Mortgage Scores

[CostantinoA]

That is great. I need to learn from you how to raise it over 102. I am not sure what our option is. My main thing is the debt. I have no doubt I can have it paid off in 90 days. The rest is medical collections. I talked with the preferred lender from the home builders and he said because we are first time home buyers and we have down payment assistance from my wife’s work plus cash, we should be ok. We don’t need to have the house till end of Feb. What did you do to raise it 102? Can you PM me?? Thank you.

[Anonymous]

That 69% utilization is aggregate so it doesn't tell us enough.  Do you have any accounts with more than 90% utilization?  If so, those are absolutely destroying your scores.

You need to work on paying it all down to $0 except for one account at $5.  Your scores may jump significantly.

[CostantinoA]

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@Anonymous wrote:

That 69% utilization is aggregate so it doesn't tell us enough.  Do you have any accounts with more than 90% utilization?  If so, those are absolutely destroying your scores.

You need to work on paying it all down to $0 except for one account at $5.  Your scores may jump significantly.

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I actually went a few days ago and had them pull the credit.  He said I needed to pay down $3,300 and my scores will be where they need to do to get a loan.  I was surprised only $3,300.  I paid it down 4k.  I am going back on Monday to have them Rapid Rescore and see where I stand.

[Cprman]

It's nice to be able to qualify for a loan, but with more work on the utilization you may be able to get your scores up pretty quickly and get a better interest rate and better loan.

Also I see something about your wife's work contributing down payment assistance. If your wife is on the loan too, her scores matter as well. Your debt to income may be much better if she is on the loan. 

I've seen many just barely get pre-approved for a loan just to find a house and have underwriters on day 28 nix the loan.