NEED HELP GETTING FICO UP FOR NEW MORTGAGE....

[Anonymous]

Ok, so I am new to this forum and have found it very helpful.  So here is my situation I have fico scores trans 592 exp 584 eq 582 and I need to get the mid score to 620 to get approved for home loan.  I already have a mortgage never been late on and auto loan never late a credit paid off every month and my wife has me as co sign on 3 of her credit cards, the only thing that is bringing down my credit is old student loans in collections with a balance of 10k which have all been paid of within last week, hopefully this will do the trick and get my scores up.  Any ideas on how to get on how to get my score up? I have been browsing the forum and saw secured credit card but I don't know if that would help in my case..Please any help would be appreciated, i have been racking my brain the last couple weeks

[JM-AM]

First question where did you obtain scores from?

Next question is how much debt do you have? CC's, mortgage, car loan, etc etc...

Lets start with that information

[Anonymous]

scores were pulled from a mortgage broker.  I have 0 debt on cc it was just paid off but prior it was just about maxed out, 235k on mortgage and 10k on auto loan.  My wife has me as authorized user on 2 of her cc which are showing up on my credit report .  My issue is i just dont know what is going to bump my scores up because i have revolving credit.  I just paid off my student loan debt and I am hoping that does the trick..

[JM-AM]

Are your wife cards at 0 balances?

[Anonymous]

yeah her's are at 0.00 but she won't be on the mortgage

[JM-AM]

Try leaving a small balance on one credit card only. Just 10-25 dollars. If all CC's have 0 balances its actually counted against you.

[Anonymous]

Will a secured credit card help?

[jkwheaton78]

A secured card helped me.  However, I got all collections removed from my report, except 1 which is paid.  I also have 2 chargoffs on there.   I'm not sure how much the card helped vs. having the collections removed, but I know it definately helped.  

when starting this 6 months ago, my LO told me i need 3 open lines of credit.  So now I have 2 cards and a auto loan.  In 6 months my score went up 100 points. 

[jkwheaton78]

Also, I was also an authorized user on my parents discover card.  They always paid on time and all that jazz however, I did have it removed and it actually helped me. I'm assuming because of DTI.  

[JM-AM]

Adding revolving CC will be beneficial.

If at all possible if secured card try and deposit 1500 at minimum. If you dont have that much its ok, just the higher you have your CL the more other creditors will follow suit.