Need help boosting my middle score to 23 points!!

[Anonymous]

Hey everyone.  I'm new to the Fico forum and need some recommedations on how to gain 23 points on my middle score for conventional loan.  I'm trying the AZEO method to see if it will help with the boost.  Below is what is currently my credit balance but not showing up on my credit report yet since I just paid down these balances about a week ago.

Capital 1 Buypowercard- $1250 limit- $0 balance

Capital 1 Platinum Mastercard- $750 limit- $15 balance

Capital 1 Quicksliver- $500 limit- $0 balance

Credit One- $400 limit- $0 balance

My credit shows the following:

Fico 8: Equifax-612, Transunion-589, Experian-655

Fico 5,4,2: Equifax-585, Transunion-641, Experian-597

My equifax scores are messed up because some reason it's pulling two cards I had to get replaced because my wallet got stolen in October and my new replacement cards at the same time causing the utilization to be higher than what it actually is.  I've disputed this a week and half ago with equifax so I'm awaiting those results.  I have a Waypoint(Comcast) thats in collections thats paid in full showing on my Equifax and Transunion.  I was able to get it deleted on Experian yesterday and boosted my score 41 points on Fico8!  I disputed it on Equifax and Transunion so waiting for those results as well.  I have a Verizon closed account showing on my Transunion and Experian which I tried to get it removed with a goodwill letter, but Verizon didn't budge.  I have Capital One closed account that shows on my Transunion and Experian from 8/2014 which I'm disputing at the moment.  Citicard Closed account on my Equifax and Transunion from 1/2015 which I'm disputing, and last NJ Class loan with delinquents from Feb-May 2019 and Oct-Nov 2019 which I had a hard time paying since I was out of work for all of that year and finally working again.  I emailed them today to see if they can remove the delinquents due to hardships.  I just wanted to know if I'm on the right track because I'm trying to get a house with my wife but I'm 23 points from conventional.  Any suggestions I would appreciate.  Thanks in advance!

[AllZero]

Can you advise what was your reported individual and aggregate utilization?

[donkort]

I hope the disputes get the same result with Equifax and TransUnion as you did with Experian.  That just might bring your score up to the required 620.  

[Anonymous]

Not sure what aggregate utilization is but my total credit is $7,900 and only using $15 of that.  I have a (Major Financial) Jewelry account that has a 0 balance as well.

[AllZero]

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@Anonymous wrote:

Not sure what aggregate utilization is but my total credit is $7,900 and only using $15 of that.  I have a (Major Financial) Jewelry account that has a 0 balance as well.

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@Anonymous  We are looking for the previous credit report utilization data . Thus, we can estimate your future score gain and answer your question.

If all else stays constant at $15/$7,900, we know your future reporting utilization data.

What were the balances of the below on your previous credit report? List out all your cards and balances/credit limit. Include the Jewelry account:

Capital 1 Buypowercard- $1250 limit- $0 balanace

Capital 1 Platinum Mastercard- $750 limit- $15 balance

Capital 1 Quicksliver- $500 limit- $0 balance

Credit One- $400 limit- $0 balance

[Anonymous]

I'll ask also, what were your grounds for disputing the accounts you mentioned? Were they fraudulent or reporting incorrectly?

I ask because if they were proper but you are disputing in the hopes that they'll come off, you may get lucky with that result. More often though, disputing accounts that are reporting correctly usually comes back to bite you in the butt. They are removed from your report during the dispute, and once they're found to be proper, they're reentered and appear to the scoring algorithms to be "new", which can cost you additional points. I'm wondering if this is the case with the one that disappeared from Experian. I hope not, but watch for it. And if this was disputing in the hopes for a delete, I would strongly urge you not to do it in the future, as it can cost you in the long run.

Good luck with it all, and please follow up with what @AllZero requested so we can help you gauge the gains you might get from paying down your cards.

[Anonymous]

Got it! So below were my balances on my previous credit report

Capital 1 Buypwercard- $1250 limit, $18 Balance

Capital 1 Mastercard- $750 limit, $195 balance

Capital 1 Quicksilver- $500 limit, $479 Balance

Credit One- $400 limit, $382 balance

Major Financial(Jewelry Club)- $5000 limit, 0 balance

[Anonymous]

QS and Credit One were maxed out (defines as being at or over 88.9% of their limit), so they were definitely hurting you. Paying down your accounts as you stated above I would think could gain you 25 points, maybe more, on F8 scores. The fact that you increased the number of zero-balance accounts bodes well for your mortgage scores. They love zero balances. I can't really guess what the change will be - I just haven't watched enough before/after mortgage score adjustments to tell you reliably, but it's definitely a move in the right direction.

[AllZero]

Account	Balance	Limit	Utilization
Capital 1 Buypwercard	18	1250	1%
Capital 1 Mastercard	195	750	26%
Capital 1 Quicksilver	479	500	96%
Credit One	382	400	96%
Major Financial(Jewelry Club)	0	5000	0%
Total	1074	7900	14%

• You had two maxed out cards.
• Your aggregate utilization will cross one threshold 8.9%. Estimate ~10-15 point gain.
• Your two individual utilization accounts will cross four thresholds. (88.9, 68.9, 48.9, 28.9) I can't recall exactly how two accounts will factor into scoring. Estimate ~20 point gain
• You also had a score penalty of 50% or more of accounts reporting a balance. You have reduced it down to 20% of accounts reporting a balance. You can expect a score gain. How much. I'm not quite exactly sure because of your score card.

If on a clean score card, estimate ~30-35 point gain for FICO 8. EX2, TU4, EQ5 should be in the same ball park.

Since you are on a derogatory score card. I'm not quite sure. However, if you are seeking 23 points. I think you have a good chance of obtaining it.

Please do report back once you get your new scores.

[AllZero]

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@Anonymous wrote:

QS and Credit One we're maxed out (defines as being at or over 88.9% of their limit), so they were definitely hurting you. Paying down your accounts as you stated above I would think could gain you 25 points, maybe more, on F8 scores. The fact that you increased the number of zero-balance accounts bodes well for your mortgage scores. They love zero balances. I can't really guess what the change will be - I just haven't watched enough before/after mortgage score adjustments to tell you reliably, but it's definitely a move in the right direction.

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Excellent advise. I agree, mortgage scores love AZEO.