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How to Get Utilization Update Before Pull?


Menta33
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I'm applying for a mortgage at Merrill Lynch in their Asset Management department and they don't to Rapid-Rescore like a normal mortgage application at BofA does.  I need to get my credit reports updated before the statement cuts mid-January.  If possible, I'd make early payment on two accounts that last reported high utilization, then get these two corrected at all three bureaus, then have mortgage credit report pulled. 

 

One credit card is Barclays Bank, the other is Abound Credit Union.  I tried calling Barclays and they said they could not report early anyway.

 

It seems all that is out there is for banks only to hire, so I'm wondering if there are there any services I can buy as an individual to help me do this?  If not, what are my options to get a quick correction on these credit cards?

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https://creditboards.com/forums/index.php?/topic/471527-the-master-credit-cards-that-report-mid-cycle-midcycle-or-before-statements-close-thread/I would not dispute any positive tradeline for any reason unless you're willing to see it disappear or be suppressed from scoring when the next pull is done. If you are so close to the FICO score you need you don't want to risk losing or having one of these suppressed due to the impact on AAoA, etc.

 

There are some issuers that will do a mid-cycle (Chase IIRC) update but most do not. Your best bet is to try to get the correct person at Abound and Barclays.

 

Have you made the "early" payments yet? If not, I'd do it asap. I say this based on data points regarding Barclays mid-cycle update:

 

Edited by hegemony
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2 hours ago, hegemony said:

https://creditboards.com/forums/index.php?/topic/471527-the-master-credit-cards-that-report-mid-cycle-midcycle-or-before-statements-close-thread/I would not dispute any positive tradeline for any reason unless you're willing to see it disappear or be suppressed from scoring when the next pull is done. If you are so close to the FICO score you need you don't want to risk losing or having one of these suppressed due to the impact on AAoA, etc.

 

There are some issuers that will do a mid-cycle (Chase IIRC) update but most do not. Your best bet is to try to get the correct person at Abound and Barclays.

 

Have you made the "early" payments yet? If not, I'd do it asap. I say this based on data points regarding Barclays mid-cycle update:

 

 

Here is what MyFico says (in the order listed in the report) for their mortgage score for my wife (middle score 775):

  • You opened a new credit account relatively recently.
  • You've recently been looking for credit.
  • The amount owed on your revolving and/or open-ended accounts is too high.
  • You've made heavy use of your available revolving credit.
  • You have too few or too many credit accounts.
  • You have too many credit accounts with balances.
  • You have a short credit history.

And for myself (middle score 772):

  • You opened a new credit account relatively recently.
  • You have too many credit cards and/or open-ended accounts carrying balances.
  • You have too many credit accounts with balances.
  • You've recently been looking for credit.
  • You've made heavy use of your available revolving credit.
  • You have a lack of recent activity from a non-mortgage installment loan.
  • You've recently opened too many new credit accounts.

I wonder if I should close the Goldman Apple card I opened in October 2020, then dispute it as being closed?  Same for Delta Community Credit Union opened in March 2020?

 

My average age is 10 years, my wife's is 8 years.  My oldest two are 52 years, my wife's oldest is 15 years.  Barclay's was opened 12/2012 (so losing it would not hurt average age) and on both our reports, but represents 83% utilization and is the worst in that category.  Overall utilization is 30%.  Abound is only my report at 72% utilization and opened 03/2017, so losing it only helps average age.  Paying these two down would make overall utilization fall from current 29% for me 31% for my wife down to 6% for me and 11% for my wife.

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11 hours ago, Menta33 said:

The interest rate varies, 810 or higher gets the best rate.

That seems like an odd requirement, given that the Equifax mortgage score only goes up to 818.

I have never seen 810+ for my Equifax mortgage score.  I haven't kept detailed records on the other bureaus, but it's been very rare for me to ever see a mortgage score of 8-anything.  

 

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Note that my FICO 8s are normally in the 830s-840s even with multiple cards reporting balances, and my Experian FICO 8 recently sat at 850 for at least a month.

 

I wholeheartedly agree with this:

 

11 hours ago, hegemony said:

of the hypothetical changes you mention, it is unlikely any of them will get you to 810 in the next 2 to 3 weeks.

 

 

 

Edited by cv91915
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4 hours ago, Menta33 said:

Last March, my Fico 2 mortgage score at Experian was 812 and my wife's was 807.  This was with utilization at 0.4% and no recent accounts opened.

Last December I was in Prague.  That doesn't do anything for me today.

 

It's obviously possible to achieve higher scores than I've encountered, but you're trying to get from 77X to 810+ in under two weeks.

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