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):
- 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.
- Lower all balances on all revolving accounts to less than 50% of available credit.
- Payoff finance company first, than revolving accounts, than the installment loans.
- Close all but 3 or so revolving lines of credit.
- And always pay on time.
- 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.