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want to purchase a house

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Anonymous
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want to purchase a house

my fico 8 scores are 634, 620, 574

 

why are my mortgage lenders scores so different.

 

high 400's and 500's

 

i do have 18 collections my realtor told me not to mess with and just make sure i use and pay down my credit cards to bring my score up. its working for fico 8 but not for mortgage scores what is there i can do

3 REPLIES 3
CreditScoreChallenged
New Contributor

Re: want to purchase a house

What is your current utilization?

Capital One Platinum $3500 || Quicksilver One $2500 || GM Buypower $500 || PayPal Extra MC $300 || Walmart
$850|| Victoria Secret $3150 || Gettington
$4500|| Kohl's
$700|| Fullbeauty $650
EQ 631 TU 666 EX 671 Goal: 700 across the board
Message 2 of 4
Sbrooks1
Valued Contributor

Re: want to purchase a house

Utilization is of no effect at this point, but 18 collections is. You are not ready for a mortgage . Study here and let time pass,I don't see any UW approving a loan with all those open baddies. We have all been there, I have been renting for 8 years and finally feel ready to apply next month for home loan. My scores are 720+ but one baddie still. I know it sucks, but you can do this
Message 3 of 4
azguy13
Senior Contributor

Re: want to purchase a house

How old are the collections and how much total do you owe? The collections are killing you for sure. Do you have positive installment loan history? 

Message 4 of 4
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