Yawo64

What Else Can I Do to Increase Scores?

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Hello,

 

I plan to apply for mortgage in early Jan/Feb 2014.  I have cleaned my reports to the best of my ability, and paid off all credit cards - utilization is just about 2% (only $10 balance reporting on one card, all the other two are 0 balance).  My most recent myFico scores (as of 11/2013) are:  EX=634 / EQ=649 /TU=666.  

 

Obviously, I am at the margins of FHA qualification.  I thought that the effect of the old history (up to 2010) should have waned by now, but it appears something is still holding the scores down.  So, I am looking for suggestions on what else I can do to increase my scores.   Please find below my ugly guts - summary of each TL, as currently reported - kindly let me know if there is something I can do about some of these TLs to increase my score - cheers, Yy:

 

 Public Records
-- MSW Capital: Satisfied - 12/2010. Reported on EX. TU and EX  deleted after disputes.
-- MD State tax:  Released - 09/2011. Reported on EX and TU.  EQ deleted after disputes.

Bank of America Credit card:  
-- Oldest TL - opened in 10/2004
-- A number of 30 - 90-day lates between 2006 and 2009.
-- Closed in 2009 with a balance of $5K. BOA put me on a hardship/payment plan of $100/month. Finally paid off entire balance in January 2013.
 -- 3 recent lates: 10/2012; 11/2012; 12/2012.  Bank did not (and i forgot to call them to) extend the automatic payments.  
-- Several disputes, GWs have not helped to remove the recent lates.

Suntrust Bank - Car Loan:
-- Second oldest account; opened in 10/2004
-- A number of 30 - 90-day lates between 2006 and 2009.
-- The final balance of $3K charged-off
-- Settled for less than full balance in 8/2010

Capital Bank (Secured - $300 Limit)
-- Opened in 3/2010
-- 3 (30-day) lates: 7/2011; 7/2012; 9/2012
-- Current since 2012
-- Trying to GW/Dispute the lates, but no luck so far.

Comenity Blair (Store Card)
-- Opened in 10/2008
-- Several 30-90 day lates between 2008 and 2010
-- Paid of the balance in 2010 (last activity). Account remained dormant
-- GW attempts to removed it failed
-- Closed it in March 2013 (maybe I shouldn't have)

HSBC Bank (Orchard, now CapitalOne)
-- Opened in 3/2007
-- Several 30-90 day lates between 2008 and 2010
-- Settled the balance in 2010
-- GW attempts to removed it failed

PNC Bank: Credit Card
-- Opened in 8/2008
-- Several 30-90 day lates between 2008 and 2010
-- Charged-off in 4/2010
-- Several PFDs, GWs did not help.
-- Paid of the remaining balance in full in 3/2013
-- Strangely, currently reporting as "Paid in Settlement", and that account was charged off in 3/2013
-- Trying to dispute with PNC Bank to correct or remove the TL

Positive TLs.
-- Capital One Credit Card (Secured - Limit of $700 (opened in 6/2010, no lates)
-- Wells Fargo Credit Card (opened in 6/2012 as secured - limit of $300). No lates. Recently graduated into unsecured.

 

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Are you looking at actual, current, FICO scores from myFico.com?  Even if you are, realize the FICO Consumer Score (the one we are allowed to see) isn't calculated the same as the FICO Mortgage Score.  Your Mortgage score will be different.

 

I don't see anything in what you listed that would be a huge negative, other than your history of lates and settlements.  Not much more you can do about those.  And adding any new debt won't help at all.

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@willingtocope @admin @Yawo64

 

Admin has taught me wonders about credit reporting and well timed disputes. We recently applied to buy a car and were ready to get stuck with horrible rates. We applied through lending tree and this is what we got: Capital One--denied, Road Loans--22.99%, and up2drive 2.79%.

 

We applied through the dealer as well and were approved through Chase Prime at 2.54%. All while being in active foreclosure, having defaulted on a Chase and a bevy of other cards.

 

Willingtocope is right about the MyFico score. We signed up for the service to get an idea of our score. The score presented to my wife at the dealership was an Experian car loan Fico. The range went up to 900. My wife had a 845, her regular Fico is in the 720s. Incredible.

 

Just another example of how this site saved and continues to save my rear.

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@willingtocope @admin

 

Thanks again.  I went to see my loan officer, and indeed, he run my credit and the scores are much higher than the myFico I bought.... Here are they for comparison:

 

 

MyFico (Nov 1):  EX=634 / EQ=649 /TU=666

Lender: (Nov 25):  EX=682 / EQ=649 /TU=687

 

Big difference - particularly re the middle score - 649 vrs 682.

 

rgds, Yy

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