Low score

[Anonymous]

Hello All, 

 I am currently active duty and interested in purchasing a home, however, the mortgage company had a different score than what I am currently seeing through my credit reporting program with USAA. Do I need to purchase through myFICO to get a more accurate score of what the mortgage company is seeing?

Also, I had a personal loan out and had about 8 months left on it and just paid it compeletely off...is that going to help my score go up a bit or was that a mistake to pay it off and not continue to make the payments?

I have a few credit cards I am planning on getting the utilization down to at least 20% in the next few months in hopes to getting that score to jump. Hoping I'm on the right path and hopefully soon purchasing my first home with my family. 

[AutoBot]

I think your looking for the FICO 5 model. The myFICO Ultimate 3B includes 19 different scoring models, including the FICO 5.

[Anonymous]

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@Anonymous wrote:

Hello All, 

 I am currently active duty and interested in purchasing a home, however, the mortgage company had a different score than what I am currently seeing through my credit reporting program with USAA. Do I need to purchase through myFICO to get a more accurate score of what the mortgage company is seeing?

Also, I had a personal loan out and had about 8 months left on it and just paid it compeletely off...is that going to help my score go up a bit or was that a mistake to pay it off and not continue to make the payments?

I have a few credit cards I am planning on getting the utilization down to at least 20% in the next few months in hopes to getting that score to jump. Hoping I'm on the right path and hopefully soon purchasing my first home with my family. 

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Yes, this is typical. The only place you can get your mortgage scores (FICO 2, FICO 4 and FICO 5) is right here, with a triple report purchase, or the 3B monitoring.

[Anonymous]

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@Anonymous wrote:

Hello All, 

 I am currently active duty and interested in purchasing a home, however, the mortgage company had a different score than what I am currently seeing through my credit reporting program with USAA. Do I need to purchase through myFICO to get a more accurate score of what the mortgage company is seeing?

Also, I had a personal loan out and had about 8 months left on it and just paid it compeletely off...is that going to help my score go up a bit or was that a mistake to pay it off and not continue to make the payments?

I have a few credit cards I am planning on getting the utilization down to at least 20% in the next few months in hopes to getting that score to jump. Hoping I'm on the right path and hopefully soon purchasing my first home with my family. 

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IMHO,

Getting your CC's PIF'd except for 1 acct reporting a small balance (>10%) would be the biggest issue to better scores that you can accomplish in the short term.

[Anonymous]

Thank you! Will work on paying the others off and keeping one open under 10%.