Input needed!! Sooo close!!!

[olehammer]

Read this thread...
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Installment-tradeline-utilization-thread/...

Epic discussion and data points on installment loans. If course YMMV but you're so close to 79% as it is it can't hurt to try.

Your cc's are fine as they are. Do not close anything (obviously) but I really bet you can get a CLI on the cap1s if you ask. At the very least click the links on the account to request an increase.

[Anonymous]

Based on the stats you provided, scores should be a little better.

Your AAoA should be over 2 years, you have a good credit mix, no new credit and Util is optimal.

Do you know what is dragging them down? Do you have any lates or other derogs? Maybe we can help there

Good Luck

[Anonymous]

Thanks so much you guys for baring with me-new to being active in the forum and for your time in continuing to share your knowledge! Hubby and I are setting up a game plan to get our auto loan 79% or lower and will be certain to check with Cap1 on a CLI.

A little backstory to explain why our scores aren't as high as they should be- We do have a BK Chap 7 on our report (filed 4/22/13 discharged 7/24/2013) so we'll be 3 yrs out from discharge this July. The only other baddie is a 30 day late but is from 8/2014, so (from what I understand) its impact on score is more minimal at this point. I did try to goodwill letter the crap out of Cap 1, but with no luck. Other than the 2 items mentioned above, there isn't a single other negative item to report. We've paid absolutely perfect and kept low util (we make sure payment posts before each acct reports) We've made sure to not allow any new INQ's in over 6 months.

Our LO will pull credit in March just before house building begins and again in about August before closing. So I'm trying to make sure we have somewhat of a "cushion" score wise so everything is good at both credit pulls. LO wants a 680 mid-which we're only 4 points away from.

I also read that when you have a CC tradeline and its associated INQ reach its 1 yr anniversary that a score increase is very possible. Any truth to that? Bc the Verve card just hit 1 yr this month, and auto loan hits 1 yr next month so wondering if we could expect a boost from that also?

[olehammer]

Inquiry impacts on score begin to diminish at 6 months and completely fall off after 1 year.

I think for new credit accounts the negative impact is strongest for the first 3 months and then gradually improves up to 1 year.

The 30-day late will have a little jump at the two year mark but you'll be applying before then.

Make sure you check what date your auto loan reports so you get it down before 3/1.

[Anonymous]

 Auto loan actually reports on the 1st of every month. Payment due date is the 26th every month, so of course January's payment has already been made. However, going to post an additional payment before 2/1 and then hopefully with February's payment, we can get it under 79% before 3/1. 

Amazing news from Cap1 as well! Requested CLI and was IMMEDIATELY increased to $1150 limit from $400!! Woo hoo!!!

So between:

-Verve Card reaching 1 yr anniversary this month

-Auto loan reaching 1 yr anniversary next month AS WELL AS paying down to 79%

-Cap1 reaching 1 yr anniversary in April

-Cap1 CLI to $1150

ALONG with maintaining perfect payments, low util, no new INQ (outside of mortgage related), do you think it would be possible to see a mid score of at least 700 (current mid is 676) by July? I dont want to be stressing over 1-2 points just before closing.

[olehammer]

Good luck!  While no one can guarantee the absolute score change you will receive with these actions you are definitly moving in the right direction.

With a discharged BK on your report you will be in a "dirty" bucket until that drops off completely.  It will impact your ability to work towards a maximum score but you definitly have an opportunity to cross into the 700's.  

Best of luck!