Oh so close to 700...

[Lechte]

Was at 681 from 573 back in October....got a recently paid Collection removed and my score jumped to 697....next day my score dropped 14 pts due to a $410 balance reporting on a $500 limit...my payment didn't post in time....stupid weekend.   Wonder if i'll hit 700 by my next statement?   2 of my CC's and 2 INQ's will hit the 6 month mark by then....is that enough to boost me 3 points?....assuming I gain all 14 points back from that posted balance.

[bettercreditguy1]

The high utilization is hurting you. Fico does not remember the past so as soon as the payment posts, your score should improve. Try to keep each card under 35% tops and best under 20% of utilization. AS for the inquiries, generally speaking they don't add up to too much damage. Often times 5 points for the first and maybe the same or less for the second (depends on your bucket). After one year, inquiries do not hurt your Fico score any more, however they will show up for two years should a lender pull your reports.

[Lechte]

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@bettercreditguy1 wrote:

The high utilization is hurting you. Fico does not remember the past so as soon as the payment posts, your score should improve. Try to keep each card under 35% tops and best under 20% of utilization. AS for the inquiries, generally speaking they don't add up to too much damage. Often times 5 points for the first and maybe the same or less for the second (depends on your bucket). After one year, inquiries do not hurt your Fico score any more, however they will show up for two years should a lender pull your reports.

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Thanks bettercrdit....i'm just wondering if the 6 month mark on 2 inquiries and 2 CC's will provide a 3 point jump.

[bettercreditguy1]

Nobody can say for certain. However, pay all of your credit cards to zero (or leave one with a small reporting balance) and you might edge it. As always, YMMV. Good luck

[Revelate]

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@bettercreditguy1 wrote:

Nobody can say for certain. However, pay all of your credit cards to zero (or leave one with a small reporting balance) and you might edge it. As always, YMMV. Good luck

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Always leave at least one with a smallish balance.  Having none report a balance is a derogatory in the FICO algorithm for whatever reason: one of the things I'm hoping that gets changed in future versions since many of the the major lenders are reporting pauyments, and if we standardized on inactivity anyway (no use = no statement) it'd be a moot point.

Trying to get the industry to shift in that manner is probably impossible but it'd be nice to clean up some of the variations in lender reporting and make use of the new data as well.