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Hi,
my current Fico scores are in mid to low 700s (mortgage related) and want to bring it closer to 800 mark.
I currently have 3 credit cards. With the combine limit around 1000. I try to keep the balance around $10
dont have any other loans or mortgages.
please advise how to improve my credit score without impacting it negatively as I am planning to secure a mortgage soon.
Thanks in advance
My current mms is 727 and I am just reporting balance of less than $10 on one credit card... these are the factors impacting my middle mortgage score
Question when did you open the credit card accounts?
The score factors are stating you recently were looking for credit a short credit history can be due to newly opened accounts
and or the average length of time these accounts were opened.
Question: Do you have any acounts with missed payments or comments that might be considered derogatory?
The second score factor is indicating this.
Question what is your credit utilization? To calculate this it is the balance owed on revolving account divided by the total credit limits on revolving accounts.
Initial advice is stop applying for new credit for now.
I just spoke with a mortgage banker yesterday about my situation. My mms is 729 and he said the rate is 2.75 conventional with a 720 and score of 740 will get you the best rate which is 2.65. He was adamant that 740 gets the best rate.
@tparvaiz wrote:My current mms is 727 and I am just reporting balance of less than $10 on one credit card... these are the factors impacting my middle mortgage score
- You've recently been looking for credit.You have missed payments or derogatory indicators on your credit accounts.You have a short credit history.You have too few or too many credit accounts.thanks
@tparvaiz 727 is not bad. According to your negative Reason Codes, the inquiries are harming your score the most and that will resolve itself 365 days from each inquiry.
any missed payments are harming you the most next. Whenever your most recent missed payment was, you get points back at 6 months 12 months and 24 months.
reason number 3, you can't do nothing but wait your file is young.
Reason number 4 is because you don't have very many accounts which is why you added some previously. It's telling you that you would gain points from adding more accounts. The flipside is it would also cost you points as a result of the inquiry and reduction in aging and it will extend the new account penalty that you're already under. That's why I told you previously to get them and then you have to stop and let some age go by.
now you need to wait for some of those inquiries to drop off and the score will go up. I know you're in a hurry so that's the best thing you can do at this point while maintaining one card reporting a small balance.
we could examine your other reason codes.