FICO Mortgage Scores

[tjmolly]

Why is my FICO mortgage score far less than my regular score?  633 mortgage vs 702 regular.  I admit I have high utilization with CCs and many credit lines.  Would paying off some of these lines and reducing the utilization ratio make a big difference?  Thanks.

[Anonymous]

Getting your utilization down to under 10% will give you a big jump on your mortgage scores.

[Anonymous]

Not entirely true. All of my util is belwo 10 percent for the past 6 months and yet my mortgage scores have yet to bump up. I believe with mortgage scores there are number of factors impact mortgage scores. In my case i think its old charge off accounts which are holding up my scores from increasing.

[Estexan07]

Yes, getting utlization down will help. Also, do you have any late payments reporting on any of those cards? I think those hit harder in the mortage scores than the regular scores.

I had a 30-day late that removed and gave a significant boost to my mortgage scores, brought them in line with my regular scores. 

[tjmolly]

I do have lates but >2 yrs ago. I do have charge offs but they are almost 7 years old.  Can this really affect the score being that old? Does anyone know what carries most weight for the mortgage score? Thanks for all your input.

[Anonymous]

I went from around 50% utilization to 18% and saw a 30 point increase. I have 2 charged off accounts that are about 2 years old and no collections. I also have late payments on my report.

[tjmolly]

Was that increase of your mortgage score or regular FICO score?

[Anonymous]

mortgage... My mortgage scores have always been lower than Fico8.

[Anonymous]

I went back and found the post I made referencing the score increase. My numbers above were off a bit. Here are the accurate numbers--

I was at 33% usage and paid it down to 18% and saw a 21 point jump in my mortgage score (649 to 671)

[tjmolly]

Your score increased despite the 2 recent charge offs? Incredible.