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Help! Need a 3 point Mortgage FICO boost FAST!

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seattlecredit08
Frequent Contributor

Re: Help! Need a 3 point Mortgage FICO boost FAST!


@Anonymous wrote:

My current mortgage fico scores are EQ: 667, TU: 677, EX: 678.  For the loan I am looking to qualify by I need a 680 middle score.  The lender has done a rapid rescore and because most everything is paid down, they are not seeing a quick fix to get the 3 points.  Does anyone have any advice?  The debts I do have are as follows:  $20,000 left on a $58,000 car loan, $105 left on $9000 CL Amex, $18 on $12,000 Restoration Hardware store card, and $9000 on an Amex charge card (up to a 28,000 limit).  All my other cards are posted as $0.  I have 3 x 30 day lates in the past 2 years, and have sent goodwill letters and faxes without success.  I also have quite a few inquiries (8-10 per bureau) over the past 12 months as I have shopped for a mortgage.  My lender has suggested I sign up for the Opt Out Prescreen as he has seen in work 50% of the time, have my husband add me as an authorized user to his accounts, as well as pay off the charge card to $10.  I am somewhat skeptical of his advice as it conflicts with advice I've read on these boards.  I would greatly appreciate any guidance.  Thanks!  


This is not my advice but I know there are lenders/mortage brokers out there that send their prospective buyers who need a quick 5-15 point boost to get over the finish line to companies who are able to remove certain types of inquiries. I guess the reason that these type of services exist is precisely because of cases like yours and opportunistic lenders/brokers. Again, I am just relaying industry information.

Message 11 of 17
Anonymous
Not applicable

Re: Help! Need a 3 point Mortgage FICO boost FAST!

Are there any reputable companies (not out there to scam) that anyone can suggest to could help with this?  

Message 12 of 17
shevar
Established Member

Re: Help! Need a 3 point Mortgage FICO boost FAST!

Hello. What were your results?
Message 13 of 17
Anonymous
Not applicable

Re: Help! Need a 3 point Mortgage FICO boost FAST!

My transunion score raised to 686 from an old account falling off, but my Equifax is still 667 and Experian is still 678.  I only have one account reporting a balance, that is the Restoration Hardware with a $25 balance.  I attempted to send letters myself to Experian disputing a couple inquiries that were supposed to be soft inquiries but showed up as hard inquiries, yet no success with removal yet.  I was added as an authorized user to two of my father's credit card accounts which have 30k credit limits both, and are 15 years old, so I am hoping that maybe the average age of account increase would lead to a slight score bump?  I've run out of ideas!

Message 14 of 17
shevar
Established Member

Re: Help! Need a 3 point Mortgage FICO boost FAST!

Great!!!

I think the AU will get you over where you need to be. Good luck...
Message 15 of 17
seattlecredit08
Frequent Contributor

Re: Help! Need a 3 point Mortgage FICO boost FAST!


@shevar wrote:
Great!!!

I think the AU will get you over where you need to be. Good luck...

Question, perhaps for those who have recently gone through mortgage process--- let's say the AU account does give one a boost of 5 points in the case of a thin file, will the mortgage underwriters specifically frown upon AU account and/or request that it's remove from the credit profile?

 

Thanks!!

Message 16 of 17
Anonymous
Not applicable

Re: Help! Need a 3 point Mortgage FICO boost FAST!

Just an update - the dispute I filed through experian on my old account led to the removal of outdated information, and bumped up my experian mortgage score to 684.  Thanks to all for your help!!!  Hopefully on the way to closing on my first home!

Message 17 of 17
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