Need just 2 points!!

[Anonymous]

First time posting here. My question is this I am currently trying to get a mortgage loan and they just pulled my credit, my scores were 616 ex 618eq And 657 TU, I know they are not great but I have been rebuilding. I have 3 cc. All low limits.
650/700. 440/500 and 320/320. Well I paid the 320 to a zero balance and also paid a 8000 dollar car loan off both of in which have not reported. The lender is doing a rapid rescore to get me the two points. Do you think this is even possible? Thanks for your expertise.

[jamesdwi]

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@Anonymous wrote:
First time posting here. My question is this I am currently trying to get a mortgage loan and they just pulled my credit, my scores were 616 ex 618eq And 657 TU, I know they are not great but I have been rebuilding. I have 3 cc. All low limits.
650/700. 440/500 and 320/320. Well I paid the 320 to a zero balance and also paid a 8000 dollar car loan off both of in which have not reported. The lender is doing a rapid rescore to get me the two points. Do you think this is even possible? Thanks for your expertise.

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personally i think paying off the car loan was a mistake, creditors like a mix of open tradelines, and Car loans tend to be lower APR, Paying off the credit card would help your UTL a lot more than paying the car loan. 

but you can't unring a bell... good luck on the morgage. 

[marty56]

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@jamesdwi wrote:

personally i think paying off the car loan was a mistake, creditors like a mix of open tradelines, and Car loans tend to be lower APR, Paying off the credit card would help your UTL a lot more than paying the car loan. 

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IMHO PIF's the loan was the correct move since it lowers your DTI which is always good for a mortgage.  PIF's the CC card may help your FICO score too as well as your DTI.

[Anonymous]

Thank you for the quick response. I should clarify I was actually a cosigner on the car loan and she bought a new car on her own, so that loan was paid in full. I do have a car loan in my name still. I have no Bad marks on my credit it is being hurt my my util. So I'm
Hopin by paying off that card it will boost a couple points. I have the money to pay off the others but the lender said leave it alone for now
An keep the money in the bank.

[Repo-ed]

Ya, they are going to want to see money in the bank as well.

I think doing what you've done, is fine.

[LS2982]

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@jamesdwi wrote:

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@Anonymous wrote:
First time posting here. My question is this I am currently trying to get a mortgage loan and they just pulled my credit, my scores were 616 ex 618eq And 657 TU, I know they are not great but I have been rebuilding. I have 3 cc. All low limits.
650/700. 440/500 and 320/320. Well I paid the 320 to a zero balance and also paid a 8000 dollar car loan off both of in which have not reported. The lender is doing a rapid rescore to get me the two points. Do you think this is even possible? Thanks for your expertise.

---

personally i think paying off the car loan was a mistake, creditors like a mix of open tradelines, and Car loans tend to be lower APR, Paying off the credit card would help your UTL a lot more than paying the car loan. 

but you can't unring a bell... good luck on the morgage. 

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+1

[LS2982]

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@Anonymous wrote:
Thank you for the quick response. I should clarify I was actually a cosigner on the car loan and she bought a new car on her own, so that loan was paid in full. I do have a car loan in my name still. I have no Bad marks on my credit it is being hurt my my util. So I'm
Hopin by paying off that card it will boost a couple points. I have the money to pay off the others but the lender said leave it alone for now
An keep the money in the bank.

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Fingers crossed for you to get your house soon!

[Anonymous]

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@Anonymous wrote:
First time posting here. My question is this I am currently trying to get a mortgage loan and they just pulled my credit, my scores were 616 ex 618eq And 657 TU, I know they are not great but I have been rebuilding. I have 3 cc. All low limits.
650/700. 440/500 and 320/320. Well I paid the 320 to a zero balance and also paid a 8000 dollar car loan off both of in which have not reported. The lender is doing a rapid rescore to get me the two points. Do you think this is even possible? Thanks for your expertise.

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Installment loan balances aren't really factored into FICO scoring.  CC utilization is 30% of the score, however.  Paying 320 might help.  Ideally, though, you want to get your utilization under 30% though to see a decent FICO drop.  I would try to get your total CC usage down below $450 and you should see a nice increase in your score.

From paying the $320, you may get the 2 points you need.  If you pay it totally below $450, you should get even more, and possibly even get a better rate.  If you have the money to do it, I would recommend it.

[Anonymous]

Thank you the answer that is what I was kind of looking for, I just new the two points right now to lock in the price then before closing I will pay off more of the debt on the cards and keep them down to increase the price and possibly get the better rate as you suggested. Thank you again.