@EvolvingCreditDiva2 wrote:Wow I cannot thank OP & all you great folks enough for this info!! I have lost so much sleep trying to determine how to raise MORTGAGE scores & the info just isn't out there
I've been watching my dream home in a great neighborhood go from $430,000 to the low $200,000 since last July while I've been trying to raise my score from the low 400s...got so excited t see Fico scores in low 600s only to find out those weren't my MORTGAGE scores. Depressing. Fico 8s move fast, but those darn mortgage scores are stubborn!!
How much of a mortgage rate change are you expecting for all this Mortgage FICO Optimization? Because if it's only 0.5% per year, is that worth missing out on a good real estate buy? True, the monthly payments will be higher. But over time, as your Mortgage FICO scores recover, you can look later at refinancing. And you will have the house you want for the long term, correct?
And responding to earlier AA comments, OP has Capital One and Discover cards, no other banks, with relatively low limits. Maxing those out will not lead to AA unless there's some other really wierd activity in the account.
NRB525, No rate change I believe as this will be an FHA 203K. I'm working with a lender with no overlays so a 580 would be fine for straight FHA. However, for the FHA 203K, I need a 620 (I'd like a 640 for cushion). Since I had a gut feeling that someone was going to end up getting the house from under me, I bit the bullet & pulled my 3b yesterday, before all my cards but the one reported to zero. Pleasant surprise- my middle mortgage score finally left the mid 500s and is now a 605 
My lender told me to go ahead & submit my app & docs today & he'd see about getting me a pre-approval anyways so I could submit the offer since it's a foreclosure/short sale owned by fannie that will take 2-3 months for acceptance.
My lender told me to go ahead & submit my app & docs today & he'd see about getting me a pre-approval anyways so I could submit the offer since it's a foreclosure/short sale owned by fannie that will take 2-3 months for acceptance.
