need a jump in fico from 750 to >760 for mortgage. any advice ?

[haulingthescoreup]

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@sunrise wrote:

MV....We are using our middle FICO score.....I have also been chatting w/ Shane...... I was simply stating what happened to us when we shopped around over the last couple weeks! Now, you have me confused...it's been happening alot lately! Maybe my post wasn't clear?! I was referring to the point (score) at which interest rates drop to get the "best rate"

I was told that the higher the credit score the better the rate...not the highest of the 3 scores!

Am I making myself clearer this time? So, sorry if this is still murky.

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Perhaps with the recent financial market disasters, mortgage lenders' pucker factor has tightened --err, risen --and now 760 is the new 720.

[Anonymous]

prince0102,

I am in the same boat as you are. My scores are around 760, and I consider applying for a loan this summer. However, just like yours, I have too many open accounts carrying balance (6 or 7 I guess), and I opened a brand-new account. Actually, I opened two CCs, but the latter one hasn't shown up, so I should take some hit, I don't know, maybe 10-20 points?

My UTIL is around 10%, so I think there is some room to improve. I will definately clear the balances for 2 or 3 cards. Then see what happens.

[haulingthescoreup]

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@Anonymous wrote:

prince0102,

I am in the same boat as you are. My scores are around 760, and I consider applying for a loan this summer. However, just like yours, I have too many open accounts carrying balance (6 or 7 I guess), and I opened a brand-new account. Actually, I opened two CCs, but the latter one hasn't shown up, so I should take some hit, I don't know, maybe 10-20 points?

My UTIL is around 10%, so I think there is some room to improve. I will definately clear the balances for 2 or 3 cards. Then see what happens.

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jsk: at least two months before you're ready to go looking, count all your open accounts, including the new ones and any installment lines, divide by 2, and only let that number or fewer report. Start with the ones due the soonest for quickest score movement. That ought to give you a decent cushion above your 760's, and they will love you to death.

[smallfry]

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@haulingthescoreup wrote:

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@Anonymous wrote:

prince0102,

I am in the same boat as you are. My scores are around 760, and I consider applying for a loan this summer. However, just like yours, I have too many open accounts carrying balance (6 or 7 I guess), and I opened a brand-new account. Actually, I opened two CCs, but the latter one hasn't shown up, so I should take some hit, I don't know, maybe 10-20 points?

My UTIL is around 10%, so I think there is some room to improve. I will definately clear the balances for 2 or 3 cards. Then see what happens.

---

jsk: at least two months before you're ready to go looking, count all your open accounts, including the new ones and any installment lines, divide by 2, and only let that number or fewer report. Start with the ones due the soonest for quickest score movement. That ought to give you a decent cushion above your 760's, and they will love you to death.

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I might add make sure you let at least two or even three credit cards report a balance if you have in the neighborhood of six open. TU penalized me from 713 to 705 because I only let one card report a balance. My utilization is always 1-2% maximum.

[haulingthescoreup]

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@smallfry wrote:
I might add make sure you let at least two or even three credit cards report a balance if you have in the neighborhood of six open. TU penalized me from 713 to 705 because I only let one card report a balance. My utilization is always 1-2% maximum.

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OMG, what do these people want???? I only have 8 open lines: mortgage, HELOC, SL, 4 bank cards, and a store card. When I have balances on 4 accounts (the loans plus 1 CC), they love me. Add a card, and * flush *.

I know that you get hurt for having NO revolving accounts (CC's) report. How many CC's do you have that you must have 2 or 3 report? Geeze, without a doubt, TU is the most high-maintenance CRA there is!

edit for sudden inability to add

Message Edited by haulingthescoreup on 01-05-2008 11:59 AM

[Anonymous]

Per a lending officer, you should keep balances as far below ,(50% of the limit on each rev. acct.) as possible. it is better to spread balances to more rev cards than to have higher balances on a few.

[Anonymous]

have you shopped credit unions? 

I got an offer from CCCU for 4.8 fixed 30 year.  as opposed to one from Chase at 10.  LOL  They are crazy.

[haulingthescoreup]

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@Anonymous wrote:

Per a lending officer, you should keep balances as far below ,(50% of the limit on each rev. acct.) as possible. it is better to spread balances to more rev cards than to have higher balances on a few.

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Around here, the recommendation you'll hear is below 10% on fewer than half the cards, and the rest paid off!

[064Runner]

Straight off the myfico page: 30 year mortgage Score Rate 760- 850 5.822% 700- 759 6.044% 680- 699 6.221% 660- 679 6.435% 640- 659 6.865% 620- 639 7.411% 600- 619 8.921% 580- 599 9.489% 550- 579 9.910% 500- 549 10.479