MOrtgage FIco score increase help

[Anonymous]

Hello I have been reading on how to improve my mortgage score as I am in the process of trying to buy a house. I recently pulled my report back on May 30 and I was a little shocked at how much of a difference the were from FICO 8. I am wondering what I could do to see if I could get my mortgage scores in 690 range.

I have 2 90 Day lates with Nelnet from May and June 2015 on 6 tradelines

I have 60/30/60/30 day late payments on capital one cc back in August/Sept/Oct/Nov 2014

My current credit is as follows

BOA/Credit Card 450 with 2100 credit limit

Capital One 950 with 1800 credit limit

Wells Fargo 700 with 4000 credit limit

Auto Loan from June 2016 all payments made on time.

My FICO 8 EQ/676 EX/700 TR/697

FICO 4 EQ 649 EX 655 TR 677

CAN ANYONE HELP AND WOULD IT BE POSSSIBLE TO GET TO MID SCORE OF 690

Thanks for the help

[me12345]

If you are going to do an FHA loan I would not worry about the score increase, you only need a 640 mid score for an optimum rate, and getting it up to 690 would make no difference.

I would be more concerned with your DTI ratio, that is going to be a bigger factor in qualifying.

Thanks,

[MauiMan85297]

Get that CO card down more, you're at 50% Uti, like the above poster stated going FHA the mid score of 660-690 will make no difference

[Anonymous]

I am trying to get a conventional loan and min score is 690 to qualitfy. My DTI is fine.

[Anonymous]

Would it be financially doable for you to pay down all your cards to $0 except one, with the remaining card showing a small positive balance (like $20)?

That will definitely get you a solid number of scoring points.  You are currently being penalized for each of the following:

      Some cards at an individual util of > 49% (all cards should be < 29%)

      Total util of 25% or so (total U should be < 8.9%)

      All cards showing a balance (most cards should report $0)

Something that would help a lot is getting your derogs removed.  Just getting the Day 90 and Day 60 derogs removed would be a huge help.  That might take a while (letter writing campaign) and the folks in the rebuilding forum can explain better.

[Anonymous]

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@Anonymous wrote:

Would it be financially doable for you to pay down all your cards to $0 except one, with the remaining card showing a small positive balance (like $20)?

That will definitely get you a solid number of scoring points.  You are currently being penalized for each of the following:

      Some cards at an individual util of > 49% (all cards should be < 29%)

      Total util of 25% or so (total U should be < 8.9%)

      All cards showing a balance (most cards should report $0)

Something that would help a lot is getting your derogs removed.  Just getting the Day 90 and Day 60 derogs removed would be a huge help.  That might take a while (letter writing campaign) and the folks in the rebuilding forum can explain better.

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  Paying down your cards will make your scores leap!  The success of the goodwill letters may get you on a better bracket.  Wishing you the best!