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Paying down installment debt is not a reliable tactic for the mortgage scores. (I.e. it will probably get you nothing, though some people think it might help a tiny bit with your EX score.)
Do you have all your cards (except one) reporting $0? (With the remaining card reporting a small balance.) This is by far the simplest and fastest way to gain fast increases to your mortgage scores.
PS. Simulators are in general very unreliable, whether for FICO 8 or the mortgage models or whatever.
This is good information. i actually paid down my credit cards by $400 last month and my Experian credit score dropped 24 point; however, my FICO 2 mortgage score jumped about 10 points. I'm going to pay another $1,000 on my credit cards this month and my Mortgage FICO will jump again. Trying to get my Mortgage FICO as high as possible to close on a house by end of year with the best percentage rate. I will have my credit cards paid off completely, except for $10 on one card in early December, again helping my Mortgage FICO be as high as possible for interest rate purposes
@Anonymous wrote:This is good information. i actually paid down my credit cards by $400 last month and my Experian credit score dropped 24 point; however, my FICO 2 mortgage score jumped about 10 points. I'm going to pay another $1,000 on my credit cards this month and my Mortgage FICO will jump again. Trying to get my Mortgage FICO as high as possible to close on a house by end of year with the best percentage rate. I will have my credit cards paid off completely, except for $10 on one card in early December, again helping my Mortgage FICO be as high as possible for interest rate purposes
It sounds like you're implementing AZEO, which is a great thing to do. If you had balance still reported on one of your cards following your $400 pay down last month, your credit score did not drop 24 points as a result of paying down $400. If paying down $400 resulted in you reporting ALL zero balances then yes, it would be possible that you lost a chunk around 24 points.