to: Momof3, Ques for you.

Discussion in 'Credit Talk' started by mother2, Mar 26, 2001.

  1. mother2

    mother2 Well-Known Member

    If you don't mind, I would like to know what you did that increased your score in a matter of months. I'm not trying to pry, I just want to know what I need to do in order to increase my score from 579 to 600. I've been told that a minimum score of 600 will get you financed for a mortgage. I haven't forgotten that their are 2 other CRA that have scores but I do know that Equifax is my worst report and if I can increase that score to 600, then the others may fall in place. I know I worry too much but that's what I've done all my life, and besides that's what mothers are suppose to do, right? ;o)

  2. Momof3

    Momof3 Well-Known Member

    I will tell you what I did and I hope it helps you:) I had my scores pulled in early October at the time I had 10 accounts open, only TWO were 12 months of age the rest had not reached that time frame yet, I had balances on most of the cards, some rather high, I also had a 30 day recent late reporting (incorrectly) and my score was 540. My reasoning codes at that time were:
    Length of credit history
    Recent delinquency
    Too many new accounts
    Too many accounts with balances
    balances/limits are too high
    and of course inquiries

    I closed most of my accounts, I kept my oldest one 6/99 and kept my citi, sears and JCpenney's, these last three aged 12 months in Nov 00, I also opened 2 citi accounts in Oct then combined them. I also got my 30 day removed and paid down balances.

    So I believe that I did have too many accounts, I think my previous accounts that hadn't aged in Oct but now are aged 12 month (3 of them) helped my score, also getting late removed and paying down balances. 3/01 score of 677 reason codes now:
    Length of history ( only time we help me there)
    too many accounts with balances ( I have 2 accounts with zero??)
    balance/ratios ( this now stands around 51% had been over 80% last time ouch)

    If you need anything else or I haven't explained it enough just let me know
  3. mother2

    mother2 Well-Known Member

    thank you very much

    I just got an Orchard Bank MC and I've already charged up $300 out of $500 credit limit. Also my Visa accout is $1500. Already charged $500. I am going to pay and close Orhard MC and pay off Visa. I hope this will increase my score. I will let you know the results. Thanks.

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