topic Re: Mortgage FICO Increase in Understanding FICO® Scoring

Mortgage FICO Increase

Anonymous — Tue, 07 Jul 2020 18:37:55 GMT

What is the best way to increase my FICO 5, 4 and 2 scores for a mortgage?

Re: Mortgage FICO Increase

dragontears — Tue, 07 Jul 2020 19:19:44 GMT

@Anonymous wrote:
What is the best way to increase my FICO 5, 4 and 2 scores for a mortgage?

Very vague question so my vague answer is:

Have your youngest account over 1 year old

Have low credit card utilization

Have only one credit card with a balance

Remove negative information from your reports (not easy to do most of the time)

Re: Mortgage FICO Increase

AllZero — Tue, 07 Jul 2020 19:37:53 GMT

Agreed with the above.

I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?

From Birdman7
General Scoring Primer and Version 8 Master Thread rev.5.17.20

Re: Mortgage FICO Increase

Anonymous — Wed, 08 Jul 2020 15:43:46 GMT

Thank you for this information. I have another question. Is it worth pursuing the removal of 30, 60, and 90 day late reports from closed account listed on your credit report?

Re: Mortgage FICO Increase

SouthJamaica — Wed, 08 Jul 2020 16:31:46 GMT

@Anonymous wrote:
Thank you for this information. I have another question. Is it worth pursuing the removal of 30, 60, and 90 day late reports from closed account listed on your credit report?

Absolutely. That is the most important thing you can do. Of course you have no control over the outcome, only over your effort in pursuing it.

The other important things you can do, over which you do have control, are:

-keep your revolving utilization low

-make no new applications for credit of any kind

-make no applications for CLI's, credit union memberships, cellphone contracts, apartment rentals, etc, which would generate a hard pull

Re: Mortgage FICO Increase

Anonymous — Wed, 08 Jul 2020 20:09:20 GMT

Thank you so much. This is very helpful. I am in the process of sending "Goodwill" letters to the few creditors I had issues with.

Re: Mortgage FICO Increase

RadioRob — Wed, 08 Jul 2020 22:08:17 GMT

Good luck! I just went through the process of buying a house for the first time in December/January. It was one of the most stressful financial issues I've ever dealt with... and it felt like it would never end. lol