Quick boost in score strategy?

[Anonymous]

I had stopped using a Bank of America credit card, and they introduced an annual fee. I was over 120 days late before I noticed and paid it off. Payment history clean otherwise. Now my FICO is 694 and I want to boost it quickly before I apply for a mortgage.  

Should I get my credit card balances down to 0 and stop using credit cards for a bit to lower credit utilization? My utilization is already below 10%. Or would I be better off charging large amounts on credit card and then paying them off in full quickly? To show that I have no issues paying off debt and nudge my score higher? 

Also I have had no luck requesting BOFA to remove the derogatory record. So any tips on that front might help too. Thanks in advance! 

[Anonymous]

The best thing you can do as far as your credit cards is to make sure all cards EXCEPT one are reporting a $0 balance.  The remaining card should report a small balance, like $10-20.  That's a simple rule that will get you all the scoring points you can get from your cards.

As far as advice on how to remove the derog, I would head over to the Rebuilding forum and ask them.

[myjourney]

I had stopped using a Bank of America credit card, and they introduced an annual fee. I was over 120 days late before I noticed and paid it off. Payment history clean otherwise. Now my FICO is 694 and I want to boost it quickly before I apply for a mortgage.  

Should I get my credit card balances down to 0 and stop using credit cards for a bit to lower credit utilization? My utilization is already below 10%. Or would I be better off charging large amounts on credit card and then paying them off in full quickly? To show that I have no issues paying off debt and nudge my score higher? 

Also I have had no luck requesting BOFA to remove the derogatory record. So any tips on that front might help too. Thanks in advance! 

CreditGuyInDixie wrote:

The best thing you can do as far as your credit cards is to make sure all cards EXCEPT one are reporting a $0 balance.  The remaining card should report a small balance, like $10-20.  That's a simple rule that will get you all the scoring points you can get from your cards.

As far as advice on how to remove the derog, I would head over to the Rebuilding forum and ask them.

---

^^^^^^^^^^^^^^^ What he said ^^^^^^^^^^^^^

The only things I would add is start with GW letters to BofA and work your way up the top until someone listens 

Remember you only need one sympathetic ear and be truthful and explain that you're in the house buying process

This may also sway them because we all know they're one of the larger mortgage companies and may say hey don't forget about us now!!!!!!!!!!!

Good luck 

[myjourney]

---

@Anonymous wrote:

I had stopped using a Bank of America credit card, and they introduced an annual fee. I was over 120 days late before I noticed and paid it off. Payment history clean otherwise. Now my FICO is 694 and I want to boost it quickly before I apply for a mortgage.  

Should I get my credit card balances down to 0 and stop using credit cards for a bit to lower credit utilization? My utilization is already below 10%. Or would I be better off charging large amounts on credit card and then paying them off in full quickly? To show that I have no issues paying off debt and nudge my score higher? 

Also I have had no luck requesting BOFA to remove the derogatory record. So any tips on that front might help too. Thanks in advance! 

---

Forgot to add 

Welcome to the forum

[SouthJamaica]

---

@Anonymous wrote:

I had stopped using a Bank of America credit card, and they introduced an annual fee. I was over 120 days late before I noticed and paid it off. Payment history clean otherwise. Now my FICO is 694 and I want to boost it quickly before I apply for a mortgage.  

Should I get my credit card balances down to 0 and stop using credit cards for a bit to lower credit utilization? My utilization is already below 10%. Or would I be better off charging large amounts on credit card and then paying them off in full quickly? To show that I have no issues paying off debt and nudge my score higher? 

Also I have had no luck requesting BOFA to remove the derogatory record. So any tips on that front might help too. Thanks in advance! 

---

Have all cards report zero and one card report 9% or less.

Also, if you don't have instalment loans, may want to (a) open savings account then share secured loan with Alliamt Credit Union for 48 or 60 months, (b) don't get auto pay, (c) pay it down immediately to 15% or so, (d) make tiny payments for the rest of the life of the loan.