I am trying to get a second on my house with a Stated Income, but my FICO is only 610. Anyone have any ideas on how I can get it to 680??? Please Help!!!
Maybe if you gave us the reasoning codes factoring into your score, someone maybe have some suggestions.
Re: Reason Codes Thanks for your help guys, umm...here are the reason codes: #1 = 39 Serious Delinquency (I had about 5 to 7 PAID charge offs in 97/98) #2 = 34 Amount Owed on Delinquest Accounts (Hmm...I haven't been late for a bill for since 97/98) #3 = 14 Length of Time Accounts Have Been Established (Well, I just got an AMEX Gold about 2 to 3 months ago and also a RobMay Card) #4 = 10 Proportion of Balances and Credit Limits...Too High (OK, I maxed out the RobMay card and carry a $10,000 debt on a $16,000 Citibank Plat) ------ Does this help you help me? Thanks again, any advice would be greatly appreciated.
Re: Reason Codes Other than the obvious, I have nothing to say. With all that negative activity, there are probably errors, but it would be too hard to comment without seeing the reports.
Re: Reason Codes The reports just show all of my paid charge offs and my current accounts. Actually, wait...it shows that I haven't paid 2 dept store accounts from at least 4 years ago.....but I've paid these. These 2 things make my FICO WAY down? Isn't there some trick to boosting my FICO score?
Is there a trick to boost my score? I'd really like some advice on how to boost my score, and quickly.....
Re: Is there a trick to boost my score? 1) I would start challenging everything immediately. If you don't want to do it your self you might look into Lexington or Junum. I used Lexington in the past and was very happy with the results (23 derogs removed). 2) If possible, paying down some of your current debt will help quite a bit. From what I've seen carrying a high debt/credt ratio hurts your FICO significantly. I think that 20-30% is a good ratio. 3) If you want to get a mortgage those charge-offs are going to have to be paid. Try to negotiate for removal or re-statusing of the items before you pay them off and get it in writing from the creditor. Can't think of anything else at the moment. I'm sure that others here could offer more advice than myself. Good luck! Kirk
Re: Is there a trick to boost my score? Thanks Kirk, I think I will utilize a service called Junum. I have seen a lot of happy people in here who have used them.
Re: Reason Codes So, obviously, reasons number 2 and 4 could be caused-- in part or entirely-- by those accounts. The reasons are listed in order of significance. No one can tell you how much your score could change by correcting those errors. What are the names of the companies making them? With your low score, it is surprising to hear that you got an American Express card-- and a Gold card, at that-- recently. What was your score when you got the card? It is also strange that you have such a high limit on Citibank and that it is a "platinum" card. What gives? And, how much interest do you pay Citibank every month? Would you return to this thread from time to time with your experience with the credit repair organization and otherwise?
Regular/Senior Members, PLEASE Help Wow, sounds to me like you don't believe what I wrote. I'm looking for advice to boost my FICO, not to prove what credit cards I have to you. Can the REGULAR members help with some tricks? Lizard, Breeze, etc...
Re: Regular/Senior Members, PLEASE Help Hey, evil, I just wanted to write and say that I didn't get that message from Greg's post. I think they were valid questions...and of great interest to our group...as experience has shown us that it requires a higher score. On another note, I think you'll really like junum. They were wonderful with me and I think that is a good option for you!
Re: Regular/Senior Members, PLEASE I second NanaC's post, and your answer may give us the opportunity to learn. There are things you can do right now to boost your score.To begin with, your credit report, see if you can eliminate any errors. Also if you pay down a big credit card balance, your score will rise. best wishes,
Re: Regular/Senior Members, PLEASE Exactly - disputing incorrect items should make a big difference. After they are corrected, go back and see where you stand. Greg doesn't slush around trying to make people feel good, but why not try answering his questions anyway. Just as an experiment.........see what happens. breeze
Breeze & Nana Well, I know that my fico was 670 when I bought my explorer last Oct. I think it was around the same time that I applied for my Citibank Plat....got approved, and then in Feb of this year, I got a pre-approved gold card from AMEX in the mail. I figured what the hell, so I took it. I don't know what the big deal is about the AMEX gold, when I told my friends I got a pre-approval in the mail, they told me that they got one too around the same time. As far as the Citi Plat goes, I make a very decent living, so maybe my salary had something to do with it, I don't know, because I don't think a 670 fico is that big of a deal. Well, I do thank you guys for the advice on paying down the cards and disputing the wrong info. However, I don't know why the 2 items are that big of a deal. I mean, they were on there when I did all of the above. Anyways, Nana, I will definitely be contacting junum in the very near future to see what they can do for me, but I think I can write a dispute letter myself, or do what that lizard guy does, threaten to sue. The difference for me is that I actually paid off my debt and also have proof from the collection agency dated way back in 97/98 Thanks again guys, if you can think of any neat tricks to boost my fico, I'd really appreciate it.
