Mortgage Scores

[Anonymous]

Greetings,

I am NEW to the myFico world and wanted to ask how I would go about getting my mortage scores up to be able to qualify for a loan in the very near future? I have had a lender run an inquiry very recently: EX 555 TU 562 EQ 525 (from lender). Checked mortgage scores on here today: EX 554 TU 504 EQ 536.

These are my scores alone but me and my husband will be on the mortgage loan. His scores from the lender: EX 619 TU 589 EQ 567. I have not paid for access to his myFICO scores (wonder if he could be added to mine somehow). 

I currently have 2 credit cards (secured cause I am in the process of rebuilding) and the balances have been paid to within $10 in the last 7 days. Husband only has one and his balance has been paid down as well.

Any advice, recommendations or anything would be greatly appreciated. 

[Anonymous]

Welcome to the forums!

Those scores indicate lots of derog's on your credit. We need more information to comment on your situation. What are each of your baddies, how much, how old, what collections, household income and the like. Paint a picture so we can better understand your credit and your ability to improve your scores.

Looking forward to it.

[Anonymous]

Hi, I'm new here too. I noticed that your TU Fico 4 score was almost 60 points higher at lender. But, the other 2 are relatively close. How recent was the lender pull? Curious. I had a TU fico 8 score go up +25 but the TU mortgage score didn't budge at all. Scared to ask lender to pull it.

Thanks

[Anonymous]

The lender pull was actually May 4th or there about. I am. I am not sure of the reason for the huge difference. I've paid card balances down but it seems as tho the numbers are going in the wrong direction.

[Anonymous]

Hello NurseM.  Paying your credit cards down does not cause your scores to change.  Only when those cards have reported their new balances to the credit bureaus and the bureaus have updated their databases will you see a score improvement.

Do you have any tools for pulling your credit reports, say once a week?

[Anonymous]

Thanks for the info. Do you know how long it generally take for the cb to update after a payment has been made?

I do not have access to pull my report monthly however I have subscribed to a few different monitoring services- privacy guard, credit wise and myFICO. I am not sure if when the scores update the report updates.

[Anonymous]

Your credit cards have a monthly statement.  Each statement will print roughly on a certain day of the month.  One card might have a statement that prints on the 8th (give or take a day).  The other might print on the 21st.  The day after the statement prints the CC issuer will report your balance (listed on the statement) to the three bureaus.  After it does that, it will take the bureau about a week to update its database.

[Anonymous]

Ok great. Thank you