one week Plan

[Anonymous]

Creditguyindixie- thanks.  I just posted in the utilization thread.  I would prefer the furniture card have a balance because it is at 0%. Is it logical to assume I might get a nice bump dropping my LoC from 1100/3000 to 0/3000 and going from 3/5 to 2/5 cards reporting? Total uti will drop from about 9% to 4.5%.  I doubt that it will give me my 10 points by itself, but hoping that the higher uti on LOC is impacting me.

also, on one of my Ccs, my lates were right at 2 years ago, so when that reports at $0, it will also bump one of the lates to 25 months instead of 24.  Actually the LOC has a late last Sept, so when it (usbank) reports the end of this month for Sept, that should push that late past 12 months?

I really thought my scores were higher, otherwise I would've started cleaning up months ago!  

This has been a long month (although got a lot removed!)

[Anonymous]

Just confirmed by looking at my reports, when my LOC reports, it will push a 30 day late to the 13th month, making all lates > 1 year.  When my cc reports, it will push that 30 day late past the 2 year mark.  Both of those will report at $0 and will drop cards reporting balances. From 3/5 to 1/5.  The LOC reports Wednesday and the cc reports The 4th. 

If I get 1 point for each of those negatives (2nd card reporting, 3rd card reporting, 30 day late w/I 2 years, 30 day late w/I 1 year, and LoC > 35% uti) that would be 5 points....hopefully I'll get more than that.

[Anonymous]

In your original post, you said you were going to pay all revolving accounts to zero except one.  It sounds like you now plan to have two with a positive balance.

You will get a greater score boost from having exactly one account reporting a positive balance rather than two.

[Anonymous]

No, I still plan to have only one report a balance.  Going to go with the larger 10,000 card.  Total available is just over 22,000.  Thinking my best bet will be to have it report at 399 (rounding to 4%).  That would put total uti under but rounded up to 2%.  Since I have no idea what uti my bucket is best with, a little Leary that going to 1% may be a negative?  Trying to play it safe, but not really sure what my best bet is, either way it will be better!

right now, 3/5 of my accounts are reporting balances.  2 more should update $0 balance hopefully this weekend.  The one for $399 reports on Monday...but its balance is under $700.  I still need to make a payment on that one so can adjust it to anything under $700.

[Anonymous]

What kind of score boost do you get going from 2/5 to 1/5 cc reporting?  

I realize everybody is different, but curious the point range you all see for that single change?

(I will be going from 3/5 cards reporting, and lowering my uti, so I know I'll get a boost, just wondering what kind of boost is normally seem from that 2 cards reporting down to 1?

[Revelate]

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@Anonymous wrote:

What kind of score boost do you get going from 2/5 to 1/5 cc reporting?  

I realize everybody is different, but curious the point range you all see for that single change?

(I will be going from 3/5 cards reporting, and lowering my uti, so I know I'll get a boost, just wondering what kind of boost is normally seem from that 2 cards reporting down to 1?

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Handful, maybe 5 as a ballpark.  Some folks have reported more but there should definitely be a bump on mortgage scores going from 2->1 out of 5 cards and I'd absolutely do that in your case.  Playing in the dirty buckets, put as much lipstick as possible on the pig when it comes to mortgage qualification as one additional tier can have non-trivial ramifications in what you have to pay.

[Anonymous]

Thanks Revelate.

my bucket is dirty with lates.  

ive gotten about half of the lates removed, so now is definitely lipstick time.

Big Problem is my banker really wants 700 for the mtg I'm doing....I'm at 694 on Transunion, and 687 on Experian.  These are through those bureaus monitoring services, not Fico.  I did have a medical collection from May of this year that got removed..gave me about 5 points...I was so bummed, but maybe it was affecting my mtg Fico more.  I've got a few things going, but just need to get to 700!  I would just die if I made 720!

[Revelate]

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@Anonymous wrote:

Thanks Revelate.

my bucket is dirty with lates.  

ive gotten about half of the lates removed, so now is definitely lipstick time.

Big Problem is my banker really wants 700 for the mtg I'm doing....I'm at 694 on Transunion, and 687 on Experian.  These are through those bureaus monitoring services, not Fico.  I did have a medical collection from May of this year that got removed..gave me about 5 points...I was so bummed, but maybe it was affecting my mtg Fico more.  I've got a few things going, but just need to get to 700!  I would just die if I made 720!

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It's possible; I had a bunch of 5 year old issues and I managed to clear 720 on a mortgage pull (had two scores at 730 even at various points in the mortgage process), but my file was massively optimized.  Inverse has some even older issues and is sniffing 740.

Don't get caught up in the random scores until you've gotten as many things taken care of as you can both with revolving utilization and getting negatives off.  Then have the lender pull your scores again, or pay for the 3B report here.  You can't really base mortgage scores off FICO 8's or similar... I nearly died of shock when I saw my EX / TU scores 25-30 points higher than the EQ Beacon 5.0 that I've been using to benchmark.  Talk about happy day haha.

http://ficoforums.myfico.com/t5/Mortgage-Loans/FICO-scores-used-for-mortgage-and-where-to-obtain-them/td-p/3817869

[Anonymous]

Thanks Relevate

I had really thought my score would've been close to 700 when lender ran my scores a month ago.  My middle was 605.  I didn't even know I had a brand new medical collection.  Plus I thought that my LOC would've already reported a small balance versus maxed out, but they don't report until the end of the month!  Everything had a small balance and one other account was above 70%.  I've since had the medical collection paid and removed, one account with negatives removed, and another card removed all the lates.  Now the only thing is lates, all except one greater than 12 months, and that one will push past that mark next week.  Another late will push past 2 year mark...I'd say I got off around half the lates.  I've never had a CO, and my report is 13 years old, AAoA is >9 years.  

Im doing an in house conventional loan and lender really wants 700.  It is only a 5 year ballon, and we plan to sell in about 3 years (fixer upper-equity) so while I like low interest, it is not my primary goal right now...already looking at 4%.  And it is only about 13% DTI, so we are super good there!

are you saying that your mtg FICO for 2 bureaus were actually above what Fico 8 and the other bureaus are showing?

i wish I had ran my scores before some of my cleaning...but I already had the 70% account report at about 7% and they removed the lates, and the LOC then reported at 38% down from being maxed out (or above credit line!). When I ran them, they were about 670.  Since then, I had one CC account with many lates >1.5 years get deleted, medical collection removed, and my 4th reporting card report to $0...(went from 4/5 down to 3/5). Also a few of those lates at the 24 month mark would've been pushed past the 2 year mark.  Especially since medical collections, even under $100 as mine was get rated in mtg scores (except 8 and 9), I really think all these changes have to have gotten me CLOSE to 700!  I will be running my 3B on Monday or Tuesday, depending on when everything updates.  My last reporting item won't cut until Monday, so will probably have to wait until Tuesday.  But  sounds like that will give me about 5 points, but it is also pushing a 30 day late past 2 years.  I'm expecting the LOC reporting to be the most significant bump as it is going from 38% to $0 and pushing a 30 day late into the 13th month.  I have one other thing in the works that could be a significant help with lates, but waiting patiently for that one...as patiently as I can!

[Anonymous]

I just added the lates between 11-24 months on Experian (shows 1-2 more than others) and have a total of 13 lates...3 should push past 24 months in October.

Question...if I have a late on a closed account, does it automatically push on the 1st of the month?  Do open accounts only push when that month reports or do they report at the beginning of the month?