Need ideas to bump score without adding new trade

[redbullinf]

My wife and I want to begin mortgage process within a few months.  Her FICOs all hover around 800, and pulled a 752 Powerscore (04). 

The situation with my credit is my FICOs all around 670.  I have a thinner file, AAoA 9 years due to past mortgage and car loans.  Have had 1 credit card for 2+ years and 1 as of March.  One is at zero balance the other is about 22%

I have a 2010 $305 Mediacom cable collection (unpaid out of principal....claimed I didnt return equip when we did, and I cant prove otherwise) and a closed 2010 paid for less than full amount account from Comenity/American TV

I have read that the closed Comenity acct really isnt affecting my score, and due to the thin file, I am leery of GW a deletion of tradeline.  Aside from getting my utilization down on the one card to 8-9% (its a $17.5 limit, and $4,000 balance) any other suggestions to pump up scaore?  Obviously applying for anything out of the question.

Current tradelines are 2 revolving CC's, 2 installment and a mortgage.

thanks!

[Kenny]

Pay the other card down to between 1-9% and you should see some sort of bump. The only other way to bump more (and this is really the big one) is to get rid of the collections either by PFD or goodwill.

These are the only ways that I would conjecture could raise your score other than time.

[MarineVietVet]

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@redbullinf wrote:

My wife and I want to begin mortgage process within a few months.  Her FICOs all hover around 800, and pulled a 752 Powerscore (04). 

The situation with my credit is my FICOs all around 670.  I have a thinner file, AAoA 9 years due to past mortgage and car loans.  Have had 1 credit card for 2+ years and 1 as of March.  One is at zero balance the other is about 22%

I have a 2010 $305 Mediacom cable collection (unpaid out of principal....claimed I didnt return equip when we did, and I cant prove otherwise) and a closed 2010 paid for less than full amount account from Comenity/American TV

I have read that the closed Comenity acct really isnt affecting my score, and due to the thin file, I am leery of GW a deletion of tradeline.  Aside from getting my utilization down on the one card to 8-9% (its a $17.5 limit, and $4,000 balance) any other suggestions to pump up scaore?  Obviously applying for anything out of the question.

Current tradelines are 2 revolving CC's, 2 installment and a mortgage.

thanks!

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Hello and welcome.

I agree with Kenny that these two items are hurting you the most. You can definitely tweak your scores with proper utilization management but those negatives are dragging you down.

Being added as an AU to one or more of yuor wife's accounts can help IF the account is older than any of yours (older than your current AAoA is even better), IF the payment history is long and clean, IF the utilization is very low, and IF it will report to the CRA's. Not all cards will do this. You need to ask the company first. You will inherit the entire history of this account. One caveat however; if this account starts to go south your credit will be affected as well. Keep that in mind.

[redbullinf]

Thanks folks. I have tried GW those 2 to no avail. Although still trying I am operating on assumption it may not happen. I tried many times to PFD for the mediacom to no avail.

My wife has Amex accounts dating back to 99 however I thought that falsely fluffs my score and AU accts arent weighed as part of the mortgage process. Maybe as a joint account holder though? We decided not to as even though they are backdated to 99 they were just reopened last year

[MarineVietVet]

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@redbullinf wrote:
Thanks folks. I have tried GW those 2 to no avail. Although still trying I am operating on assumption it may not happen. I tried many times to PFD for the mediacom to no avail.

My wife has Amex accounts dating back to 99 however I thought that falsely fluffs my score and AU accts arent weighed as part of the mortgage process. Maybe as a joint account holder though? We decided not to as even though they are backdated to 99 they were just reopened last year

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It can't hurt you IMO to be an AU, depending on the criteria I listed, but it might just help.

And you can always have yourself removed as an AU.

Work on those negatives though. That should be your #1 priority.

[NRB525]

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@redbullinf wrote:
Thanks folks. I have tried GW those 2 to no avail. Although still trying I am operating on assumption it may not happen. I tried many times to PFD for the mediacom to no avail.

My wife has Amex accounts dating back to 99 however I thought that falsely fluffs my score and AU accts arent weighed as part of the mortgage process. Maybe as a joint account holder though? We decided not to as even though they are backdated to 99 they were just reopened last year

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I'm no expert at fixing items on credit reports, but if you can document you've tried to pay this Mediacom thing off and they won't let you, isn't there some appeals process to get the CRA to at least note and minimize it? Otherwise, it's a millstone you can't get rid of for several years.

[CreditDunce]

With current FICO models, AU accounts don't count for much.  However, mortgages don't use current FICO models.  An AU account works almost as good as a normal account for mortgages.  But I don't think Amex will work in this case.  Most AU accounts inherit the entire trade line.  Amex AU accounts are reported as new trade line.  You will not get the full account history.  Amex only backdates for the primary card holder.

Just about any other credit card with good history should work as an AU account.   Even if your wife has an old store card with pristine history.    It might take several months before they show up on your credit report.   But most CCC's do report AU accounts now.   

Also be aware, some mortgage lenders do not allow AU accounts.  They require you to remove them before they run your credit.  You can find lenders that do allow AU accounts, but it may limit the mortgage lenders you can work with.  They will also probably require you to resolve any disputes before running your credit.

Lastly, you probably have some room to increase your credit score.  However, you might have a ceiling with the derog's.  In other words, no matter how many good accounts you add to your credit report, your score may not budge much over X.   However, high X is.  I think you really need to try to address the baddies.  Not addressing them may cost you more in interest than PFD would.

[redbullinf]

thanks again.

The 1 derog is a Comenity account that was settled for less than full amount and closed in 2010.   I have GW'd and continue to, however it may not happen.  I have read they are tough.   The Mediacom one I have tried countless times to PFD both directly with Mediacom and their CA.  Even though I DID return equipment, I WOULD pay if they agreed to a PFD as its only $300.  But I refuse to pay it, just to have it update and stay on.

I appreciate everyones input. I think I will just pay my utilization down to 5-9% and see what happens.

[redbullinf]

adding:   I just purchased my Equifax Power Score and its 699 vs. 672 here on MyFico

[fungoman]

I am almost positive the EQ04 model will count AU accounts. I would add yourself to your wifes accounts as an AU and you may be able to piggyback a boost in the mortgage models.