Take a look at your wallet…do you have a store charge card you haven’t used in awhile? It might be worth going out and purchasing something for $20-30 and moving up the date of last activity on the credit card. Let me explain what I mean with a little story.
I recently had a couple in that wanted to buy a home for 300k. Their scores were just below where I needed them to be but I couldn’t see anything they could correct. There were no collections or derogatory Information reporting. The credit cards were at zero balances and then I noticed the Victoria’s Secret card. The date of last activity was over 24 months ago. Since the credit score is only taking into account what has reported in the last 24 months, I knew this good account wasn’t being brought into the mix. I called her and told her to go the store and buy something small with the card. While she was there, have her husband added as an authorized user on the account. She called me the next morning and sent me a printout online showing a $30 balance. I sent it in for rapid rescore services and three days later her score had come up 30 points JUST by moving up the date of last activity on the credit card into the last 24 month window. They weren’t planning on having the husband on the loan but when the Victoria’s Secret account posted the updated balance 30 days later, the account suddenly appeared on the husband’s account and his score jumped up 40 points. Now with having both of them on the loan, they were able to afford a home for 400k and not to mention, their marriage was revived. J Take a look at your wallet…do you have a store charge card you haven’t used in awhile? It might be worth going out and purchasing something for $20-30 and moving up the date of last activity on the card.
