The Master Credit Score Mad Scientist Thread

[BobWang]

OK, you need to get that missed payment off your report.

 

That's what's going to get you to 760.

 

I'm going to turn this over to the forum,

 

because I'm no expert when it comes to removing baddies.

 

Because you don't have a clean credit report,

 

it becomes even more imperative that you do a lot of reading here.

 

 

Can you list all of your late payments?

 

 

[BobWang]

A late payment is devastating to FICO scores

 

[Occam]

May I recommend 1 Amex, 1 Barclays and DCU membership?

 

One pull on each CRA. Amex for future D*, Barclays for TU FICO and DCU for EQ FICO.

 

Sorry, I don't know much about removing lates either.

Edited April 4, 2014 by Occam

[BobWang]

And some Barclays cards come with a free TU08 too.

[BobWang]

The reason we keep harping on how to get free FICO scores,

 

is that it's the only way to keep track of how you're doing

 

in the mortgage interest rate game.

[Occam]

And some Barclays cards come with a free TU08 too.

I think maybe they all do now - it got added back to my Priceline.

 

But check to be sure.

 

As of now US Air, Priceline & Juniper all do for me.

[Youngdoc]

For the graph above, I'm guessing the Y-axis is FICO score. I don't know what the x-axis represents. For the graph key what is 5cc, PR and max?( I'm guessing the other numbers are the number of days late.

 

Open account:

Closed account:

 

2013 was a rough year but now everything is sorted so that I never have a late payment again

Edited April 4, 2014 by Youngdoc

[BobWang]

Are those your Chase and Express accounts?

 

Have you ever been late with your student loans?

[Youngdoc]

Never been late with my student loans

 

Yes my chase and express accounts

 

Trying to interpret the graph above, I'm guessing the Y-axis is FICO score. I don't know what the x-axis represents. For the graph key what is 5cc, PR and max?( I'm guessing the other numbers are the number of days late.

Edited April 4, 2014 by Youngdoc

[BobWang]

5 credit cards

Personal Record (Bankruptc, e.g.)

Maxed out credit card utilization.

 

You're exactly where one would expect a "perfect" profile to be,

with a <1yr 30-day late.

[BobWang]

I don't know if Express has Automatic Payments,

 

but set it up for Chase,

 

http://creditboards.com/forums/index.php?showtopic=477966&page=3&do=findComment&comment=5007839

 

then write a tear-jerker letter about how you missed the payment dates,

 

and that you'll never do it again,

 

and you'll be a loyal Chase customer customer for life,

 

if they remove those lates.

 

It's called a GoodWill letter.

[Youngdoc]

The chase account is closed; I paid the late payment and closed it in 2010. The express account doesnt have automatic debit.

[BobWang]

Your credit report has Chase as "Current"

 

Your BofA is "Closed"

[BobWang]

Oh, Chase shows up as "Paid"

 

So, your only open revovling account is that $100 Express?

 

You need to change your mind-set about credit.

 

As in, you need to say to yourself:

 

"Credit is good,

 

credit is my friend,

 

I need more friends."

[Youngdoc]

From Score Power:

[Youngdoc]

Oh, Chase shows up as "Paid"

 

So, your only open revovling account is that $100 Express?

 

You need to change your mind-set about credit.

 

As in, you need to say to yourself:

 

"Credit is good,

 

credit is my friend,

 

I need more friends."

Thats why I am trying to figure out what credit cards to get

[BobWang]

Well, since we can't get those lates removed,

 

when are you planning to apply for a mortgage?

[Occam]

Thats wh

 

Oh, Chase shows up as "Paid"

 

So, your only open revovling account is that $100 Express?

 

You need to change your mind-set about credit.

 

As in, you need to say to yourself:

 

"Credit is good,

 

credit is my friend,

 

I need more friends."

Thats why I am trying to figure out what credit cards to get

If you open one each from Amex and Barclays you can add another, older Amex in January. That gives you 4 open CCs which is ideal (5 may be slightly better and more make no difference).

 

You might also need to add a DCU card in addition to the membership to get the free FICO. That's a YMMV.

[BobWang]

Your 30-day Express late in October, 2013 will hit 7 months in May, 2014.

 

You should get a bump in score when that happens.

 

Your AAOA is 4 years, which is very nice.

 

You might as well start thinking about rewards,

 

and what you spend most money on.

[shifter]

OK, now realize that to get the best mortgage rates,

 

you'll need to get that 712 to 760 and over.

actually

 

760 gets you into the FICO High Achievers club

 

but 740 is the cutoff for the best mortgage rate.

[BobWang]

I have to re-calibrate my memory.

[gozu]

Well, since we can't get those lates removed,

 

when are you planning to apply for a mortgage?

Not for another 3 years, she said:

3) Time frame for home mortgage such as 3 years

 

I was asking her about rewards earlier and she was interested in perks like road assistance, travel insurance, extended warranties, that kind of stuff. Cashback and air miles are also nice, but not a big deal.

 

Most money is probably spent on restaurants, some plane tickets.

[BobWang]

The recent lates are on that Express account,

 

I would still try to get them removed as a Goodwill gesture.

 

But, with only a $100 limit,

 

and multiple lates,

 

I've got a feeling they won't be receptive.

[Youngdoc]

So for now American Express and Barclaycard?

[BobWang]

SCOTUS ruled in 2011 that you're not a student,

 

http://blogs.wsj.com/health/2011/01/11/is-a-medical-resident-a-student-or-employee-supreme-court-has-an-answer/

 

otherwise, I'd recommend the Citi Forward,

 

since it's ~5% back on Amazon, Restaurants & Movies.

 

I'm going to mention DCU again,

 

because you should diversify your financial institutions,

 

and DCU gives you a fre FICO every month.