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Trying to get above 740 for a cash out loan


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While shopping to do a cash out from an investment property my credit score (mortgage related scores) stumbled from 750 middle score about 2-3 months ago to 722  2 days ago, not sure if a new SBA Loan for 25K and over 8-10 inquiries made my score drop about 30 points (while my other debt apart from this went down). My question is what would you guys do to try to get my score over 740 in a month so I can get the best refi rate, what would you pay off from below with 5K? Thank you!

 

Loans        
SBA       $17,591.64
SBA Loan 2       $6,536.11
New SBA                       $25,000
American Express Personal Loan
      $16,383.17
Affirm.com      

$630.24

HELOCS     Limit Pulled
Based on 750 w 11 mile rd     $123,000.00 $120,688.81
Based on 14211 Elgin     $55,000.00 $47,833.74
         
Credit Cards (with balances)        
American Express       $19,668.00
Chase Slate       $33,167.00
Best Buy       $1,294.00
Lowes       $8,630.00
         
Car Loan        
2000 Hyndai Kona       $9,281.30
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IME, the mortgage scores despise new accounts and balances on multiple cards.

 

Could you list the limits on those revolvers?  Revolving utilization is a big factor also. 

 

My first instinct for the $5k was to wipe out the entire $1,294 Best Buy balance, but that's without knowing anything about your per-card utilization.  How many open cards do you have reporting without balances?

 

Separately is the SBA loan even reporting on your personal credit?  And inquiries aren't going to cause a 30-point drop.  

 

Also, if you only have a month there may not be time for the accounts to update the bureaus no matter what you do, although some companies and be persuaded to update your balance with the bureaus mid-cycle. 

 

And there's always Rapid Rescore (assuming your originator is willing to pay for it).

 

Edited by cv91915
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On 7/16/2020 at 4:44 AM, cv91915 said:

IME, the mortgage scores despise new accounts and balances on multiple cards.

 

Could you list the limits on those revolvers?  Revolving utilization is a big factor also. 

 

My first instinct for the $5k was to wipe out the entire $1,294 Best Buy balance, but that's without knowing anything about your per-card utilization.  How many open cards do you have reporting without balances?

 

Separately is the SBA loan even reporting on your personal credit?  And inquiries aren't going to cause a 30-point drop.  

 

Also, if you only have a month there may not be time for the accounts to update the bureaus no matter what you do, although some companies and be persuaded to update your balance with the bureaus mid-cycle. 

 

And there's always Rapid Rescore (assuming your originator is willing to pay for it).

 

 

Thank you for the response @cv91915, these are my revolving accounts, I have to check if it's reporting on my personal credit, I'll ask for a copy of the report from the lender. Columns are balance, limit, rate and utilization rate

 

Best Buy $1,294.00 15000 26.74% 8.63
Lowes $8,630.00 35000 24.99% 24.66
MSG CC $0.00 10000 9.75% 0.00
Capital One $0.00 9750 22.9% 0.00
Chase $0.00 1000 14.99% 0.00
Chase Unlimi $0.00 4564 14.99% 0.00
Chase Slate $32,067.00 41300 14.99% 77.64
Amex $19,466.00 0    
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2 hours ago, usermi said:

 

Thank you for the response @cv91915, these are my revolving accounts, I have to check if it's reporting on my personal credit, I'll ask for a copy of the report from the lender. Columns are balance, limit, rate and utilization rate

 

 

Best Buy $1,294.00 15000 26.74% 8.63
Lowes $8,630.00 35000 24.99% 24.66
MSG CC $0.00 10000 9.75% 0.00
Capital One $0.00 9750 22.9% 0.00
Chase $0.00 1000 14.99% 0.00
Chase Unlimi $0.00 4564 14.99% 0.00
Chase Slate $32,067.00 41300 14.99% 77.64
Amex $19,466.00 0    

 

You can get one free report per bureau per week from ACR through April 2021.  

 

https://www.annualcreditreport.com/index.action 

 

Check it out when you have a chance.

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