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I Need 17 points on my Fico 2/4/5 For Mortgage, any suggestions?


RichDash
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Well the title explains it all. I really need to find 17 points or so on my Fico 2/4/5 to obtain the correct loans. Below is a detailed accounting of current reports.... Any constructive input is appreciated.

 

 

Account Type Date Open Limit Reporting True Balance

Kohls CC 12/13 3,000 0 0

C1 Platinum CC 08/14 3,300 0 0

C1 QS-1 CC 9/14 6,500 0 1,500.00

Amex BCP CC 3/15 11,900 113.00 0

Amex Costco CC 7/15 10,000 2,671.00 0

Amex SC Bus CC 7/15 3,000 0 0

C1 Spark CC 4/15 5,000 0 0

Walmart CC 10/14 6,000 0 0

Chase Freedom CC 3/15 500 0 0

Credit One CC 9/14 850 0 0

Home Depot CC 3/15 10,000 0 0

Barclays CC 3/15 5,800 0 0

Lowes CC 3/15 17,000 270.00 0

BOA Cash CC 3/15 5,500 0 0

Sams Master CC 3/15 8,500 116.00 38.92 (Just paid 2 Mins ago, might report though)

Overstock CC 3/15 4,200 0 0

Discover IT CC 4/15 3,500 48.00 0

US Bank Perks CC 3/15 5,000 0 0 CLOSED BY MY REQUEST(not really but they said i did...)

 

WFDS Auto 5/15 15,132 12,024 11,522 (I'm 3 months ahead but they only report current month?)

 

 

 

No lates, No Baddies, No Negs

AAOA 1.1-1.2 Years

Oldest Kohls 2.25 Years

Util - 3% Reporting but under in reality.

 

6 Figure income, Reserves are fine... Taxes due soon but already have funds to cover.

 

Literally the only thing that I can think to do is to pay a large portion of my Auto loan down to 80% paid and see if I can get a bump form that. Obviously have all accounts report 0 aside from one and attempt a 2% trick.

 

Myfico claims that they think I will have a 25-40pt bump in May once my auto loan reaches one year. I'm not too sure if that will translate to my Fico 2/4/5 Scores for the lender.

 

Fico 8's As of today Ex 750 ~ EQ 736 ~ TU 751
Fico 2/4/5 Ex 712 ~ EQ 703 ~ TU 681

 

 

I need a 720 and that is a firm number to qualify for the second I would need to obtain the property that I want to get into. Anyone have any advice or thoughts about my options to wiggle with these numbers at all? Thanks in advance....

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I can pay the car loan down today and would for sure if that would change my score dramatically or at least in the right direction. I was searching for info on that, is there anywhere I may of missed that you or anyone could point me to?

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It's been observed many times that installment loans below 10% give you a score boost.

 

TheManWhoCould recently linked to a thread at MyFako where people were doing some good research on installment loans below 10%, I think it was actually 8% where then big boost came.

 

The $2 trick, an installment loan hack are your only options...other than your 3/15 and 4/15 accounts and INQ's hitting a year.

 

Send him a PM for the link.. I can't find it now

Edited by Konrad2012
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Here is the link Konrad was referring to for any interested... Good read and good info. I will try this today.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Installment-tradeline-utilization-thread/td-p/4055989/page/2

Hope I am allowed to post this... Mods feel free to remove this if it violates any rules. It is good info though...

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Looking through the thread there seems to be a common and more common than not no gain on the Fico 4 or other lending models. That is what worries me about doing it. I can go pay 10k on it right now and it will for sure bump my fico 8, probably quite well. However it may have zero effect on Fico 4. Thats a big gamble for precious seasoned funds available. This whole seasoned funds thing sucks!!!

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$2 trick for utilization looks like your best bet. Not sure it would really get you the points you're looking for considering your utilization and number of cards with balances are already low. I'm sure there are points to be had though.

 

 

Sent from my iPhone using Tapatalk

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This is a bit of a thread jack but I was wondering about Richdash's file. He has no negatives and very low utilization and many open accounts which includes an auto loan. The only possible negatives seem to be the number of inquiries, AAOA, and length of history. Assuming that he has no new inquiries, no negatives and keeps utilization below 5%, when should he hit 800 land? Sorry for using you as an example, Richdashs, but just trying to learn.

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Looking through the thread there seems to be a common and more common than not no gain on the Fico 4 or other lending models. That is what worries me about doing it. I can go pay 10k on it right now and it will for sure bump my fico 8, probably quite well. However it may have zero effect on Fico 4. Thats a big gamble for precious seasoned funds available. This whole seasoned funds thing sucks!!!

Only FICO-08 and newer give you a boost for having an installment loan. I don't think you'll see any major changes in your FICO-04s by paying the loan down, but I could be wrong on that.

 

 

This is a bit of a thread jack but I was wondering about Richdash's file. He has no negatives and very low utilization and many open accounts which includes an auto loan. The only possible negatives seem to be the number of inquiries, AAOA, and length of history. Assuming that he has no new inquiries, no negatives and keeps utilization below 5%, when should he hit 800 land? Sorry for using you as an example, Richdashs, but just trying to learn.

