Mortgage FICO score increase advice

[DSTforlife]

and everything else is good on her file.  just one late payment from January 2017.  she has a mortgage and a car loan reporting.

[gdale6]

Hi there OP,

I have merged your two threads on the same subject into one here in UFS. Please refrain from cross posting the same thing in different boards as it can lead to confusion by the members and its not inline with our TOS. I thank you for your understanding on this.

[SouthJamaica]

---

@DSTforlife wrote:

thank you!

She sent me her info last night, and I took the time to create a spreadsheet showing how best to optimize her pay-downs.  This is what I came up with.  I took both of your advice and brought all of her cards down to 48% and then with what was left over, brought other cards directly to zero.  I skipped over 28% altogther since zero balances are more important.  Here is what i came up with.  She has 14 tradelines....not sure where I got 8 from.    But, anywho, this gets her down to having 8 tradelines with balances at 48% or lower, and 6 with zero balance.  do you think this is the right approach?

I'm thinking about charging her a credit analysis fee for my troubles.  

Trade Line	credit limit	48% balance	current balance	amount to pay to get to 48%	balance left	additional amount to pay to get to 0	TOTAL TO PAY ON EACH CARD	FINAL BALANCE LEFT	% Util
TL 1	2,500	1,200	1,526	326	1,200		326	1,200	48.0%
TL 2	2,000	960	1,757	797	960	960	1,757	-	0.0%
TL 3	4,500	2,160	4,026	1,866	2,160		1,866	2,160	48.0%
TL 4	7,500	3,600	5,887	2,287	3,600		2,287	3,600	48.0%
TL 5	16,000	7,680	14,031	6,351	7,680		6,351	7,680	48.0%
TL 6	5,500	2,640	4,400	1,760	2,640		1,760	2,640	48.0%
TL 7	9,000	4,320	7,800	3,480	4,320	4,320	7,800	-	0.0%
TL 8	2,600	1,248	1,600	352	1,248	1,248	1,600	-	0.0%
TL 9	2,500	1,200	1,058	-	1,058		-	1,058	42.3%
TL 10	5,400	2,592	2,054	-	2,054		-	2,054	38.0%
TL 11	10,000	4,800	9,160	4,360	4,800		4,360	4,800	48.0%
TL 12	6,000	2,880	5,641	2,761	2,880	2,880	5,641	-	0.0%
TL 13	1,100	528	-	-			-	-	0.0%
TL 14	3,900	1,872	-	-			-	-	0.0%
TOTAL	78,500	37,680	58,940	24,340	34,600	9,408	33,748	25,192	32.1%
% utilization (aggregate)			75.08%		44.08%			32.09%

---

It's certainly a good approach. 

[Thomas_Thumb]

---

@DSTforlife wrote:

thank you!

She sent me her info last night, and I took the time to create a spreadsheet showing how best to optimize her pay-downs.  This is what I came up with.  I took both of your advice and brought all of her cards down to 48% and then with what was left over, brought other cards directly to zero.  I skipped over 28% altogther since zero balances are more important.  Here is what i came up with.  She has 14 tradelines....not sure where I got 8 from.    But, anywho, this gets her down to having 8 tradelines with balances at 48% or lower, and 6 with zero balance.  do you think this is the right approach?

I'm thinking about charging her a credit analysis fee for my troubles.  

Trade Line	credit limit	48% balance	current balance	amount to pay to get to 48%	balance left	additional amount to pay to get to 0	TOTAL TO PAY ON EACH CARD	FINAL BALANCE LEFT	% Util
TL 1	2,500	1,200	1,526	326	1,200	1200	1526    326	- 1,200	0.0% 48.0%
TL 2	2,000	960	1,757	797	960	960	1,757	-	0.0%
TL 3	4,500	2,160	4,026	1,866	2,160	2160	4026 1,866	- 2,160	0.0% 48.0%
TL 4	7,500	3,600	5,887	2,287	3,600		2,287	3,600	48.0%
TL 5	16,000	7,680	14,031	6,351	7,680		6,351	7,680	48.0%
TL 6	5,500	2,640	4,400	1,760	2,640		1,760	2,640	48.0%
TL 7	9,000	4,320	7,800	3,480	4,320	4,320	3800 7,800	4000        -	44.4% 0.0%
TL 8	2,600	1,248	1,600	352	1,248	1,248	1,600	-	0.0%
TL 9	2,500	1,200	1,058	-	1,058	1058	-	- 1,058	0.0% 42.3%
TL 10	5,400	2,592	2,054	-	2,054	2054	-	- 2,054	0.0% 38.0%
TL 11	10,000	4,800	9,160	4,360	4,800		4,360	4,800	48.0%
TL 12	6,000	2,880	5,641	2,761	2,880	- 2,880	3275 5,641	2366   -	39.4% 0.0%
TL 13	1,100	528	-	-			-	-	0.0%
TL 14	3,900	1,872	-	-			-	-	0.0%
TOTAL	78,500	37,680	58,940	24,340	34,600	9,408	33,748	25,192	32.1%
% utilization (aggregate)			75.08%		44.08%			32.09%

---

There are a few changes that should be made as follows:

1) Minumum payments must be made on all cards to avoid additional fees and late Derogs.

