Conflicting advice from mortage broker need help

[gamblerx15]

Hi all

My bk is nearing its 2 year seasoning mark and we have been working with our mortage broker to get

thru the preapproval process, My wife and I met with him about 30 days ago and he gave us some advice

to tweak our credit score for the best rates available, His advice was to get all our cards paid down to

39% or lower uti and get 2500 in a savings account to show a reserve for the final approval, sounded great

and we started working on that.

We met with him today for a check up and the advice he gave us was totally different telling us to pay off

and close several accounts and to start my 401k back up again, and to make sure we had the 2500 reserve,

after reading the thousands of posts on this forum for the last year it seems that the best advice he gave us

was the advice he first gave us and that closing accounts will do more damage to our score than paying down

our cards to make our uti more attractive and would result in a bigger score jump. I need just 7 pts to hit 620 and my wife needs 15.

Should we pay off the cards he told us to and close them?

or should we just continue working on getting our uti down and leave them open?

any help would be appreciated

thanks

[ronq]

get your UTL down, I don't see any reason to close accounts. Paying down UTL is the fastest way to raise your score. Below 9% will usually yield the best result. there is also a good gain when you get to under 35%.

[WannaHouse]

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@gamblerx15 wrote:

Hi all

My bk is nearing its 2 year seasoning mark and we have been working with our mortage broker to get

thru the preapproval process, My wife and I met with him about 30 days ago and he gave us some advice

to tweak our credit score for the best rates available, His advice was to get all our cards paid down to

39% or lower uti and get 2500 in a savings account to show a reserve for the final approval, sounded great

and we started working on that.

We met with him today for a check up and the advice he gave us was totally different telling us to pay off

and close several accounts and to start my 401k back up again, and to make sure we had the 2500 reserve,

after reading the thousands of posts on this forum for the last year it seems that the best advice he gave us

was the advice he first gave us and that closing accounts will do more damage to our score than paying down

our cards to make our uti more attractive and would result in a bigger score jump. I need just 7 pts to hit 620 and my wife needs 15.

Should we pay off the cards he told us to and close them?

or should we just continue working on getting our uti down and leave them open?

This man is smoking something illegal!!

Pay them down, YES! Close them? H3LL NO! you need the open trade lines. Pay them way down to about 10% and your scores will jump up. Pay off one or two, and pay down the others, but do NOT close a single card. Rotate the cards and continue to use them, and pay them off/down.

any help would be appreciated

thanks

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