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hello,
I was wondering if any of the smart Credit Guru's could give me any advice or strong suggestion on score changes for my FICO 8 and Mortgage Scores that I could see it the near future with the following changes.
Text in black are current status on my report, text in red are corrective actions I have taken for those accounts that should be updated my Months end.
FICO 8
EQ - 594
TU - 597
EX-618
Mortgage
EQ5-546
TU4-543
EX2-612
Wells Fargo CC $9,696/$15,000 (Paid down to $6400/$15000)
Capital One Quicksilver CC $0/$300 (No Change)
Capital One Platinum CC $8/$500 (paid down to $0)
Fingerhut $0/$1,100 (No Change)
Discover CC $5/$200 (paid down to $0)
NFCU CC C/O reporting monthly as a C/O and factored into my utilization- $6,299 (Settled for $2,000, no longer factored into Utilization can someone confirm this is true? will be reported end of month closed)
NFCU Personal Loan C/O reporting monthly as a C/O - $2200 (Settled for $700, will be reported end of month closed)
Child Support Now Current, does have 120 days lates (Goodwill Adjustment approved to delete all Lates)
Collections
First Energy : $186 (Paid and will be Deleted)
Jefferson Capital System $1,381 (Paid and will be Deleted)
DLRFIRM $1,420 (Paid and will be Deleted)
Just a recently seperated Veteran trying to square away finances and work on buying a Home through the VA, any advice or suggestions is greatly appreciated.
@remedyhd wrote:hello,
I was wondering if any of the smart Credit Guru's could give me any advice or strong suggestion on score changes for my FICO 8 and Mortgage Scores that I could see it the near future with the following changes.
Text in black are current status on my report, text in red are corrective actions I have taken for those accounts that should be updated my Months end.
FICO 8
EQ - 594
TU - 597
EX-618
Mortgage
EQ5-546
TU4-543
EX2-612
Wells Fargo CC $9,696/$15,000 (Paid down to $6400/$15000)
Capital One Quicksilver CC $0/$300 (No Change)
Capital One Platinum CC $8/$500 (paid down to $0)
Fingerhut $0/$1,100 (No Change)
Discover CC $5/$200 (paid down to $0)
NFCU CC C/O reporting monthly as a C/O and factored into my utilization- $6,299 (Settled for $2,000, no longer factored into Utilization can someone confirm this is true? will be reported end of month closed)
NFCU Personal Loan C/O reporting monthly as a C/O - $2200 (Settled for $700, will be reported end of month closed)
Child Support Now Current, does have 120 days lates (Goodwill Adjustment approved to delete all Lates)
Collections
First Energy : $186 (Paid and will be Deleted)
Jefferson Capital System $1,381 (Paid and will be Deleted)
DLRFIRM $1,420 (Paid and will be Deleted)
Just a recently seperated Veteran trying to square away finances and work on buying a Home through the VA, any advice or suggestions is greatly appreciated.
Looks like you have made a bkat load of progress! Congrats!
I am not able to predict your score changes, but getting those CAs deleted and COs paid off should definitely start to help! As well as getting the lates GW off on the child support payments. Settling the COs will lower your utilization on them from maxxed out to 0% and now your scores can start to heal that they arent updating as such monthly. If they weren't updating monthly, you may see a score decrease because of the final update to $0, but then should start to increase.
Looks like you are near AZEO with your CCs and that is excellent! The lower you can get the WF CC, the better. Crossing utilization thresholds will gain you points. Highest point gain will be if you can get the utilization on your WF CC 8.9% or less. You can search the threads for both AZEO and utilization thresholds.
The people in the forum have vast knowledge and will likely be able to better pin down what improvements and things you will see happening on your CRs.
I have my fingers crossed for you, good luck!
So I have a few updates and looking for further suggestions on where I could expect my score once the last changes hit.
So the NFCU CC updated to paid/ Settled
New FICO 8 Scores
EQ - 631 (Increase of 37 Points)
TU - 615 (Increase of 18 Points)
EX - 661 Increase of 43 Points)
Mortgage Scores
EQ5- 592 (Increase of 46 Points)
TU4- 580 (Increase of 37 Points)
EX2 -617 (Increase of 5 Points)
We are still waiting for three collections to be deleted, any idea where my scores get to once they are deleted? Best guess?
Thanks.
@remedyhd wrote:So I have a few updates and looking for further suggestions on where I could expect my score once the last changes hit.
So the NFCU CC and NFCU Personal Loan updated to paid/ Settled
New FICO 8 Scores
EQ - 631 (Increase of 37 Points)
TU - 615 (Increase of 18 Points)
EX - 661 Increase of 43 Points)
Mortgage Scores
EQ5- 592 (Increase of 46 Points)
TU4- 580 (Increase of 37 Points)
EX2 -617 (Increase of 5 Points)
We are still waiting for three collections to be deleted, any idea where my scores get to once they are deleted? Best guess?
Thanks.
Great progress
Looks like you are close to achieving AZEO and that "typically" improve scores by 20 point
Depending on how NFCU end up reporting, can be the biggest factor after you get most collections deleted!
Clean report with couple of years history can be around 750s
NFCU CC has reported as closed and paid/settled, not sure If i be abled to wing for them to delete unless I get lucky somewhere. I've went ahead and paid all cards to Zero .
Just at the mercy of waiting on my collections to be deleted.
Congrats on all of your hard work and thanks for your service. If your goal is to get into a home as quickly as possible, you may not need to wait until all of this has cleared up. For VA loans, there's no real minimum score needed to get the loan (since there's not really much risk to the lender since it's backed by the government, or at least the first $4xx,000 or whatever the cap is in your area), but a lot of underwriters will want to see 620s or so. VA loans should be "approved" or "not approved," and not "you get this rate because you have a 610, but if you had a 770 we could lower it a percent." If your current lender is requiring a certain score, it may be worth looking at others that are more lenient while rates are still down in the 3s.
Here is the most recent update on 05/14 3B.
Credit Cards
Capital One CC - 0/$300
WF CC - $9,453/$15,000 (Will report the new balance of $6453 on 05/20)
Capital One Quicksilver CC $0/$500
Discover CC $0/$200
Fingerhut $0/$1,100
Navy Fed CC $0/6,000 Paid C/O
Navy Fed Installment Loan $2,206 C/O reporting monthly (Paid, pending update to settled, closed)
Collections
Penn Power $186 (Paid, pending deletion, only listed my Equifax)
DLRFirm $1,422 (Paid, pending deletion, listed on all 3)
Jefferson Capital System deleted.
FICO 8
EQ-640
TU-632
EX661
Mortgage Scores
EQ2-592
TU4-611
EX2-617
Once the red Items finally take effect and update on my credit, do I have a chance of my mortgage scores getting me a middle score of 620+?
Congrats OP for the score gains you are seeing. From what I understand collections do not give much score gains. But reduction in Util will give you score gains. Now that two of your NFCU are settled and will show $0 balance should help your scores. Good luck for the great job you are doing, Hopefully you'll have your new home soon.