for new and used homes, FHA financing can be a bit of a disadvantage to you. This is because FHA has more requirements concerning the condition of the home. For the seller this means a potential for work orders and thus less profit. If you are in a sellers market and there are multiple offers to consider, a seller may consider taking a conventional offer over the FHA offer for this reason. In my mind if you are in this type of a market, this is the biggest disadvantage since competition can be pretty fearce anyway.

[Anonymous]

How many credit cards total, with limits/balances?

If it's 1 CC with $1700 limit and (previously) $1400 balance - You went from 82% to 23% (or so). I'd guess AT LEAST a 30 point increase? If you went from 23% to 1-9%, you'd probably see another 10-15 points.

That, of course, is a complete guess. It all varies on what else is on your report. If you have more than 1 CC, then you can ignore what I just typed.

[Anonymous]

I hope I get a big jump since Verizon decided to remove charge off from all 3 CRA. Plus my overall Util will be less then 9 percent.

[PayingTheBills]

make sure you update us with your new scores when you get them!

[Anonymous]

After verizon removed my charge off My score went from 660 to 714.

[llecs]

Congrats!