How to get to 800? What's Holding me Back?

[Anonymous]

I will lay out my credit here hopefully someone can give me some advice on how to move up to 800 from here.

Wells Fargo 2.4k Opened in 2009
Chase Freedom 4.9k Opened in 2013
Macy's Opened $700 in 2014
Chase Slate 1.5k Opened in 2014
Local CU 7k Opened in March 2016
CU Secured Loan 3 Months 2016
Bank of America 2.5k Opened in August 2016

*Also an AU on a 17 year old Discover Card no lates on that account. Though this account shows in my report according to CCT it isn't being factored into my FICO for AAOA for some reason.

Mortgage Loan 130k Opened August 2016

Revolving Debt: $35 Had to report something!

Inquiries: 9 EX/5 TU/4 EQ
(A lot of these are for business cards and CLI's not shown because the business cards don't appear on personal credit).



Derogatory Information:
2012 (30 Day Late Wells Fargo)
2013 (30 Day Late Wells Fargo)
2013 (30 Day Late Wells Fargo)
(But these are all 4-5 years old)

FICO: 724 EX/ 744 TU/ 720 EQ

That's everything so please give me any advice you have on getting to 800 from here

[manyquestions]

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@Anonymous wrote:

Derogatory Information:
2012 (30 Day Late Wells Fargo)
2013 (30 Day Late Wells Fargo)
2013 (30 Day Late Wells Fargo)
(But these are all 4-5 years old)

FICO: 724 EX/ 744 TU/ 720 EQ

That's everything so please give me any advice you have on getting to 800 from here

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Even though your derogatory info is not recent, if it puts you on a dirty scorecard it might be capping your upper limit.,  I don't recall if a score can get over 800 with any derogatory info.  

[newhis]

You need time.

Follow the general rule for max points: let all cards report $0 but 1, that one report a very small balance.

Because you have a mortgage the Secured Loan is not helping your credit mix. We don't know the balance or original amount on your secured loan, or your balance on your mortgage, so we can't give you an idea to what to do with them to get some extra points.

[SouthJamaica]

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@Anonymous wrote:
I will lay out my credit here hopefully someone can give me some advice on how to move up to 800 from here.

Wells Fargo 2.4k Opened in 2009
Chase Freedom 4.9k Opened in 2013
Macy's Opened $700 in 2014
Chase Slate 1.5k Opened in 2014
Local CU 7k Opened in March 2016
CU Secured Loan 3 Months 2016
Bank of America 2.5k Opened in August 2016

*Also an AU on a 17 year old Discover Card no lates on that account. Though this account shows in my report according to CCT it isn't being factored into my FICO for AAOA for some reason.

Mortgage Loan 130k Opened August 2016

Revolving Debt: $35 Had to report something!

Inquiries: 9 EX/5 TU/4 EQ
(A lot of these are for business cards and CLI's not shown because the business cards don't appear on personal credit).



Derogatory Information:
2012 (30 Day Late Wells Fargo)
2013 (30 Day Late Wells Fargo)
2013 (30 Day Late Wells Fargo)
(But these are all 4-5 years old)

FICO: 724 EX/ 744 TU/ 720 EQ

That's everything so please give me any advice you have on getting to 800 from here

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1. Get rid of derogatory items, possibly by sending verification letters to the bureaus

2. Get your overall installment loan utilization percentage down; you will be maximized when you get down to 9% or less

3. Make no credit applications for 13 months

[Anonymous]

Newhis - The Secured loan was only opened for 3 months in 2016 because prior to that I had no loan credit mix it was to help the score for my mortgage even if just a few points. It was for $1,500 and was PIF as of the day of my mortgage. But as a point of reference there are data points that show having 2 different types of loans reporting will be an additional boost rather than hurt you Example: a mortgage and auto loan reporting or auto and student loan reporting.

SouthJamaica -I disputed them but came back verified. I just sent out a GW letter yesterday because I've been a customer with them for awhile.

For the mortgage starting loan balances was 117k and current balance is 115k I don't really understand this because we've made about 6k in payments since taking it out.

I can do no Hard Pulls for 13 months it will be a little hard because I do want CLI's and some like Chase do a HP for that.

