Per your request, I have the following balances
Credit card = $2900 paying $350/month
Installment = $2100 Paying $150/month
Student Loan = $4,420 paying $98/month
Auto Lease = $2239 paying $339/month
What are the credit limit/high on these accounts, so we can figure a more accurate individual and total utilization? Is that one credit card or mulitple CCs with just the current balances and total monthly payments? If so we need a break down of each card. Line of Credit/ Current balance.
I would highly suggest that you receive all 3B mortgage scores, as many use the middle score of the 3.
Thank you for the reply. It is the score that comes from FICO Scorewatch, which I believe is Equifax. I am not sure what version it is.
You're getting the Equifax FICO 5 mortgage score, which isn't a bad place to start.
You're going to want to see your reports from all three bureaus, though. freecreditscore.com will give you a nice Experian report and a FICO 8. The Experian FICO 8 is valuable in that it's used in a lot of lending situations, but it isn't used for mortgages. Credit Karma will give you Equifax and TransUnion reports updated weekly, but they use the VantageScore model. You can effectively ignore the scores as they're rarely used in lending situations.
At some point, you'll want to see all of your mortgage scores. You can get them by subscribing to myFICO. Go to this link, as the scores and reports will update monthly:
The product on the above link beats the offers on the main myFICO product page as it offers monthly updates rather than quarterly. When you subscribe is up to you. If you don't mind the $29 monthly fee, go ahead and subscribe right now. Otherwise, time your subscription so it starts after you've shaped up your scores.
Great responses from Heaven and Dolly.
Yes, as I suggested earlier, we need the amount you currently owe and the amount that the loan was originally for. Your monthly payment doesn't matter. I'll give you a template again for what we need:
Loan 1. Balance = ____ Original amount = ____
Loan 2. Balance = ____ Original amount = ____
Loan 3. Balance = ____ Original amount = ____
We need the same thing for your credit cards. That would look like this:
Card 1. Balance = ____ Credit Limit = ____
Card 2. Balance = ____ Credit Limit = ____
Card 3. Balance = ____ Credit Limit = ____
You may have only one credit card, in which case just add a note indicating that, but still give us the balance and credit limit.
Great advice from Heaven regarding myFICO Premium. You want to make sure you get the "Premium" flavor and not the "Ultimate." The ULtimate will only give you your mortgage scores every 90 days. You need them monthly, given your very tight timeframe for buying a house. (Otherwise I'd recommend not buying your scores until you had improved your credit profile.)
Bear in mind that your mortgage scores will be changing over the next three months as we help you get your profile into much better shape.
Thank you to everyone that responded to my inquiry. I obtained a pretty good mortgage and have now moved into our new home. I appreciate the thoughtful advice, and even though I didn't respond to some of the more specific requests for information, I was able to use many of your suggestions. Thank you all very much.