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How do I Increase the Trans Union Fico 4 score that most banks use for mortgage lending?

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Revelate
Moderator Emeritus

Re: How do I Increase the Trans Union Fico 4 score that most banks use for mortgage lending?


@Anonymous wrote:

Thanks--i'm pretty frustrated as we went through a Rapid Rescore about 3 weeks ago--paid about double what the Rescore told me to pay in order to get a 6 pt boost in my TU score as i needed 740 for my mid and was at 734.  All that, waited a week and only got a 4 pt jump and can't fund the loan i need.  So went ahead and paid every balance to Zero or almost zero (current charges only) on everything and have a balance on Amex which credit company is telling me should affect anything as it's always been current and shows as a revolving (as if it's paid in full each month).  2  30 day lates (one from 2013 and another from August 2012 seems to be weighing me down.  I sent Goodwill letters on Thursday of last week via fax asking/begging for removal no answer yet.  I only need a 2 pt. jump so wondering what else i need to do--seems as if i should have it between paying all cc's and paying off my mortgage for my sold home?  Any other thoughts?  Truly appreciate your willingness to help.


Other than I don't know how the Amex charge will be counted in this particular bit, if you had balances on several cards, paying all off but 1-2 probably is worth 2 points EASILY.  The problem with Amex is any revolver with a term of 1 month isn't factored into the revolving utilization calculation but is for number of balances.  I'm certain it's been tested at some point in time I just don't know the answer.  

 

If you're doing a rapid rescore anyway in a few days or whatever, you could make some charges on another credit and zero out the Amex for safety purposes.  If you had a number of cards with balances or non-trivial utilization you should make a couple points easily.

 

Whenever I come up from my own mortgage process I'll try to test this with my own Amex charge card as I admit you have me curious at on this one.




        
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