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Wife at 692...best way to raise it over 700?

despair808

By despair808
in Credit Forum

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The last post in this topic was posted 3935 days ago. 

 

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despair808

despair808

Posted
Posted

So my wife is going to app for a mortgage. She checked her credit score today and it is 692. She has 2 credit cards ( 1 Chase, and 1 Barclays). Both cards have a $5000.00 limit and both have a balance of 1000 dollars each. She also has 1 line of credit close to maxed out ($4000 limit/3720.00 used). She also has 1 installment loan which she will be finished with in 3 months. She only has 2 lates but those were back in 2007. How can she raise her FICO to over 700 besides paying down the credit cards? I know her utilization is high and not below 10%. Should she app for another credit card? Any suggestions? Thanks in advance!


hyschmied

hyschmied

Posted
Posted

Is she the only one apping for the mortgage? If you have room on a card you could transfer a balance to you.

But really the easiest way to bump the score is pay it down.

 

I would not apply for another card if she is going to be applying for a mortgage soon.

Kat58

Kat58

Posted
Posted

How soon is she wanting to apply? Konrad is correct, but she may be able to achieve 700+ just from paying the LOC down to 39% 'ish, if you don't have the funds to pay it off. Also, possibly an increase on the LOC? After you do that, request a mid-cycle report, if she's in a big hurry. Hyschmied is correct, don't apply for another card.

Kat58

Kat58

Posted
Posted

 

Is she looking at FICO 04 scores?

 

This ^

 

Her credit score is a 692. Makes me think its not 04 or even 08. Sounds more like a CK score or something.

 

 

:blink:

cv91915

cv91915

Posted
Posted

Is she looking at FICO 04 scores?

 

I'm asking because that's what used for mortgages. Also, she has a FICO 04 from each bureau, and they'll use the middle score to qualify her. Make sure you know all three and have a comfortable cushion.

despair808

despair808

Posted
  • Author
Posted (edited)

Thanks everyone. This is her FICO from Experian. What model is that? She will be applying for a mortgage since my credit is jacked up right now. Her mother will also be applying for the mortgage as her credit score is in the 700 range too. As soon as I get clean in about a year and a half, we will refinance if the interest is lower.

Thanks for all the ideas. I will see if I can attack the LOC and maybe take over some of that total to bring down LOC.

Any other suggestions are welcome.

Edited by despair808
joem1cha3l

joem1cha3l

Posted
Posted

Thanks everyone. This is her FICO from Experian. What model is that? She will be applying for a mortgage since my credit is jacked up right now. Her mother will also be applying for the mortgage as her credit score is in the 700 range too. As soon as I get clean in about a year and a half, we will refinance if the interest is lower.

Thanks for all the ideas. I will see if I can attack the LOC and maybe take over some of that total to bring down LOC.

Any other suggestions are welcome.

 

Is this her Experian score or her score from experian.com?

Konrad2012

Konrad2012

Posted
Posted

joem1cha3l......yes it is......

How much available credit limit do you have? She could shift debt you, and pay some of the rest.

 

If those are FICO 08's, she might need even more aggressive maneuvers to get a real 700, like paying off both cards, as well as a chunk of the LOC. That way the majority of her accounts wouldn't have balances.

pennypoor

pennypoor

Posted
Posted

Sounds like her scores are also not fico. OP go to myfico.com and sign up for the 3 in 1 credit monitoring. There you will get all your scores. And those are her real scores. You will also see her mortgage scores. They are spot on.

nht

nht

Posted
Posted

1. Those two lates you mentioned from 2007 are no longer shown on any report, correct? Are those positive TLs shown?

 

2. Your wife's utilization stands at 20%, 20%, 93%, with a shade under 41% overall, is that about right?

 

That can't help but be killing her scores, regardless of the FICO model used.

 

As already mentioned, getting her utilization down to nearly zero will give a pretty significant score boost as soon as the new balances report to the CRAs.

 

If for some reason that's not an option, is her annual mortgage payment -- after federal tax savings if she itemizes deductions -- projected to be less than, about the same or greater than her annual rent payment?...

 

3. It sounds like she has a very thin credit file. Is it also a young file -- what is her AAOA?

 

If it's low, do either you or her mother happen to have a card that's much older than her AAOA and has / will have zero or consistently low utilization on the reporting / statement cut dates?

 

If so, adding her as an AU on at least one such family member's card will raise her FICO 04 scores meaningfully as soon as that card reports.

 

In fact, even if that card is not that much older, it's still going to help 1) with her overall utilization and 2) as a 3rd card on a thin, 2-card file.

 

All the cardholder has to do is call the card issuer.

joem1cha3l

joem1cha3l

Posted
Posted

Thanks all, this is all good advice. The score of 692 is from experian.com. I will go to myfico.com Will let you know what we see....

This is my exact reasoning for the questions I was asking. OP sounds like he has a FAKO and not a FICO. So the score could be 730 or 650, who knows. My advice would echo Pennypoors. Go to myfico.com and get your actual 04 model scores. Yes it's going to cost money, but could result in saving you thousands.

despair808

despair808

Posted
  • Author
Posted

Sorry that it took me so long to give a response. You are all smart people! It was a FAKO and not a FICO. How did you all know from my original post? Her FICO is 709 EX 705 EQ and 709 TU. Thank you all for your help.

joem1cha3l

joem1cha3l

Posted
Posted

It's a common mistake for those who aren't somewhat "credit savvy". Glad you got the FICO 04 model from myfico, a reliable source.

 

Glad to see you're already over the 700 mark and you can move forward now!

cv91915

cv91915

Posted
Posted

Sorry that it took me so long to give a response. You are all smart people! It was a FAKO and not a FICO. How did you all know from my original post? Her FICO is 709 EX 705 EQ and 709 TU. Thank you all for your help.

 

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