@Anonymous wrote:????
@RobertEG wrote:... improving FICO is a long term game. If you dont need it now, then treat it as an ex-wife.
I'm still retching over the crusty sheets. Eeeewww...
masdeocho wrote:I do have an ex-husband. How should I treat him?
I don't want to go there....................................... 
OMG, that is so gross!
@haulingthescoreup wrote:
@Anonymous wrote:????
@RobertEG wrote:... improving FICO is a long term game. If you dont need it now, then treat it as an ex-wife.
I'm still retching over the crusty sheets. Eeeewww...
For your Fico Score to make a difference in your monthly payments for a 30 year fixed rate refinance see chart below.
FICO score APR Monthly payment * 760-850 6.016% $1,501 700-759 6.238% $1,537 660-699 6.522% $1,584 620-659 7.332% $1,719 580-619 9.639% $2,127 500-579 10.625%
$2,310
It looks to me that you seem to have a lot of debt already so I think refinancing your home might be a big mistake. Your main goal right now should be paying off more of the debt and on time so that your score will become between 760 and 850. If you get your score in this range you will get the best rate. The only problem with this is it might take you a few years to accomplish this. You can not change a Fico score overnight, it take lots of time and effort. Below shows you how your Fico score is calculated.
What’s In Your FICO ScoreFICO Scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five categories as outlined below. The percentages in the chart reflect how important each of the categories is in determining your FICO score.
These percentages are based on the importance of the five categories for the general population. For particular groups - for example, people who have not been using credit long - the importance of these categories may be somewhat different.
Payment History- Account payment information on specific types of accounts (credit cards, retail accounts, installment loans, finance company accounts, mortgage, etc.)
- Presence of adverse public records (bankruptcy, judgements, suits, liens, wage attachments, etc.), collection items, and/or delinquency (past due items)
- Severity of delinquency (how long past due)
- Amount past due on delinquent accounts or collection items
- Time since (recency of) past due items (delinquency), adverse public records (if any), or collection items (if any)
- Number of past due items on file
- Number of accounts paid as agreed
- Amount owing on accounts
- Amount owing on specific types of accounts
- Lack of a specific type of balance, in some cases
- Number of accounts with balances
- Proportion of credit lines used (proportion of balances to total credit limits on certain types of revolving accounts)
- Proportion of installment loan amounts still owing (proportion of balance to original loan amount on certain types of installment loans)
- Time since accounts opened
- Time since accounts opened, by specific type of account
- Time since account activity
- Number of recently opened accounts, and proportion of accounts that are recently opened, by type of account
- Number of recent credit inquiries
- Time since recent account opening(s), by type of account
- Time since credit inquiry(s)
- Re-establishment of positive credit history following past payment problems
- Number of (presence, prevalence, and recent information on) various types of accounts (credit cards, retail accounts, installment loans, mortgage, consumer finance accounts, etc.)
Please note that:
- A FICO score takes into consideration all these categories of information, not just one or two.
No one piece of information or factor alone will determine your score. - The importance of any factor depends on the overall information in your credit report.
For some people, a given factor may be more important than for someone else with a different credit history. In addition, as the information in your credit report changes, so does the importance of any factor in determining your FICO score. Thus, it's impossible to say exactly how important any single factor is in determining your score - even the levels of importance shown here are for the general population, and will be different for different credit profiles. What's important is the mix of information, which varies from person to person, and for any one person over time. - Your FICO score only looks at information in your credit report.
However, lenders look at many things when making a credit decision including your income, how long you have worked at your present job and the kind of credit you are requesting. - Your score considers both positive and negative information in your credit report.
Late payments will lower your score, but establishing or re-establishing a good track record of making payments on time will raise your FICO credit score.