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How do you get mortgage scores up??

Valued Contributor

Re: How do you get mortgage scores up??

That 63% may be an issue FICO08-wise.  

 

Reporting more than 29% on any one credit card puts you in the "risky" category and FICO considers it irresponsible (even if you pay it in full after the statement date).  Get that one down.

 

The general utilization rule is: no cards over 29%, overall aggregate utilization under 9%, balances on less than 50% of your total open cards and don't be at $0 utilization.


The max FICO08 score (which may help mortgage FICOs) is 0% utilization on all but one card, and that one card showing under 9% but not 0%.

FICO8FICO8Visit my posts:
03/1712/17My 11 Rules to Credit RebuildingFree FICO Scores!
550EX
570TU
559EQ
710EX
701TU
734EQ
FICO alert: why did my credit score drop???
Message 11 of 18
Established Contributor

Re: How do you get mortgage scores up??


yoyo1 wrote:

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


To really maximize your score, pay that one down to 9% before the next statement cuts. 

 

Between that and the foreclosure falling off, you should hit the number

Message 12 of 18
Member

Re: How do you get mortgage scores up??

Thanks!

Message 13 of 18
Community Leader
Valued Contributor

Re: How do you get mortgage scores up??

Make sure it's below 9% of that card's limit, not your overall credit limit
Message 14 of 18
Member

Re: How do you get mortgage scores up??

I won't be ab;e to get it under 9% but I can under 30%, will that still help?

Message 15 of 18
Established Contributor

Re: How do you get mortgage scores up??


yoyo1 wrote:

I won't be ab;e to get it under 9% but I can under 30%, will that still help?


It'll get you additional points ... but it won't maximize your score like under 9% would

Message 16 of 18
Established Member

Re: How do you get mortgage scores up??

i have played around with my uti and finally found my sweet spot and it was the difference in a dollar.  I have a 2 cap1s, both at 0 and a credit one at 5% which is 24 of 450 lol.  I got a fico alert yesterday stating that my balance increased on a card by 1 dollar and i got a 22 point boost.  So really once you have your cards paid down play around with the remaining balance and keep taking it down lower and lower til you no longer see a point increase.

Message 17 of 18
Established Contributor

Re: How do you get mortgage scores up??

I've been working since February 2017 to get my mortgage scores up as we have a contract on a new construction home. 

 

We are going FHA, so at my lender's advice, I had to pay or settle all of my non-medical collections. I'm a member of Navy Federal Credit Union, so I was also advised to get a secured card with them to help with my score as well. I was also added as an authorized user on one of my husband's credit cards. Doing that and making sure to keep my credit card utilization low, I was able to achieve the scores you see in my signature.  

FICO8 Scores - 625TU / 640EQ / 649EX
On Mortgage Journey
Starting Mortgage Scores (Feb 17) 523EQ / 547TU / 564EX
Mortgage Scores Aug 17 624EQ / 649TU / 650 EX
Message 18 of 18