How can I get score up for mortgage refinance?

[Anonymous]

First time posting 😃

My Credit Karma scores are 619 TU & 614 EX.

Applied Bank 3/05 2049/2750 (on TU only)
Mortgage 5/10 119142/132000
Capital One 2/04 779/1650
Capital One 7/15 Closed/Paid
CB/Meijer 11/14 999/1000
Bank Car Loan 5/01 Closed/Paid
Credit One 10/14 639/800
Kohls/Cap One 11/14 0/400
Syncbank/Amazon 12/15 678/700
3 HP's (7/15, 7/15, 12/15)
Medical Collection - Rev Recovery 6/15 $396
Only lates - 3 30 days on mortgage(10/13, 3/14, 4/14)

I know my biggest problem is credit utilization, but even if I pay down to 1% utilization, CK still only predicts my score increasing to 660. I tried a PFD on medical collection... They say they will do it but refuse to give it in writing. What else can I do to get score up???

[Anonymous]

Credit karma scores are typically very off same with the simulator.  Try a trial with my Fico or CCT and then use the simulators.   Yes paying down utilization will bump your score up.  

[Anonymous]

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@Anonymous wrote:
First time posting 😃

My Credit Karma scores are 619 TU & 614 EX.

Applied Bank 3/05 2049/2750 (on TU only)
Mortgage 5/10 119142/132000
Capital One 2/04 779/1650
Capital One 7/15 Closed/Paid
CB/Meijer 11/14 999/1000
Bank Car Loan 5/01 Closed/Paid
Credit One 10/14 639/800
Kohls/Cap One 11/14 0/400
Syncbank/Amazon 12/15 678/700
3 HP's (7/15, 7/15, 12/15)
Medical Collection - Rev Recovery 6/15 $396
Only lates - 3 30 days on mortgage(10/13, 3/14, 4/14)

I know my biggest problem is credit utilization, but even if I pay down to 1% utilization, CK still only predicts my score increasing to 660. I tried a PFD on medical collection... They say they will do it but refuse to give it in writing. What else can I do to get score up???

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Credit Karma is good for knowing about UTI and what's on your report, but little else.  Whether or not the Medical collection if PFD or not, getting it to no longer update if it is still doing it will be good.  Getting your UTI down under 10% if possible will help your score rise.  You never said what you are trying to get your score to and who you are trying to refinance with?  More information would be appreciated.

[Anonymous]

I would like to get my score to 720-760 in order to refinance my mortgage at the best available rate. I still need to contact my credit union to see exactly what my score would need to be, but I know it is nowhere in the ballpark now. 😢

[Anonymous]

Get your scores from here so you can get a Mortgage enhanced score, CCT doesn't provide that just Fico 08. By my count you have 6 (maybe 7 depending on Applied) cards with balances on 5 (or 6). Get more than half of them zeroed out for a score boost, optimally all but 1 and that one with less than 10% uti.

[Anonymous]

Are you trying to refinance conventional or FHA? If FHA, that product is not as score sensitive to getting the best rate. Conventional is very score sensitive.

I would pull your mortgage scores from here to see where you are starting from. Then head on over to the mortgage board for some guidance - there's a lot of knowledgable folks over their including LO's. They are a wealth of knowledge and help! There are lots of places to refinance besides your CU that may offer better rates and less overlays......

[RonM21]

I'm still with the route of getting that utilization down. I think it would go a long way.

[Anonymous]

I got my scores from CCT today and they were 652 EX, 644 TU, and 654 EQ. I know the MyFico scores would have been better, but hey the CCT trial was only $1. Good thing was CCT simulator showed my scores to be a lot more responsive if I pay off balances than the CK simulator did. 50 point increase if I pay off $3900. 20 point increase if I pay bills on time for 6 months. So I feel like maybe there is hope yet!!!

[Anonymous]

I am not sure about refinacing a mortgage.  If they use mortgage scores then they could possibly be higher as well.  I know my mortgage scores are almost a 100 points higher than my fico 8.  That would only take a phone to the bank you plan on using to find out. 

Good Luck!

[Anonymous]

Celebrating the small victories...Got a Kohl's CLI from $400 to $700!