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went from 650 to 616 too many inquiries/need 4 points to qualify for FHA

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DrMac210
Regular Contributor

Re: went from 650 to 616 too many inquiries/need 4 points to qualify for FHA


@Anonymous wrote:

Thank you. I have a lot to learn.

 

I have two cards both Capital One  $750 limit ending balance of $150 and the other $400 Limit ending balalnce of $341.00

Both are now paid down to zero but when my report is pulled again by the underwriter will they see I now have zero balalnces or will it be the ending balance?

 


For maximum FICO score,let one of those two cards report as $0 and the other less <9% ( I typically shoot for 5%).

 

You are getting hit FICO score-wise for having more than one card report and also for having one almost maxed out.

 

Having them report as above should EASILY help you gather the points you need/want.  (based on experience, I would guesstimate at least  a 10-20 point gain)


Starting Score: EQ 641, TU ???, EX ??? (myfico 6/7/13)
Current Score: EQ 760, TU 740, EX 750 (myfico July 2015)
Goal Score: 800 across the board


Take the myFICO Fitness Challenge
Message 11 of 12
Anonymous
Not applicable

Re: went from 650 to 616 too many inquiries/need 4 points to qualify for FHA

Wonderful. That will be easy enough
Thank you
Message 12 of 12
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