Mortgage score not going up

[Anonymous]

Hello,

My mortgage score is same for last three months now. Need to know what can I do to make it go up to 640 so I can apply for loan. I just renewed my lease for seven months thinking I should be able to buy by then. I need to know what can I pay to increase my mortgate credit  score. 

Equifax 607, Transunion 621 and Experian 622. 

My credit file:

Credit card:

Open credit cards: Discover $1000 with 0% unilization. Capitalone $550 with 6% unilization. 

Close credit cards: NFCU $1500 with $1284 balance. NFCU $1500 with $1331 balance.

Auto loans:

NFCU with $4,154 balance. Flagship credit acceptence with $13,394 balance.

Student loan:

US dept of Edu. with $4,660 balance.

Collections:

I have two closed collections with zero balance. 

Late payments in last two years:

Capital one open cc: two late payemnts from 04/2015 and 05/2015. 

NFCU closed cc: three late payments from 05/2015,06/2015 and 10/2015.

NFCU closed cc: two late payments from 06/2015 and 10/2015.

[Anonymous]

Have you purchased a new report. Mortgage scores do not update automatically like your FICO 8 scores. Also you should also receive a quarterly update for all scores. I am assuming that you get your scores here on myFico....

[Anonymous]

Paying your cards (open or closed) off to a low balance (less than 10% gross of all accounts) that will help. Hitting the 2 year mark on your lates will also help. 

[elim]

Do the math and see if these are calculated in your current utilization (and hurting your scores)...

"Closed credit cards: NFCU $1500 with $1284 balance. NFCU $1500 with $1331 balance."

Closed revolving accounts can factor into utilization if both the credit limit and balance are reporting. If either of these is missing then the account is usually excluded from utilization.

[Anonymous]

---

@elim wrote:

Do the math and see if these are calculated in your current utilization (and hurting your scores)...

"Closed credit cards: NFCU $1500 with $1284 balance. NFCU $1500 with $1331 balance."

Closed revolving accounts can factor into utilization if both the credit limit and balance are reporting. If either of these is missing then the account is usually excluded from utilization.

---

Are we sure that OP has updated mortgage scores...I think that is where it should start...correct me if I am wrong...thanks

[jdxprs1]

If you only have the 2 open credit cards, you should open a third card. Then keep 2 cards with zero balance and the other card right there at 6%.

As for the nfcu cards, if they haven't charged off you better get them paid off. I'm sure those two accounts are what is keeping your score low.

[Anonymous]

---

@Anonymous wrote:

Have you purchased a new report. Mortgage scores do not update automatically like your FICO 8 scores. Also you should also receive a quarterly update for all scores. I am assuming that you get your scores here on myFico....

---

I get my mortgage score every month with MyFICO premium. Started with 599 middle in January. After paying off credit cards it went up to 621 in February. stayed same in March and April. 

[Anonymous]

---

@elim wrote:

Do the math and see if these are calculated in your current utilization (and hurting your scores)...

"Closed credit cards: NFCU $1500 with $1284 balance. NFCU $1500 with $1331 balance."

Closed revolving accounts can factor into utilization if both the credit limit and balance are reporting. If either of these is missing then the account is usually excluded from utilization.

---

Where do I check if are included in my utilization? They two cards are not charged off but I'm not sure if they are included in total utilization.

[Anonymous]

---

@jdxprs1 wrote:
If you only have the 2 open credit cards, you should open a third card. Then keep 2 cards with zero balance and the other card right there at 6%.

As for the nfcu cards, if they haven't charged off you better get them paid off. I'm sure those two accounts are what is keeping your score low.

---

I'm scared my score will go down if I apply for another credit card. 

I'm trying to pay off two NFCU cards. 

[jdxprs1]

Trust me. I'm just finishing going through the exact same thing. You need LESS THAN 50% of your cards reporting a balance. You can't do that with 2 cards. Have to have 3.

The nfcu accounts are definitely in your utilization. For me, it was two capital one cards. Do what I said and your mortgage score go up to like 670.