[newhis]

I don't know much about mortgage, but I think most of your payment goes to interests, at least when you start paying.

As your mortgage balance goes down your score will go up, 115/117=98.29%. I think you start getting some points when you get lower than 90%, but I'm not sure.

[jamie123]

Your best bet is to just sit tight and pay all your bills on time for the next 2 to 3 years. The late payments are holding your scores down and you won't hit 800 until the last one falls off. (You will get the biggest bump when the last one falls off leaving you with a clean file.)

Quit apping for credit unless you really need it. Your AAoA is pretty low with all those new CC apps.

[Anonymous]

AAOA is 3 years I think it said I get a bump at 4 years and new apps don't always mean new accounts reporting

[NRB525]

Thanks for posting all the info, your file looks like it is on the right path.

As other have pointed out, as long as those lates are on your file, it will cap your highest possible score to something well below 800. As they drop off, when the last one drops off, you should see a very nice boost.

Continue to pay on time. Rule number 1 of credit: Always pay at least the minimum payment on time.

Good luck!

[Anonymous]

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@Anonymous wrote:
I will lay out my credit here hopefully someone can give me some advice on how to move up to 800 from here.

Wells Fargo 2.4k Opened in 2009
Chase Freedom 4.9k Opened in 2013
Macy's Opened $700 in 2014
Chase Slate 1.5k Opened in 2014
Local CU 7k Opened in March 2016
CU Secured Loan 3 Months 2016
Bank of America 2.5k Opened in August 2016

*Also an AU on a 17 year old Discover Card no lates on that account. Though this account shows in my report according to CCT it isn't being factored into my FICO for AAOA for some reason.

Mortgage Loan 130k Opened August 2016

Revolving Debt: $35 Had to report something!

Inquiries: 9 EX/5 TU/4 EQ
(A lot of these are for business cards and CLI's not shown because the business cards don't appear on personal credit).



Derogatory Information:
2012 (30 Day Late Wells Fargo)
2013 (30 Day Late Wells Fargo)
2013 (30 Day Late Wells Fargo)
(But these are all 4-5 years old)

FICO: 724 EX/ 744 TU/ 720 EQ

That's everything so please give me any advice you have on getting to 800 from here

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I don't know if this will help, but I just reached 801 on EX Fico 8.  As far as negatives, like you, I have 3 30-day lates: one in  Oct 2010 due to fall off this year and 2 early 2011 which will fall off early 2018. These are the only negatives on EX.  Now on EQ and TU, not only do I have the same 3 30-day lates, but in addition, I have 1 PIF PR tax lien..  EX doesn't have the PR tax lien.  

I would also note that I added some 7 new accounts late last year.  My AAoA (over 13 yrs) was excellent before adding those new accounts and it dropped to a little over 9 yrs (dropping it from a rating of excellent to very good) after all the new accounts reported.  Seeing how well my Fico 8 scores have moved lately, I'm now inclined to believe that I may actually reach 800 on the EQ and TU even with the PR tax lien.  Having said that, I continue to work to get the PR removed.

If your AAoA is low, it will take longer I would think for you to reach 800 as your history has yet to be established. I'm more inclined to think a low AAoA will hold the scores back longer than 4-5 year old 30 day lates (60+days or more is a different story all together). If your AAoA is low - only no additional app'ing and time will cure it.

I would also note that though I PIF each month, up until last month, most of my cards reported a balance.  Last month I only had 3 CCs reporting a balance and this month, there will only be 1 CC reporting a balance.  So, in no means was I maximizing fico scoring, even so, EX still reached 800.  I do,  intend to maximize fico scoring going forward.

So it is possible to get into the 800's with 30day lates (atleast for my profile).  I would think however, it is less likely with 60+ day or more lates as these are considered "serious" negatives from a fico scoring standpoint.  Ofocurse, that's just my guess.  

IIRC, around the fall of 2016, I was rebucketed just as I cross into the low 700's. It took about 6 months for my scores to start showing significant upward movement.  You may experience similiar.  Just continue to PIF, on time, and more than the minimum and your scores will improve .

...as with everything YMMV.