| Need strategy to bring up FICO score |
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adamjohnson
Member
Cash: $ 5.45
Posts: 20
Joined: 18 Aug 2016
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| Need strategy to bring up FICO score |
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Hi all,
I was active on here about a year ago and went through a lot of cleaning up. I was able to get all of the collections and medical debt off my reports. I had a temporary bump in my score that enabled me to get a $10k Amex, a $5k secured Wells Fargo and some store cards.
I'm looking for advice on steps I can take to get my FICO mortgage scores up to buy a house in 6 months. Yes, I could wait 18-24 months for stuff to start falling off but there are a lot of reasons it makes sense to buy sooner even at a high interest rate.
Credit History - 15 years
AAOA - 6 years, 6 months
Collections - 0
Public Records - 0
Inquiries - last year and last 2 years - EQ 4, 6 / TU 4, 8 / EX 4, 8
Last Late Payment - 48 months (4 years)
Newest Account - 8 months (car loan 6-2017)
Open Installment Account - car loan - 6-2017 - $29.9k credit limit, balance $27.5k (minivan value about $28k)
Balance on Revolving Accounts - $41,700 on all three CRAs (This amount is all from balances charged off in 2011. Current balance on open accounts always about 1-2%.)
Ratio of Revolving Balance to Credit Limit - EQ 64% / TU 72% / EX 72%
Open Revolving Accounts - $20.5 credit limit total, never paid late on any and keep close to zero balance on all
(cap one secured $2300 opened 11/2014, credit one visa $750 opened 2/2015, ann taylor $500 opened 4/2015, kohl's charge $300 opened 3/2016, $10k Amex opened 4/2016, $5k secured Wells Fargo opened 4/2016, target $300 opened 4/2016, walmart $500 opened 4/2016, amazon $1300 4/2016)
Charged off Revolving Accounts - 7 negative accounts - FNB Omaha ($0 balance, paid in response to lawsuit, DOLA 10-2011), BOA (3 accounts totalling $33k, DOLA 11-2011), Discover ($6.1k, DOLA 11/2011), Chase ( $9.4k, DOLA 9-2011), Citibank ($5k, DOLA 12-2011)
FICO8:
January 2016 - EQ 587 / TU 568 / EX 567
April/May 2016 - EQ 628 / TU 646 / EX 685 (temp bump when OCs deleted accounts during review, but validated and restored, and scores dropped)
February 2017 - EQ 611/TU 648 / EX 611
FICO mortgage scores from 3B: EQ FICO5 - 610 / TU FICO4 - 606 / EX FICO2 - 600
Things I've tried:
- I did all the address deletions and challenging the OCs records. All of the ones on my report still sent me hundreds of pages of proof validating the account.
- I've done CLIs periodically on my cards if it is only a soft inquiry. Typical response is no citing my low score.
- There really isn't anything that I see that is questionable in my reports.
Ideas I had:
- TU deleted all the late payment details from the accounts, only showing the balance. EX and EQ did not. Wondering if that is why TU is higher and wondering if that is what I should try to do on EX and EQ
- Would I benefit from closing some of the newer store cards I added last year. The only one I really want is Amazon for the 5% discount.
- Pay down some of the car loan to reduce balance to credit limit ratios. But I'd rather keep the cash for my house downpayment or cash reserves.
- EX does not include a DOLA in its report for all of the accounts. Can I challenge some of those tradelines for that reason?
Anything else I can do? Thanks so much in advance for whatever insight or advice you have.
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Thu Mar 02, 2017 7:04 am |
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CredStart dotCom
New Poster
Cash: $ 0.60
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Joined: 03 May 2017
Location: Los Angeles
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Wed May 03, 2017 5:46 pm |
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anirudh
Member
Cash: $ 3.40
Posts: 15
Joined: 10 May 2017
Location: hyderabad
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| How to improve your Equifax credit score |
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I believe that nothing is instr-int and it takes some time to build a good credit history and get out of the negative effect of your credit score or cibil score influence. Remember that credit scores can change gradually over time when we are consistently engaging in creditworthy behavior, Such as paying bills on time and using credit conservatively.
Do:
1) Timely payment of bills
2) Don't miss to repay any debts that you borrowed from any financial institutions.
3) Re-establish your credit history
4) Have a credit card then manage them responsibly
5) Close unused bank accounts.
https://www.mymoneykarma.com/how-to-check-cibil-credit-score.htmlhttps://www.mymoneykarma.com/credit-score.html
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Wed May 10, 2017 8:02 am |
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vaduvala
Senior Member
Cash: $ 130.10
Posts: 665
Joined: 27 Feb 2018
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A FICO score of 650 is considered fair—better than poor, but less than good. It falls below the national average FICO® Score of 710, and solidly within the fair score range of 580 to 669.Depending on where you're starting from, It can take several years or more to build an 800 credit score. You need to have a few years of only positive payment history and a good mix of credit accounts showing you have experience managing different types of credit cards and loans.
tips to boost your credit score fast
Pay down your revolving credit balances. If you have the funds to pay more than your minimum payment each month, you should do so.
Increase your credit limit.
Check your credit report for errors.
Ask to have negative entries that are paid off removed from your credit report.
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Mon Dec 27, 2021 4:24 pm |
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