I believe the major issues are the new credit accounts and the lack of any old ones. I had an AAOA of 2yrs with my oldest account at 7yrs. My FICO-08s were a bit over 800 with 10 cards.

Edited by illusemycreditcard
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Looking through the thread there seems to be a common and more common than not no gain on the Fico 4 or other lending models. That is what worries me about doing it. I can go pay 10k on it right now and it will for sure bump my fico 8, probably quite well. However it may have zero effect on Fico 4. Thats a big gamble for precious seasoned funds available. This whole seasoned funds thing sucks!!!

Only FICO-08 and newer give you a boost for having an installment loan. I don't think you'll see any major changes in your FICO-04s by paying the loan down, but I could be wrong on that.

 

This is a bit of a thread jack but I was wondering about Richdash's file. He has no negatives and very low utilization and many open accounts which includes an auto loan. The only possible negatives seem to be the number of inquiries, AAOA, and length of history. Assuming that he has no new inquiries, no negatives and keeps utilization below 5%, when should he hit 800 land? Sorry for using you as an example, Richdashs, but just trying to learn.

I believe the major issues are the new credit accounts and the lack of any old ones. I had an AAOA of 2yrs with my oldest account at 7yrs. My FICO-08s were a bit over 800 with 10 cards.

I hit 800 on TU with similar stats. AAOA of 2 years. Oldest at 8 years. Only 3 cards though.

 

 

Sent from my iPad using Tapatalk

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I should underline that I had no installment loans when I hit 800. The only issue listed by Discover (reports TU-08) was the lack of recent non-mortgage installment loans.

You did really great to hit 800 with those stats! ThAt just reinforces that clean reports and low utilization is king!
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...can someone give me the cliff notes on that thread so I know if I should read it or not? I would greatly appreciate it.

 

Me: I need to bleed a turnip!

konrad: you can bleed some fico 8 veggis a bit... look at one of the few good threads at fako

Me: Yeah, it looks like I can but maybe not the fico 4 turnip I need to bleed.

konrad & others: eh maybe not

Me: posts thread konrad reffers to & we agree its great info

others: tease me with dreams of 800's soon

me: still needs blood out of this fico 4 turnip but scared decreasing the loan may stir bad with the 4 or just deplete needed reserved and seasoned funds.

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RichDash Fico 04 is sensitive to accounts with a balance ok take me for example i was wondering why my fico 04 wasnt increasing i had a balance on 5 accounts overall Util was 9% paid 3 off Fico 04 score went up. and i have read else where that Fico 04 score is sensitive with balances on multiple accounts. pay at least 3 off yours off and u should see a bump hope this helps.

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RichDash Fico 04 is sensitive to accounts with a balance ok take me for example i was wondering why my fico 04 wasnt increasing i had a balance on 5 accounts overall Util was 9% paid 3 off Fico 04 score went up. and i have read else where that Fico 04 score is sensitive with balances on multiple accounts. pay at least 3 off yours off and u should see a bump hope this helps.

Ty sir! I am closly watching my reports fr balances to show paid. I will attempt a 2 trick and see what happens. It looks like it just might demand a touch of age by a few months!

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...can someone give me the cliff notes on that thread so I know if I should read it or not? I would greatly appreciate it.

Per my reading:

  • It was observed that installment loans boost FICO-08 scores when the balance falls below 80%, ~66%, and 10%, the last of which can increase scores by 30 points.
  • Possession of a high-balance mortgage, or possibly a large loan in general, can offset this. The score increase drops to a few points.
  • VantageScore 3.0 may favor a loan balance dropping below 40%. No one deemed VS3 important enough to test for.
  • FICO-04/98 scores are unaffected except possibly Auto Enhanced versions, which showed increases of 5-10 points as auto loans were paid off. Not enough evidence was found to reach a conclusion.
  • As of June 2015 the following institutions allow prepayment of loans such that your next payment will not be due until N months in the future:
    • Alliant, any amount (60mo maximum loan term)
    • DCU, 3mo
    • SchoolsFirst, 1mo
    • USAA,
  • FICO-08 appears to factor having a mortgage loan (or possibly a large HELOC) and non-mortgage installment loan separately.
  • At approximately 800, MyFICO stops annotating the niggling issues keeping your FICO-08-based scores from rising higher.
  • When you've reached the maximum*, MyFICO stops annotating the niggling issues keeping your FICO-04/98-based scores from rising higher.

 

* From here: EQ-04 818, EX-98 844, EX-04 850, TU-04 839.

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...can someone give me the cliff notes on that thread so I know if I should read it or not? I would greatly appreciate it.

