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Raising mortgage scores

Contributor

Raising mortgage scores

I need to raise my mortgage scores asap. My fico 8 scores are fine, just need to get the mortgage scores up. Do mortgage scores go up like fico 8 scores do by lowering cc util, getting collections deleted, etc?
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Established Contributor

Re: Raising mortgage scores

My personal observation has been that mortgage scores (FICO5 I think) are much more sensitive to derogatories than FICO8. That is, late payments and such will hurt you more and for longer than with FICO8.

 

My FICO5s tend to be a 30-40 points lower than my FICO8s. The only util-related data point I've seen is that when the number of accounts with a 0 balance is higher, so is my score. That is, I can have 3 cards report $50 balances and lose 20 points, then pay those to 0 and see those 20 points come back. In both cases my overall utilization remained around 1% for revolving and ~80% for installment.

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Established Contributor

Re: Raising mortgage scores


jade1202 wrote:
I need to raise my mortgage scores asap. My fico 8 scores are fine, just need to get the mortgage scores up. Do mortgage scores go up like fico 8 scores do by lowering cc util, getting collections deleted, etc?

Hi Jade,

 

Yes, mortgage scores will go up by lowering cc balances & getting collection accounts deletd.

 

Good luck.

National Mortgage Banker.
VA Mortgage Expert.
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