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Help with a credit analyzer
Posted on 6/12/12 at 7:45 pm
Posted on 6/12/12 at 7:45 pm
Im looking to buy a new house. Working with a lender and have a few things (nothing Major) to take care ofon my credit 1st. I was given a credit analyzer and things to do to provide an immediate bump in my scores. Easy enough, however, There is one for 2 of the credit reports. they say pretty much diferent things? anyone know the best route for this? which one should I follow more. Im lost and Im about to pull my hair out
Posted on 6/13/12 at 1:18 pm to coonass27
when i pull credit it comes with an analyer for all 3. you need to look at what each score will be after you take care of the things it suggests. if its not going to bring up your middle score then i might not be worth you doing.
Posted on 6/13/12 at 2:49 pm to coonass27
What types of things are you dealing with?
Posted on 6/13/12 at 10:51 pm to coonass27
The easiest and fastest way to boost your score is to pay down your revolving debt utilization. I've read that the FICO scoring models maximize your score when all cards report a zero balance while keeping one card between 1 and 9% of your credit limit. Go to the MyFico forums and especially the credit rebuilding board if you have other issues like collections, charge-offs, etc.
Posted on 6/14/12 at 9:28 am to coonass27
Credit projections/analyzers are never 100% accurate, but some are better than others. I subscribe to IdentityGuard and they have a credit analyzer for all 3 CRAs. I have found them to be extremely accurate. The only problem I have with their analyzer is that it cannot account for score projections from removing derogatory info (chargeoffs, late pays, etc). It only projects for reducing or increasing debt, new credit cards, closing cards, etc etc.
As mentioned above, you might be able to get some better info from others if you describe what situations you are trying to analyze to increase score. Jon is correct that decreasing debt and credit utilization is the best way to maximize score, but there are many other situations you could be referring to.
As mentioned above, you might be able to get some better info from others if you describe what situations you are trying to analyze to increase score. Jon is correct that decreasing debt and credit utilization is the best way to maximize score, but there are many other situations you could be referring to.
Posted on 6/14/12 at 10:05 pm to mglsu21
It will raise my middle score a lot. Its nothing bad as I dont have any collections, or past due accounts. the only bad thing is I was late on a couple of cc payments/ truck payment back in 08 when I lost my job. No repossessions or defaults, just 30 days late. 2 of My scores need to come up a little to get a better intrest rate but they are due to my credit cards being too high. I dont have a bunch of debt and it will only cost about 5k to get this where it needs to be. ( after that I will have maybe 2k total in credit card debt)
What is getting me is one report says to pay this to this and this to that and it will increase my score to X. the next report says entirely diferent things. they are both paying down debt on the cards but each one has diferent amounts for diferent cards. Just didnt want to do one and and not get the bump I need.
Would it be better for me to take all the cards and just pay them down to half of the limit? (would be about the same amoun) Im not sure how they view this but need to get my scores up so We can build
What is getting me is one report says to pay this to this and this to that and it will increase my score to X. the next report says entirely diferent things. they are both paying down debt on the cards but each one has diferent amounts for diferent cards. Just didnt want to do one and and not get the bump I need.
Would it be better for me to take all the cards and just pay them down to half of the limit? (would be about the same amoun) Im not sure how they view this but need to get my scores up so We can build
Posted on 6/14/12 at 10:10 pm to coonass27
I guess what Im asking is if I take the one that will give me the highest bump, follw it to a T with paying down what they say. Will the one that Im not following what they say 100%,( its still paying down card debt) will I not get the bump on the second
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