2) More cards should be paid down to zero by reducing payments on high limit, high balance TL cards

 * pay down TL1, TL2, TL9 and TL10 to zero.

* Reduce payments on TL7 and TL11

3) Having less than 50% of cards with a balance (total 6 of 14) is good!

[SouthJamaica]

---

@Thomas_Thumb wrote:

---

@DSTforlife wrote:

thank you!

She sent me her info last night, and I took the time to create a spreadsheet showing how best to optimize her pay-downs.  This is what I came up with.  I took both of your advice and brought all of her cards down to 48% and then with what was left over, brought other cards directly to zero.  I skipped over 28% altogther since zero balances are more important.  Here is what i came up with.  She has 14 tradelines....not sure where I got 8 from.    But, anywho, this gets her down to having 8 tradelines with balances at 48% or lower, and 6 with zero balance.  do you think this is the right approach?

I'm thinking about charging her a credit analysis fee for my troubles.  

Trade Line	credit limit	48% balance	current balance	amount to pay to get to 48%	balance left	additional amount to pay to get to 0	TOTAL TO PAY ON EACH CARD	FINAL BALANCE LEFT	% Util
TL 1	2,500	1,200	1,526	326	1,200	1200	1526    326	- 1,200	0.0% 48.0%
TL 2	2,000	960	1,757	797	960	960	1,757	-	0.0%
TL 3	4,500	2,160	4,026	1,866	2,160	2160	4026 1,866	- 2,160	0.0% 48.0%
TL 4	7,500	3,600	5,887	2,287	3,600		2,287	3,600	48.0%
TL 5	16,000	7,680	14,031	6,351	7,680		6,351	7,680	48.0%
TL 6	5,500	2,640	4,400	1,760	2,640		1,760	2,640	48.0%
TL 7	9,000	4,320	7,800	3,480	4,320	4,320	3800 7,800	4000        -	44.4% 0.0%
TL 8	2,600	1,248	1,600	352	1,248	1,248	1,600	-	0.0%
TL 9	2,500	1,200	1,058	-	1,058	1058	-	- 1,058	0.0% 42.3%
TL 10	5,400	2,592	2,054	-	2,054	2054	-	- 2,054	0.0% 38.0%
TL 11	10,000	4,800	9,160	4,360	4,800		4,360	4,800	48.0%
TL 12	6,000	2,880	5,641	2,761	2,880	- 2,880	3275 5,641	2366   -	39.4% 0.0%
TL 13	1,100	528	-	-			-	-	0.0%
TL 14	3,900	1,872	-	-			-	-	0.0%
TOTAL	78,500	37,680	58,940	24,340	34,600	9,408	33,748	25,192	32.1%
% utilization (aggregate)			75.08%		44.08%			32.09%

---

There are a few changes that should be made as follows:

1) Minumum payments must be made on all cards to avoid additional fees and late Derogs.

2) More cards should be paid down to zero by reducing payments on high limit, high balance TL cards

 * pay down TL1, TL2, TL9 and TL10 to zero.

* Reduce payments on TL7 and TL11

3) Having less than 50% of cards with a balance (total 6 of 14) is good!

---

Well @DSTforlife I would say @Thomas_Thumb made your good plan even better

[DSTforlife]

My sister has started implementing this plan.  I'll report back with an update as new balances start to report. 

I'd forgotten just how addictive this credit game and myfico community boards are.    

[DSTforlife]

She was able to get her mortgage mid score (Equifax) up to 699 as of yesterday. Which is a huge jump from 630 where she was. There are 3 tradelines yet to report, so she expects it to be even higher once they report since it should get her down below 28% aggregate utilization, with only 5 of her 14 revolving tradelines reporting balances, and none over 48% individual utilization. She followed the advice above exactly as offered. From her experience Equifax is always the slowest to report. Thank you so much for all of your guidance. She called me this morning....i could hear her happy dancing through the phone. :-D

[SouthJamaica]

---

@DSTforlife wrote:
She was able to get her mortgage mid score (Equifax) up to 699 as of yesterday. Which is a huge jump from 630 where she was. There are 3 tradelines yet to report, so she expects it to be even higher once they report since it should get her down below 28% aggregate utilization, with only 5 of her 14 revolving tradelines reporting balances, and none over 48% individual utilization. She followed the advice above exactly as offered. From her experience Equifax is always the slowest to report. Thank you so much for all of your guidance. She called me this morning....i could hear her happy dancing through the phone. :-D

---

I'm glad to hear it.

BTW you're a good brother

[DSTforlife]

thank you!  i'm a good sister. 

i used to play the credit scoring game way back when i was building my home back in 2014-2015.....i stayed on these boards.  so, i was happy to jump back in to help her out and knew exactly where to go for proper guidance!  it's great to see people are still willing to help others! 

[SouthJamaica]

I stand corrected; you're a good sister😊 sorry about that Ms @DSTforlife