How can Beacon scores be improved?? - Posted by Hope(Fl)

Real Estate Investing Real Estate Financing
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Posted by Ed Garcia on November 05, 2000 at 11:26:50:

Hope,

Many things can effect you credit scores. Inquires, Credit Card debt, and of course delinquent payments. I would like to suggest for you to pay a visit to http://www.creditinfocenter.com/ there you will find a section on Credit Scoring. From there go to Bankrate Minitor’s article on credit scoring. I would also like to recommend checking out this site for other information that is useful.

Ed Garcia

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How can Beacon scores be improved?? - Posted by Hope(Fl)

Posted by Hope(Fl) on November 05, 2000 at 07:25:32:

I thought I had excellent credit; was surpirised to find out it is 658. Now I did notice on my report that there are many charge cards with 0 balance that I havent used in years and I thought were closed out. Could this be hurting my score. Also, I heard that you need to have 700 min. to be considered A credit, is this true, and what is the highest score you could have. All of my accounts were 1 and I did show a late payment about 18 months ago on one mtg, but gees, since I have so many mtg. for so many years, I hardly think this should lower my score. I have also had the samejob for 18 yrs. with exc. salary.if this matters for the score. Any advise on how to up my FICo score would be appreciated. Thanks!!

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Re: How can Beacon scores be improved?? - Posted by Paul Macdonald

Posted by Paul Macdonald on November 07, 2000 at 21:24:28:

658 is not a bad score. Highest score possible is 900. Highest I’ve seen is 810.
Yes. The apparently open accounts hurt your score. Close them.
1 means current. It is not a rating. You can be R-1 or I-1 and have had all of your accounts R-9 and I-9 last month. Therefore don’t be proud of 1’s.
Yes, the late mortgage pay hurt your credit.
How long you’ve been on the same job does not effect your credit score.

How to improve credit (a loan officers opinion):

  1. Write to all those old accounts and ask them to sent a report to the credit bureau and show them closed AT THE CONSUMERS REQUEST. Roughly 5 pts. per “closed” account was what my credit reporting agency told me.
  2. Lower all balances on all revolving accounts to less than 50% of available credit.
  3. Payoff finance company first, than revolving accounts, than the installment loans.
  4. Close all but 3 or so revolving lines of credit.
  5. And always pay on time.
  6. Be patient.

“A” credit (if defined by Fannie/Freddie) is a minimum of 620. 680 for most other niche programs. 700 for the more exotic programs.

Good luck.