Cash: $ 4.45
Joined: 18 Aug 2016
|Need strategy to bring up FICO score
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)
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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