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Almost there?

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jamiii
New Contributor

Almost there?

Ok, let me first apologize if this should be in the credit rebuilding section.  I was on the fence as to what section to post my question.

 

I sat down with a mortgage broker in May who pulled my scores which were 636 EQ/633 EX/609 TU and he basically said if I lowered my utilization (which was about 55% at the time) my scores should pass 640, but without getting some derogs removed I would be hard pressed to get past 680 for a conventional loan by the fall.  ( I did end up getting 3 derogs off my TU report but that was my low one anyway)

 

So here's the deal now.  I pulled myFico scores Monday and they are 644 EQ/651 EX/655 TU and this with my util. being at approx. 45%.  This month (August), due to a bonus, I am going to be able to pay my utilization down to approx 22-25%.  My question is:  I know there are too many factors that come into play to give a definative answer but am I crazy for thinking that the drop to 25% should solidify my scores at 640+ and MAYBE have an outside shot at 680? 

 

My wife and I really would like to be house shopping by Oct/Nov but I wonder if we're too far off credit wise and  it may not be until 2014?

 

 

 

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Shogun
Moderator Emeritus

Re: Almost there?

I believe you're in the running for a mortgage.  Dropping that util is one of the fastest and easiest ways to get a bump.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
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