Re: Breeze & Nana I"m wondering if your other scores and the other CRA's are higher and this is why you received those cards. It can vary so much so it would make sense of the whole thing. I agree, you can write the letters yourself. I did before junum and had moderate success...then junum took over for 6 months and was super successful, and now I am doing it alone again...I'm a teacher and have the time now. I actually enjoy it..! (disputing, that is!) (And summers as a teacher, definately!)
Re: Breeze & Nana Nobody-- nobody can give you exact answers to your questions. If you had your 3 scores, previously, perhaps you have your report from that moment, too. Compare today and then. There may be one tiny detail you're missing. On the other hand, if you don't have it, there's no way to recreate history to see the previous report. And, the creditors are unlikely to give you a copy (but it isn't the law that keeps them from doing it). It makes the case for reviewing your reports on a regular basis. But that's a two-edged sword. The government even encourages a once-per-year review. If only half the consumers did that, ordering directly from the national CRAs, it would mean an additional $850 million in revenue for each of them. And the more errors, the more people will order reports. What a deal, eh: Rewards for screwing up? You have much activity regarding new credit in the last year. Beneath the four score reasons disclosed to you are a fifth, sixth, and so one reasons. They're just not disclosed because they don't affect you as much as the four that are disclosed. Imagine what number five is: Inquiries? Number six: Number of revolving accounts? If you dispute the incorrect items and eliminate one of the top four score reasons, another will take its place and you can act on that. Document what you have to go through to make the credit bureaus report accurate information about you and consider a case against them for delaying your second mortgage approval. "Quickly," as you put it, is the key. You shouldn't have to wait for them to, simply, do their jobs when a loan you absolutely must have is on the line. Push for immediate corrections; don't be satisfied with a 30-day investigation. Also, if you have the money, reducing the balances by more than the required payment, I believe may be counted highly in the score model. Experian, for one, discloses that they actually have a history of balances-- so it is possible, theoretically. You are correct: A 670 isn't much to write home about. Average is 725. --------------------------- NanaC, if junum was super-successful, why do you have to do it again, yourself?
Nana I think you're right. I remember my broker referring to 3 scores and she wanted to know what my middle score was. Anyways, this whole credit thing is such a joke. I mean, I can easily qualify for another 1st mtg at 7.5% with 0 closing on a "cash out" basis to get another $25K, but they're giving me a hard time for a 9% second. Man, these are things I will never understand. Thanks for your feedback Nana! I will let you know what happens. I think I will just try a few letters. I think my disputes should be easy. Do you happen to have a form letter I can send to the CRA's? I can't use the validation form from lizard because I don't have collection people after me. I just need to write to the CRAs.
Re: Breeze & Nana I don't know if this has been addressed before because I saw this post and had to respond. If someone already said it, please disregard. Moving on...I have some paid charge-offs from 1996-1997. I joined Junum in April and just got round one back. Out of the 3 accounts Junum disputed, only 1 got deleted. The disputed entries were: 1997-Reposession 1997-Charge-off (Not Paid) 1995-Paid Collection. I think that the reason the accounts got verified is because they are so recent. You might want to be careful of that. I know to you and I, 5 years is a long time, but to the creditors, it is like yesterday. BTW, the only account that got deleted was the unpaid chargeoff, and I think its because I also have an entry from a Collection Agency for this account. At any rate, I thought I might tell you my experience. Good Luck.
Re: Breeze & Nana Greg! Junum got me 22 deletions over the time I had them and I now have one collection left...so I'm working on that one! I had 2 files with Experian..one was horrible, the other not..junum got that corrected. So, I'm working on my one!
