Physician mortgage Loan.

[Pirate88]

Hello,

My wife will be graduating medical school in the next few weeks. We are going to do a Physician Mortgage - so the bank pulls credit and my score comes back at 719 which is one point away. ( lender says I need to bring it up) Would my score increase one point by paying some debt down and not opening any credit cards or missing any payments?

I should note that the lender did send a "pre-qualification" letter stating he had reviewed our
Assets and income has qualified us for 100% physician loan at $xxx,xxx and a PiTi of $x,xxx.

Thanks for all the help

[los_west]

In my experience, paying the utilization down on my credit cards made the biggest and quickest score jumps.

Congrats on your graduation and potential new home!

[Pirate88]

Thanks - I have paid on them and do not use them at all anymore, I have also paid my leased car off so that payment is no longer there - I do not plan and getting another car. I have an old farm truck that I am going to drive. I just hope my score has come up 1 point since then - what I can figure out is that the bank went ahead and sent that pre-qual letter saying we've been pre-qualified for the 100% Physician mortgage loan and the letter was good for 60 days.

[pizzadude]

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@los_west wrote:

In my experience, paying the utilization down on my credit cards made the biggest and quickest score jumps.

Congrats on your graduation and potential new home!

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Yep, that's the fastest way to bump your FICO score ~ ideally you'd want to have all cards reporing zero balances, except for one card which should have a smallish amount, less than 9% of it's credit limit.