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Raising Score for Mortgage Pre Approval

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Anonymous
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Raising Score for Mortgage Pre Approval

Hi, not sure if I posted this under the right forum but here goes....I tried to apply for a pre approval for a mortgage.  Looks like I have been monitoring on myfico the wrong version of my scores the lender would use, I was suprised at how many points lower they were. (since then Ive figured out how to see the additional versions on here to see which scores the mortgage lenders use.) Anyway back to my question...it looks like my median score is a 664 my husbands is possibly 654-665? Not sure, Loan officer will not disclose that to me. HOWEVER my question is how can I increase my credit score quickly? In about 30 days? Pay credit cards down to under the 50% line? if I do this next week they should all hit my report again by the end of the month. I just wanted to see if anyone else did this and if it worked? The loan officer said thats probably what was hurting our scores was the ratio of usage on a few of my cards....Thanks!Smiley Happy

Message 1 of 13
12 REPLIES 12
ezdriver
Senior Contributor

Re: Raising Score for Mortgage Pre Approval

If a loan officer refuses to disclose your scores to you, drop that fool like a hot potato. That is ridiculous.

 

Securing a preapproval for home-purchasing purposes is aboutmore than just scores. You can have the scores and the rest of your credit profile is not up to underwriting standards. That said, reducing balances on credit cards will help ... but the turnaround time is 30 days generally ... unless you can get a loan officer to do a rapid credit update for you.

Message 2 of 13
frugalQ
Valued Contributor

Re: Raising Score for Mortgage Pre Approval

I agree with ezdriver.

I thought lenders were required to provide you with the scores used to for approval.
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Message 3 of 13
ezdriver
Senior Contributor

Re: Raising Score for Mortgage Pre Approval


@frugalQ wrote:
I agree with ezdriver.

I thought lenders were required to provide you with the scores used to for approval.

If the loan officer did not charge for it, then I can see them being hesitant ... if if I paid for it, I want a copy of the trimerge report. I insist that my inhouse lender give a full copy of the credit report to our buyer prospects if requested.

 

Message 4 of 13
Anonymous
Not applicable

Re: Raising Score for Mortgage Pre Approval

LOL yes she gave me my scores but would not tell me my husbands (I have to wait for something in the mail) she said it was because of privacy reasons or something she cant disclose that? I heard of the rapid score thing online but she didn't offer that to me.

Message 5 of 13
Anonymous
Not applicable

Re: Raising Score for Mortgage Pre Approval

I forgot to post that my MEDIAN score has to be at least 680 for a pre approval, my DTI and savings accounts were fine (i worked on my DTI when I found out what the requirements were & We started saving about a year ago) , it was just my median score was too low. So hopefully getting the cards under the 50% will help the median score QUICKLY. (30 days would be fine but I see how this process can be stressful)

Message 6 of 13
Anonymous
Not applicable

Re: Raising Score for Mortgage Pre Approval

Bulldogmom, what type of mortgage loan are you applying for? 680 minimum score is higher than most lenders minimum scores if you are looking for the run of the mill conforming non-jumbo loan.

Message 7 of 13
Anonymous
Not applicable

Re: Raising Score for Mortgage Pre Approval


@Anonymous wrote:

Bulldogmom, what type of mortgage loan are you applying for? 680 minimum score is higher than most lenders minimum scores if you are looking for the run of the mill conforming non-jumbo loan.


its a 100% first time homebuyers loan offered through a credit union. theres no PMI requirement, however their credit score requirements are a little strict compared to other loans because the mortgage stays with them & isnt sold supposedly so they are taking a risk with you. its 100% financing though no down payment BUT you have a higher interest rate (i guess thats where they make up for the 100% financing?)

 

So my median has to be at least a 680. My scores are 637, 664, 665. so right now my median is 664. Still 16 points away, however my husband and I have a couple cards where the usage is higher so im going to pay that down to get them to 45% usuage verses the 90%, 80% & 70% they are at right now

Message 8 of 13
Anonymous
Not applicable

Re: Raising Score for Mortgage Pre Approval

Okay, that does make sense with a program they are offering to have slightly higher minimum scores for that loan. Paying maxed credit cards down should get you where you need to be.

Message 9 of 13
Creditobsessed12
Frequent Contributor

Re: Raising Score for Mortgage Pre Approval

You will see a big jump in score if you pay all the cards down to zero and then let just one card report less than 10 percent.
11/30/14 EQ 545 TU 573 EX 602 01/15 EQ 545 TU 586 EX 589
02/15 EQ 643 TU 627 EX 669 03/05/2015 EQ 708 TU 744 EX 707
05/2017 EQ 659 TU 676 EX 683
Goal: 700s across the board Smiley Happy
Message 10 of 13
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