Per my reading:

  • It was observed that installment loans boost FICO-08 scores when the balance falls below 80%, ~66%, and 10%, the last of which can increase scores by 30 points.
  • Possession of a high-balance mortgage, or possibly a large loan in general, can offset this. The score increase drops to a few points.
  • VantageScore 3.0 may favor a loan balance dropping below 40%. No one deemed VS3 important enough to test for.
  • FICO-04/98 scores are unaffected except possibly Auto Enhanced versions, which showed increases of 5-10 points as auto loans were paid off. Not enough evidence was found to reach a conclusion.
  • As of June 2015 the following institutions allow prepayment of loans such that your next payment will not be due until N months in the future:
    • Alliant, any amount (60mo maximum loan term)
    • DCU, 3mo
    • SchoolsFirst, 1mo
    • USAA,
  • FICO-08 appears to factor having a mortgage loan (or possibly a large HELOC) and non-mortgage installment loan separately.
  • At approximately 800, MyFICO stops annotating the niggling issues keeping your FICO-08-based scores from rising higher.
  • When you've reached the maximum*, MyFICO stops annotating the niggling issues keeping your FICO-04/98-based scores from rising higher.

 

* From here: EQ-04 818, EX-98 844, EX-04 850, TU-04 839.

 

 

Thank you so much! That's very nice of you. I'll be reading it.

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...so the idea is to close the loan and prepay 91%, the line stays in stasis and adds to your FICO 08? Alliant being the best option because the loan can stay in stasis for a far longer time than the others noted?

Edited by ubercat
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Well the title explains it all. I really need to find 17 points or so on my Fico 2/4/5 to obtain the correct loans. Below is a detailed accounting of current reports.... Any constructive input is appreciated.

 

 

Account Type Date Open Limit Reporting True Balance

Kohls CC 12/13 3,000 0 0

C1 Platinum CC 08/14 3,300 0 0

C1 QS-1 CC 9/14 6,500 0 1,500.00

Amex BCP CC 3/15 11,900 113.00 0

Amex Costco CC 7/15 10,000 2,671.00 0

Amex SC Bus CC 7/15 3,000 0 0

C1 Spark CC 4/15 5,000 0 0

Walmart CC 10/14 6,000 0 0

Chase Freedom CC 3/15 500 0 0

Credit One CC 9/14 850 0 0

Home Depot CC 3/15 10,000 0 0

Barclays CC 3/15 5,800 0 0

Lowes CC 3/15 17,000 270.00 0

BOA Cash CC 3/15 5,500 0 0

Sams Master CC 3/15 8,500 116.00 38.92 (Just paid 2 Mins ago, might report though)

Overstock CC 3/15 4,200 0 0

Discover IT CC 4/15 3,500 48.00 0

US Bank Perks CC 3/15 5,000 0 0 CLOSED BY MY REQUEST(not really but they said i did...)

 

WFDS Auto 5/15 15,132 12,024 11,522 (I'm 3 months ahead but they only report current month?)

 

 

 

No lates, No Baddies, No Negs

AAOA 1.1-1.2 Years

Oldest Kohls 2.25 Years

Util - 3% Reporting but under in reality.

 

6 Figure income, Reserves are fine... Taxes due soon but already have funds to cover.

 

Literally the only thing that I can think to do is to pay a large portion of my Auto loan down to 80% paid and see if I can get a bump form that. Obviously have all accounts report 0 aside from one and attempt a 2% trick.

 

Myfico claims that they think I will have a 25-40pt bump in May once my auto loan reaches one year. I'm not too sure if that will translate to my Fico 2/4/5 Scores for the lender.

 

Fico 8's As of today Ex 750 ~ EQ 736 ~ TU 751

Fico 2/4/5 Ex 712 ~ EQ 703 ~ TU 681

 

 

I need a 720 and that is a firm number to qualify for the second I would need to obtain the property that I want to get into. Anyone have any advice or thoughts about my options to wiggle with these numbers at all? Thanks in advance....

 

 

 

 

Looking through the thread there seems to be a common and more common than not no gain on the Fico 4 or other lending models. That is what worries me about doing it. I can go pay 10k on it right now and it will for sure bump my fico 8, probably quite well. However it may have zero effect on Fico 4. Thats a big gamble for precious seasoned funds available. This whole seasoned funds thing sucks!!!

Only FICO-08 and newer give you a boost for having an installment loan. I don't think you'll see any major changes in your FICO-04s by paying the loan down, but I could be wrong on that.

 

This is a bit of a thread jack but I was wondering about Richdash's file. He has no negatives and very low utilization and many open accounts which includes an auto loan. The only possible negatives seem to be the number of inquiries, AAOA, and length of history. Assuming that he has no new inquiries, no negatives and keeps utilization below 5%, when should he hit 800 land? Sorry for using you as an example, Richdashs, but just trying to learn.

I believe the major issues are the new credit accounts and the lack of any old ones. I had an AAOA of 2yrs with my oldest account at 7yrs. My FICO-08s were a bit over 800 with 10 cards.

I hit 800 on TU with similar stats. AAOA of 2 years. Oldest at 8 years. Only 3 cards though.

 

 

Sent from my iPad using Tapatalk

 

I wouldn't say 2.25 years is similar to 8 years.

 

The OP needs to have a longer credit history. It's fairly easy to have good credit for a few years. Much harder to have it for many years or many decades.

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