i was reffered to this board from FWF, here is my story:
short sale completed : Dec 2011
open accounts :10 mostly CC
total accounts: 24 age of lines : 7 years inquiries: TU/EX/EQ 7/14/11
utilization : 18% (can pay this down to 0% within a year)
CK score :700 (plan to subscribe to quarterly myfico.com soon)
1) what can i do to maximize credit score to apply for mortgage Jan 2014
2) will paying more than one payment each statement period help increase the # of on-time payments
3) between now and 2014, should i avoid any App sprees for CC rewards
4) here is what the TC/TU report shows
5) here is what is affecting my credit:
- The available credit on your open revolving credit accounts is too low. [TransUnion, Equifax] Having credit available to you is a sign that you are able to manage your finances responsibly. Lenders usually like to see that consumers have a large amount of credit available to them.
- The newest delinquent or derogatory status on your reported accounts is too recent. [Experian ] Payment history is a significant factor in the credit scoring process. Regular on time payments may make you more creditworthy to potential lenders.
- None of your real estate accounts show a credit amount. [TransUnion, Experian , Equifax] Lenders may be able to better evaluate your creditworthiness if there is more information about your accounts on your credit report.
- The balances on your open accounts are too high in comparison to their credit limits. [TransUnion, Equifax] It is a good idea to use your accounts regularly, but remember to keep your balances low in comparison to your available credit limits. Having a high ratio of balances to credit limits on open accounts may be viewed negatively by lenders.
- The sum of your bank credit card account balances is too high. [TransUnion, Experian , Equifax] High credit balances may be considered by lenders to be a negative factor when determining creditworthiness. Paying down your balance may improve your score.
- You have too many inquiries on your credit report. [Experian ] Excessive inquiries have a negative impact on your credit score. Limiting the number of credit applications you complete may improve your credit score.
6) any help/advice would be appreciated? does the short sale in of itself limit the "upside" of my credit score? i guess im asking at what point is trying to improve my score a moot point.