Scores just fell, need 620… please help :(

Tips and Deals Forums Consumer Credit Improve credit Scores just fell, need 620… please help :(

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    • #242442
      dealpal
      Keymaster

      I’ve been on the boards for almost 2 years now*so I certainly know that there’s never a quick fix with credit scores and the “need to get to X score” posts are never very realistic. However, here I am. I need a middle score of 620 in the next*few weeks to actually close on the home we’re building, so*I want to explain my situation just to make sure I’m not missing anything.
      *
      My scores:
      EQ = 604 (today from myfico.com)
      TU98 = 628 (today from myfico.com)
      EX FICO v1 = 583 (in Dec 2011 before paying LOC down from 37% to 24% – don’t know current score)
      *
      EQ = 604 (today from myfico.com)
      TU04 = 604 (in Dec 2011 before paying LOC down from 37% to 24% – don’t know current score)
      EX FICO v2 = 618 (in Dec 2011 before paying LOC down from 37% to 24% – don’t know current score)
      *
      If my middle score is 620 with either of the above sets of scores, then I will be approved (lender uses two different scores sets). As you can see, I only need a few points.
      *
      My credit situation:
      – Overall util of 24% (all 4 of my CCs have $0 balances, but I have a large LOC with a 29% util that is my only revolving debt – In the past 4 weeks since lender first pulled my scores, I have paid*my overall*util down from 37% to 24%)
      -*I have a*few 30-day lates that are all just over 2 years old
      – In December 2009/January 2010, I had 11 student loan accounts charge off; the balance on these is about $100K and I have been making on-time monthly payments toward all 11 of these for over a year now, however, they are still COs and reflect on my credit reports as such
      – No collections, no records and*3-4 inquiries
      *
      What happenned recently:
      – In June 2011, I finally obtained a middle score of 620 and by September 2011, it was at about 640, then…
      – In early November 2011, a dispute letter that I had sent out in June 2010 (yes, 18 months earlier) magically arrived at TU, which caused a dispute*with all*11 CO student loans; as a result, the SL lender updated all of these CO accounts and instead of reporting “OK” for the past 20 months, they changed it to “CO” so now, instead of looking like my last late payment was nearly 2 years ago, it now looks like it was in October 2011
      -As a result of the above, my scores plummeted
      *
      There’s nothing I can do about the COs…. the lender has refused to work with me over and over and there is no way they are going to change the way the accounts are reported or remove any of the negative info. Also, they began reporting “OK” again beginning in November 2011, so I am not touching those accounts for fear that they will report “CO” for the last few months as well.
      *
      My only revolving debt is the LOC, which has a current balance of $8500… I can pay this down to below 9% in the next 3 weeks (and I am going to do that) but with a “CO” reported as recently as 3 months ago, I’m just not sure it will be enough. Am I missing anything? Aside from paying down the existing balance on the LOC, is there anything*else I can do?
      *
      *

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