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How do you get mortgage scores up??

Member

How do you get mortgage scores up??

I need to get my middle mortgage score up by 14 points.

 

Bad Stuff on credit-

foreclosure-falls on report next month

repo-stays on until January

medical collection-shows open; I have paid it in full and that should show next month

Verizon collection-shows a balance but I settled with them and it should show paid in full; I have a letter that says that.

Utility collection-shows open; but I settled and that should show next month

 

Good Stuff-

auto loan-never late

student loan-never late

8 CC's-never late

 

My credit utilization is at 47%.

 

What can I do to increase my mortgage score???

17 REPLIES
Frequent Contributor

Re: How do you get mortgage scores up??


yoyo1 wrote:

I need to get my middle mortgage score up by 14 points.

 

Bad Stuff on credit-

foreclosure-falls on report next month

repo-stays on until January

medical collection-shows open; I have paid it in full and that should show next month

Verizon collection-shows a balance but I settled with them and it should show paid in full; I have a letter that says that.

Utility collection-shows open; but I settled and that should show next month

 

Good Stuff-

auto loan-never late

student loan-never late

8 CC's-never late

 

My credit utilization is at 47%.

 

What can I do to increase my mortgage score???


From what I've noticed on my own reports, the mortgage scores put a lot of emphasis on the past two years vs 1 yr on Score 8, ie all hard inquiries, payment histories. Derogs ie late, or collection or lates have more weight on dings of your score. Mine raise with utilization down just as Score 8, so that is something you can do to see results, however, until the derogs do fall off, or you get them removed either goodwill letters, or by agreement with CA's will be a huge impact. 

Starting Score: 2/23/2017 Score 8 EQ 651 TU 659 EX 679
Current Score:10/23/2017 Score 8 EQ 738 TU 741 EX 740
Mortgage Scores 10/23/2017 EQ 751 TU 769 EX 751
Goal Score: 750+ ATB FICO 8, Middle Mortgage Score 760
Member

Re: How do you get mortgage scores up??

Will the foreclosure falling off the report help the score? Or the collections showing as paid?

Valued Contributor

Re: How do you get mortgage scores up??

Losing the foreclosure from your CRs should help but there's no way to know on a dirty file, unfortunately.

 

You need to get your utilization down, that will help the most.  Get it below 29% on EVERY tradeline.

FICO8FICO8Visit:
03/1710/17My 11
Rules to
Credit
Rebuilding
550EX
570TU
559EQ
710EX
699TU
734EQ
Established Contributor

Re: How do you get mortgage scores up??

Patience ... once that foreclosure falls off you should see a boost ... and as was said, get your UTI down. 

Member

Re: How do you get mortgage scores up??

Do you think a 14 point boost could happen?

Valued Contributor

Re: How do you get mortgage scores up??

A 14 point boost is pretty likely if you can get utilization down when the foreclosure falls off.

 

What is your current HIGHEST utilization on any one credit card account (reporting)?

FICO8FICO8Visit:
03/1710/17My 11
Rules to
Credit
Rebuilding
550EX
570TU
559EQ
710EX
699TU
734EQ
Member

Re: How do you get mortgage scores up??

I have my utilization down to 30% right now, it's just not reporting until later this month/early next month. Do I need to have every card below 30% or just the total below 30%? Will paying the repo have any effect on my score?

 

Valued Contributor

Re: How do you get mortgage scores up??

What's your HIGHEST utilization on ONE card right now?

 

Paying your repo may or may not help -- if it would help, an underwriter or LO might ask you to pay it off.  

FICO8FICO8Visit:
03/1710/17My 11
Rules to
Credit
Rebuilding
550EX
570TU
559EQ
710EX
699TU
734EQ
Member

Re: How do you get mortgage scores up??

The highest I have on one card is 63%, its the only card I have with a balance-all the others are at 0.