Need to boost my score by 11 points quick

[SoCalGardener]

I remember a similar thread not long ago....however, it included some information!

If you'd share some info we'd be better able to offer suggestions. What do your scores look like right now? How much credit do you have? How many active credit cards, loans, mortgages, etc.? Tell us the limits on each CC and how much you owe so we can see where your utilization is. How long have you had each account? Is there anything bad on your credit reports? If so, how old are they and what are they?

We'd love to help, but--speaking for myself--I've misplaced my crystal ball!

[Anonymous]

Hi thanks for responding.. I'm looking into a refinance that'll save me a good chunk of change per month.. My middle score is 609 and I need it to be a 620 in large part due to my forebearance last year.. The fact I've made 3 consecutive payments is good for a conventional loan.. If I leave it at the current score I can go fha but I'd have to make 12 consecutive payments on my mortgage.. I currently have about 7 cards with fairly small balances but I'm at 67 percent usage.. I have a few late payments that happened during the pandemic in 2020 where I along with the majority of our population lost income..i currently have them under dispute.. My oldest card is about 5 years old..

[SouthJamaica]

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@Anonymous wrote:

Hi thanks for responding.. I'm looking into a refinance that'll save me a good chunk of change per month.. My middle score is 609 and I need it to be a 620 in large part due to my forebearance last year.. The fact I've made 3 consecutive payments is good for a conventional loan.. If I leave it at the current score I can go fha but I'd have to make 12 consecutive payments on my mortgage.. I currently have about 7 cards with fairly small balances but I'm at 67 percent usage.. I have a few late payments that happened during the pandemic in 2020 where I along with the majority of our population lost income..i currently have them under dispute.. My oldest card is about 5 years old..

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1. If they have small balances how could they be at 67% utilization? 67% is high, not low.  If you mean they're small dollar amounts in the absolute sense, that's not meaningful for FICO scoring; it's the percentages that count.

2. Just list your revolving accounts with their limits and balances, and we'll give you specific advice on how to increase your chances of picking up 13 points in your mortgage scores. Or if you just want general advice:  get all accounts which are presently reporting at > 50% to below 50%; get all accounts which are reporting at > 30% to below 30%; and get as many accounts as possible to report zero balances.

[Anonymous]

Well what I meant was I'm really not over my head in debt is what I mean.. Just the revolving credit lines I do have are mostly near their limits..

Capitol 1..$1000 limit

                   $640 used

Capital 1 $300 limit

                   $250 used

Capital 1 $300 limit

                  $210 used

Credit 1 $700 limit

                $530 used

Credit 1 $500 limit

                $380 used

Zales.    $880 limit

                $750 used (oldest card)

Care credit $800 limit

                     $530 used

[JcT21]

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@Anonymous wrote:

Well what I meant was I'm really not over my head in debt is what I mean.. Just the revolving credit lines I do have are mostly near their limits..

Capitol 1..$1000 limit

                   $640 used

Capital 1 $300 limit

                   $250 used

Capital 1 $300 limit

                  $210 used

Credit 1 $700 limit

                $530 used

Credit 1 $500 limit

                $380 used

Zales.    $880 limit

                $750 used (oldest card)

Care credit $800 limit

                     $530 used

---

in relation to your credit limits, those balances are more than 50%.  for fico, that will bring your score down.  especailly if its on several accounts.   bringing those balances down to 10% or less per account, i believe will give you a boost in your scores.   if possible,  get as many as you can to a zero balance for most score gain.   many on here practice AZEO. letting all cards report a zero balance except 1 card.  i think the reporting card should be 10% of its credit limit or below.  

[RSX]

small amounts yes - but the percentages are hurting you - you have a 74% util right now

2 plans below - because we dont know how much money you have to throw at this

If you have $495 to use for the paydown, you can get everything under 67% which should result in a score increase

If you have $1105 to use for the paydown, you can get everything under 50% which will result in score increase

anything that you can spare above the $1105 amount, use the same formula to get everything below 27% - then use any extra money to fully payoff a couple of the smallest ones

Name	Total CL	Usage	Current % used	Pay Down $	New %	Pay Down $	New %
Cap1	1000	640	64.00%	150	49	150	49
Cap1	300	250	83.33%	50	66	105	48
Cap1	300	210	70.00%	10	66	65	48
Credit1	700	530	75.71%	70	66	190	48
Credit 1	500	380	76.00%	50	66	135	49
Zales	880	750	85.23%	165	66	320	48
CareCredit	800	530	66.25%	0	66	140	48
				495		1105

ask if you have any questions on the plan above

good luck to you 

[RSX]

previous post was partly cutoff

Name	Total CL	Usage	Current % used	Pay Down $	New %
Cap1	1000	640	64.00%	150	49
Cap1	300	250	83.33%	105	48
Cap1	300	210	70.00%	65	48
Credit1	700	530	75.71%	190	48
Credit 1	500	380	76.00%	135	49
Zales	880	750	85.23%	320	48
CareCredit	800	530	66.25%	140	48
				1105

[SouthJamaica]

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@Anonymous wrote:

Well what I meant was I'm really not over my head in debt is what I mean.. Just the revolving credit lines I do have are mostly near their limits..

Capitol 1..$1000 limit

                   $640 used

Capital 1 $300 limit

                   $250 used

Capital 1 $300 limit

                  $210 used

Credit 1 $700 limit

                $530 used

Credit 1 $500 limit

                $380 used

Zales.    $880 limit

                $750 used (oldest card)

Care credit $800 limit

                     $530 used

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1. First get each of the Capital One $300 cards down to $140

2. Then get the $500 Credit One card down to $240.

3.  Then get the $700 Credit One card down to $330.

That should get you some points.

[visualfxpro]

Please keep us updated on how you make out! I agree, those balances are killing you. Your score could be MUCH higher if you kept them even under 30%. BAD news playing around with those small limit cards. I'd only use the $1000, but depending on your budget that could be tight too. $500 and under, I'd only use to play the credit game. Buy some movie tickets or something real cheap, just to keep them active. However you have blalances all over already, so just clean them up, then stop putting more than $50-$100 on those cards unless you pay them off right away.