Should I Do Nothing or Something?

Anonymous · ‎05-01-2008

I'd like to hit the 760s by the end of the year.

But I'm not sure if I should take any proactive actions, or just do things normally and let time do its work.

Data:

7 tradelines, 6 revolving, one installment
Utilization under 1% for both CCs and overall
3 tradelines will report a balance, 4 won't
Highest CC utilization on one card is 4%
Baddies: two 30 day lates from 2002

What would you suggest I do next?

MidnightVoice · ‎05-01-2008

GW the baddies?

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

Anonymous · ‎05-01-2008

Keep paying things on time...maintain...and your score should go up...your doing good...did you use the FICO simulator to guess what would be your best action...I mean it's not 100% accurate...but good enough...

Anonymous · ‎05-01-2008

GW 2 lates. With only 1 installment your score could drop slightly with FICO 08. Might want to take out 1 more installment to be prepared. But this will lower your score too for now

I'd GW hard and see what happens. Other than that you have done all that you probably can do with out installments. I wouldn't apply for more CCs.

Anonymous · ‎05-01-2008

If you current installment is open and over 50% try paying it down.

haulingthescoreup · ‎05-01-2008

I doubt that two baddies from 6 years ago are affecting OP's scores, if they're just 30 days. Now if they're something a good bit bigger than that, I can see GW'ing.

Don't know if these baddies are on a closed account (or accounts), but be aware that GW'ing or disputing baddies on a closed account can result in the sudden disappearance of the entire account, which is generally worse than the presence of the baddie.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

Anonymous · ‎05-01-2008

@Anonymous wrote:
If you current installment is open and over 50% try paying it down.

FICO might like this, but it doesn't make good financial sense for me because my installment, an auto lease, is at 1.9%, which is lower interest than what I earn in my savings account. I'm better off holding on to my cash.

Anonymous · ‎05-01-2008

@haulingthescoreup wrote:
I doubt that two baddies from 6 years ago are affecting OP's scores, if they're just 30 days. Now if they're something a good bit bigger than that, I can see GW'ing.

Don't know if these baddies are on a closed account (or accounts), but be aware that GW'ing or disputing baddies on a closed account can result in the sudden disappearance of the entire account, which is generally worse than the presence of the baddie.

Yes, they are indeed just 30 day lates. And they're on accounts that are no longer open, but which also happen to be some of my oldest accounts.

It sounds like you're saying the cure could be far worse than the disease should I dispute them and have the accounts disappear altogether.

Message Edited by watchnerd on 05-01-2008 02:42 PM

Anonymous · ‎05-01-2008

@Anonymous wrote:
GW 2 lates. With only 1 installment your score could drop slightly with FICO 08. Might want to take out 1 more installment to be prepared. But this will lower your score too for now I'd GW hard and see what happens. Other than that you have done all that you probably can do with out installments. I wouldn't apply for more CCs.

This is the first I've heard that FICO 08 somehow punishes someone for having only 1 installment. Can you elaborate?

Anonymous · ‎05-01-2008

I would do nothing.

When the baddies drop, you may well be rebucketed.

30-day lates from 2002 aren't doing much of anything to lower your score.

Time is on your side. Even if you do get rebucketed and lose 20 points, you'll get them back. And if you go for a mortgage or a car loan, your CR will be manually reviewed anyway, and no baddies and low util mean you'll pass a manual with flying colors.