Mortgage FICO 2 not moving- 13 days left.

[Thomas_Thumb]

The # cards reporting balances has a very small impact on EX Fico score 2 compared to individual and aggregate UT. Although the OP did pay off some lower balance cards a couple higher limit cards were left in max out territory (90% and 87%). An outstanding total balance of $27,450 on a total CL of $61,160 puts OP's aggregate UT at 45% (OP list 13% which is in error). Unfortunately the OP may now be almost at the deadline for improving score.

A single individual card in Max out territory drops score greatly. It would have been better for OP to have more cards with balances and get all cards well below max out UT. This is particularly true for EX which is less sensitive to # accounts with balances. A nice score increase will be realized when all cards are below 69% UT and aggregate UT drops below 29% - IMO.

Not sure where the OP is getting Fico scores. Depending on source, EX Fico score 2 may not be updating although Fico 8 scores may change.

 

[Anonymous]

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@Thomas_Thumb wrote:

The # cards reporting balances has a very small impact on EX Fico score 2 compared to individual and aggregate UT. Although the OP did pay off some lower balance cards a couple higher limit cards were left in max out territory (90% and 87%). An outstanding total balance of $27,450 on a total CL of $61,160 puts OP's aggregate UT at 45% (OP list 13% which is in error). Unfortunately the OP may now be almost at the deadline for improving score.

A single individual card in Max out territory drops score greatly. It would have been better for OP to have more cards with balances and get all cards well below max out UT. This is particularly true for EX which is less sensitive to # accounts with balances. A nice score increase will be realized when all cards are below 69% UT and aggregate UT drops below 29% - IMO.

Not sure where the OP is getting Fico scores. Depending on source, EX Fico score 2 may not be updating although Fico 8 scores may change.

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I have till this Friday the 28th -I am bound and determined to get this done.  (Side note: As long as I am in escrow with a property .:smileyvery-happy: but it still has to happen quickly. (I will do a rapid rescore once I make the payments that I am referencing below and it will be very close but I am sure I will be ok)

Given that I have paid off the small balance cards, andpaid down another $1,300 on the larger balance card remaining, I am now down to an aggregate UT of 39.59% today.

The only way to get to this point you have mentioned is if I pull a rabbit out of my hat with another $6K (which I could do but will be very tight!)

Paying down 6K more will reduce both final cards to being under 69% UT and for the aggregate UT of 29.58%.

Is that enough? or do I have to be under 29?

Final question- is this how you would apply the 6K? 

To answer the question regarding where I received my scores: my lender ran an updated report for me and I ran a myfico report and they were nearly identical to each other. Equifax 603, Trans 674 and Exp 604

[DollyLama]

29% will not cross that threshold of a score bump,  you need to be under 28.9 aggregate, so also factor in how much interest is being added to your account and give yourself a cushion to make sure it will be reported with interest under the 28.9. If you can squeeze out an additional $800 with the 6k, pay the smaller CC that is sitting at 54% down to 48.5% (cushion for interest), so individually that card will cross a threshold of <48.9 of its' individual credit limit. Apply remainder to the larger one just to be sure no surprises with interest that will report you as 70.1%. 

Your aggregate should then also be under the 28.9 total. You will see score bumps, however I'm not really sure it will jump 26 pts or more to get the middle mortgage to 630. 

Without time to goodwill the lates instead of the validated dispute, and no additional funds to get all paid to 0 except one, and that one account only reporting less than the 8.9% of its' individual line of credit, it's about the best you can do now. 

[Anonymous]

Thank you, this was all so helpful. Payments made, so now I am waiting on them to post and then will give to the lender for a rapid rescore.

I paid enough down (including a cushion for interest) so that I am at 47% on the one as directed and 67% on the other, bringing both to less than 28% aggregate UT for (crossing fingers) credit score change. 

if it doesnt work, at least my debt has significantly improved. 

Hopeful it will.

[Thomas_Thumb]

Make sure the payments get reported to the CRAs not just posted to your accounts. 

We look forward to seeing your results.

Good luck.

[Anonymous]

It worked! well beyond my expectations! THANK YOU ALL so much.  Right at the last minute. 

EQ 645

Transunion 710

Experian 609 * so this one needs time to update but otherwise, it all is great!

I really appreciate everything from everyone.

I also may never use a credit card again but that was a lesson learned well.

[Thomas_Thumb]

Excellent! Glad things worked out for you.

P.S. It is important to use credit periodically to maintain good credit. Don't abandon credit cards - just manage them and develop a pay in full (PIF) habit regarding statement balances. Perhaps cull the herd a little if it will help in managing your account portfolio. Best to keep your oldest card and a couple high limit cards as the high limits can help hold down aggregate utilization.