Tricks on getting quick credit score update mid cycle after cc balance pay down?

[Anonymous]

You were really correct. I waited the full 10 biz days and no rescore.

[Anonymous]

Hi,
I have 2 thirty day lates for a car payment in June ‘18 and Dec 17’. I wasn’t monitoring my credit score then so I am not sure how much it dropped. I have 6 open credit cards, available credit of $50,000 on them and one has a balance of $400 (less than 9%). No lates on cc. I have 3 mortgages going back 10 years, no lates. I have a closed line of credit where I owe $8k of $62k. Car lease I owe 9 more payments. Oldest credit card is 25 years. Only late is 2 thirty day on lease which is my wife’s car and she is already in trouble for that. Any tips would like to get it up to 740. As of today, my Fico 8 is 774 and my Fico 2 is 715. How long until the lates start to have less of an impact? Even by a few points?

[gdale6]

Hi there OP, I have merged your question in RYC into this thread you already have running on the subject. Please refrain from cross posting on the same subjects its not inline with our TOS and it can lead to confusion of the members. Thanks for your understanding on this. Have a good day.

[Anonymous]

Ok thanks. Since that post I have paid off multiple credit cards and have new scores so wanted to see what tips based on that info.

[Anonymous]

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@Anonymous wrote:
Hi,
I have 2 thirty day lates for a car payment in June ‘18 and Dec 17’. I wasn’t monitoring my credit score then so I am not sure how much it dropped. I have 6 open credit cards, available credit of $50,000 on them and one has a balance of $400 (less than 9%). No lates on cc. I have 3 mortgages going back 10 years, no lates. I have a closed line of credit where I owe $8k of $62k. Car lease I owe 9 more payments. Oldest credit card is 25 years. Only late is 2 thirty day on lease which is my wife’s car and she is already in trouble for that. Any tips would like to get it up to 740. As of today, my Fico 8 is 774 and my Fico 2 is 715. How long until the lates start to have less of an impact? Even by a few points?

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It looks to me that Revelate was correct in his assumption that the utilization reduction would help your scores significantly. If I'm reading this correctly, your 10/05/18 post showed an EX2 of 673 and as of 10/10/18, it moved to 715. That's a nice 42 point jump on a mortgage score. You also appear to have recieved 39 points on the EX FICO 8 (735 --->774). I'm trying to determine the source of these improvements because your profile is pretty similart to mine. I see 3 major reasons for these jumps:

1. You moved to AZEO, meaning that all of your credit cards were reporting a balance except for one. 
2. Ideally, it is believe that AZEO is more effective when you get total CC utilization below 9%, which you appear to have done.
3. Your overall utilization seems to have been over 50% but dropped to single digits (as noted by Revelate).
4. The mortgage scores evaluate # of accounts showing a balance. It seems that you went from 4 of 6 CCs with a balance and 6 installment accounts with a balance (3 mortgages, 1 line of credit, 1 auto loan - wife's care, and 1 auto lease). If this is accurate, that was 10 out of 12 accounts with a balance. You improved that to 7 out of 12 accounts with a balance by taking the 3 cards to $0 balance. You probably didn't get any points for this but you might be able to by hitting certain breakpoints. You can read all about it here: https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Mortgage-Scores-accounts-with-Balances-6-23-19-update/td-p/5582241

NOTE: It is widely believed that mortgage scores hang on to old negatives for longer than FICO 8. I wouldn't expect there to be any huge boosts due to the aging of the 30-day lates. I have 2 consecutive 30-day lates that are showing up from December 2015 and January 2016 (Just over 3.5 years old) and it is still showing up as negative reason code #2 on Equifax 2 mortgage score, which is at 724 for me. Focusing on those 30-day lates is a lost cause. I suspect that getting to <40% # of accounts with a balance may be your next step if you can.

Questions:

• Sounds like Citi wouldn't update mid-cycle, correct?
• Bank of America address change did nothing, correct?
• It also sounds like Rapid Re-score did nothing, correct?

[Anonymous]

Noneofyourbusiness0 that was a new member and his rank has not increased since last year so most likely he was not a returning member.

You’re absolutely correct, AZEO, revolving utilization under 8.9%, and yes 40% is a breakpoint it is believed, as is 20%, it is believed.

Yes the older models are much more strict and would probably penalize you for lates longer.

Call Citibank again talk to the account specialist team. Keep trying until you get someone who will do it. Or Call EO.

You Gotta make it sound good, not just hey, I need off cycle update. No, you got a let them know I’ve got a mortgage app pending and this is going to kill me, this is critical.