I need to add 17 points to score fast!

[Anonymous]

I had a detailed conversation with a loan officer.  He was kind enough to look at my myFico report and advise me.  He said he could get around my derogs with no problem but my score for the bureau he would pull is 17 points shy of approval.  I desperately need this refi deal because my auto loan is a shameful subprime rate.  He can cut the rate in half! I can’t do anything about the derogs right now but have a plan that's in the works.  So what else can I do?  I have two new secured cards that report for the first time this month.  These are my first credit cards on my report. My current auto loan is perfect and my other installments are also perfect.  He said to keep utilization below 30%, pay on time, and pay more than the minimum.  Anyone have any additional advice that can help me add the 17 points quickly?

[Revelate]

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@Anonymous wrote:

I had a detailed conversation with a loan officer.  He was kind enough to look at my myFico report and advise me.  He said he could get around my derogs with no problem but my score for the bureau he would pull is 17 points shy of approval.  I desperately need this refi deal because my auto loan is a shameful subprime rate.  He can cut the rate in half! I can’t do anything about the derogs right now but have a plan that's in the works.  So what else can I do?  I have two new secured cards that report for the first time this month.  These are my first credit cards on my report. My current auto loan is perfect and my other installments are also perfect.  He said to keep utilization below 30%, pay on time, and pay more than the minimum.  Anyone have any additional advice that can help me add the 17 points quickly?

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Let them report and that's likely 17 points right there.  

Look around in the forum for "optimal" (or close to anyway) reported balances, though it's somewhat better with 3 revolving tradelines I wouldn't add anything right now if your primary goal is to refi the car.  Also the myFICO score might not be the one that he pulls, but tacking on a pair of credit cards (with no prior revolving history) is good regardless of model selected... and very good on the more recent ones.

[Anonymous]

That is great news that new cards might add17 points. You also answered what I wondering (if adding something else new would hurt or harm). I will search for optimal reported balances.

[AndySoCal]

A couple of things to keep in mind the Equifax from MYFICO is 2008 which is not used for mortgage loans.  Secondly the score the loan officve will use is the middle of the three scores reported by the bureaus.  Had the new credit card reported on the credit report you showed the loan officer ? If not those will new2 cards will affect your score. I doubt if it will boost it any. most likely you will lose a few points. ( it might raise it  depending on your credit history)

[Anonymous]

No the 2 new cards arent showing yet.  This is not for a mortgage.  Im trying to refinance my car.  The officer told me that the credit union will pull EQ only for a refi.  So I need to add 17 points to EQ.  myFICo says my EQ is 603 and the cu wants 620.  Im trusting myFICo is accurate because myFICO TU exactly matches the score Barclaycard had for my TU when I applied for their credit card.  Im hoping the 2 new cards will not lower the score.  What if I tried the overstock.com shopping cart trick folks are talking about and get a high limit (they are pulling EQ only). Will that help?  The limits on my new cards are only $200 and $500.

[AndySoCal]

Credit limits  to the exent they affect your utiliization they help your score otherwise no affect. My concern is the score model your loan office will pull versus myFICO. With the new accounts not reporting and the possible difference in the score models I am of the opinion you will need more the 20 points.

[Anonymous]

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@AndySoCal wrote:

Credit limits  to the exent they affect your utiliization they help your score otherwise no affect. My concern is the score model your loan office will pull versus myFICO. With the new accounts not reporting and the possible difference in the score models I am of the opinion you will need more the 20 point

Ok I see your point.  I guess only time will help.  I tried the overstock.com shopping cart trick and it didnt work for me.  I was trying to get another new tradeline without a hard pull. 

[Anonymous]

Hmm. My first 2 real credit cards besides my secured card reported last month, between that and the inquiry's my personal score took literally a 50 point hit because my file is so light.

[CreditDunce]

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@Revelate wrote:

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@Anonymous wrote:

I had a detailed conversation with a loan officer.  He was kind enough to look at my myFico report and advise me.  He said he could get around my derogs with no problem but my score for the bureau he would pull is 17 points shy of approval.  I desperately need this refi deal because my auto loan is a shameful subprime rate.  He can cut the rate in half! I can’t do anything about the derogs right now but have a plan that's in the works.  So what else can I do?  I have two new secured cards that report for the first time this month.  These are my first credit cards on my report. My current auto loan is perfect and my other installments are also perfect.  He said to keep utilization below 30%, pay on time, and pay more than the minimum.  Anyone have any additional advice that can help me add the 17 points quickly?

---

Let them report and that's likely 17 points right there.  

Look around in the forum for "optimal" (or close to anyway) reported balances, though it's somewhat better with 3 revolving tradelines I wouldn't add anything right now if your primary goal is to refi the car.  Also the myFICO score might not be the one that he pulls, but tacking on a pair of credit cards (with no prior revolving history) is good regardless of model selected... and very good on the more recent ones.

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+1 for FICO 08.  FICO 08 (myFico/Barclays) really hammers you if you don't have any revolving accounts on your CR.  FICO 04/98 (mortgages) don't penalize you as much for not having a good mix of credit.  I don't think the two new accounts will hurt that much with FICO 04, but I wouldn't add any more.   You need the the two CC's, but I don't know what it will do for you score.

Be sure to play the utilization game this month.  When the CC's report, one should have a balance of 0.  The second card needs a small balance reporting.  The rule of thumb is 9% or less utilization on the second card.  For example if you have two CC's with a $500 limit, one should have a zero balance and the second one should have a balance between $5-$45.

Apart from utilization, there is not much else you can do in the short term to increase you score.  If you have family members with a good credit card, they might be able to add you as an AU, but it will take time for it to report and be matched to your CR.    The best thing for your score would be to read up in the rebuilding section and try to get some of the derog's removed.  Even if you can't get them removed before this mortgage, you might be able to re-fi in a year or two for a much better rate.

Good luck.

[Anonymous]

CreditDunce that sounds like good advice. I will definitely be playing the utilization game! I won't be adding any more accounts either. For one thing I can't find any I qualify for LOL.  I did decide to dispute a recent inquiry that I do not recall authorizing. I just noticed it. Maybe that will add a point or two.