Helpful advice for improving scores/report for Mortgage

DunkinDonuts55 — Thu, 05 Nov 2020 17:11:02 GMT

Hello All,

I'm reposting this again, since I cannot locate my original post. Also, if this is not on the right board, I apologize. Just looking for some helpful tips, etc.

I have been reading these forums for a little while now, but this is my first time posting. I just wanted to say, that I appreciate all the info from all the members on here, as well as any info pertaining to my post. There is a lot to take in and it is all fascinating/confusing/and anything in between… I have read a few posts on scoring guidelines, etc. and while I believe I understand the basics, I’ve been wrong before.

We are relocating to Louisville, KY, due to my wife's job. This, obviously, has drawn our attention to our credit scores/reports, especially our Mortgage ones. I am still not sure if I will be able to work after the move. Although, I have been working remote now since March. Anything is possible, but we are not planning on it. So, from my understanding, my scores/reports are not as valuable as my wife’s, correct? Her scores/reports need some work, as she has had some baddies. I can list both her and my scores, as well as current debt, and anything else.

Mine

As of 11/4/20

FICO 8 - EQ – 752 / TU – 768 / EX - 762

As of 9/5/2020

Mortgage Scores – EQ5 – 699 / TU4 – 708 / EX2 – 746

Middle Score – 708

Hers

As of 10/27/20

FICO 8 - EQ – 752 / TU – 768 / EX - 762

As of 9/18/20

Mortgage Scores – EQ5 – 639 / TU4 – 627 / EX2 – 626

Middle Score – 627

9/18/20 Data

Discover – $9026/ $9000 – 100%

BoA - $3064/ $8600 – 36% - 1 30 Day late from 08/2019

Gap - $788 / $1800 – 44% - 1 30 Day late from 07/2017 (Though EX shows for “Payment Status” Current account/was 30 days past due date two times. However, it only shows 1 date under Older Derogatory Events.)

4 items showing in collections for medical bills from 2019. (All reflect being paid)

Please note, that I have not pulled another FICO 3B report yet. We are scheduled to receive one in December and I may or may not pull before then. Just trying to clear up some things first. So since then, the following has happened and are currently reporting on “Alerts / Dashboard”.

Remove 3 of the collections. Working on the 4th, but MediCredit is being stubborn.

Paid all CC’s – Discover decreased balance by $8839. $187 remains

BoA decreased balance to $44. Paid remaining amount today

Gap - $788 remains… Paid remaining amount today

Added her as an AU for 2 of my cards. Cap 1 - $850/$7800 & Kohls - $175/$2000

Forgot to mention above, our installment loans…

Car - $8434.36 / $17,088 – 49% No Lates

Current mortgage - $185k / $189k. Just refinanced last year.

School Loans - $20,430 Current/ No lates

I have a truck payment, but she is not on that.

With all that, we do expect some change in her Mortgage scores. How much, not sure. We are planning on doing AllZeo with her and my CC’s. Especially the ones that she is an AU. Listed below are some items we intend on working on or I have questions with?

Removing the last collection. Showing paid but original balance was $1890. If this cannot be removed, how bad is that mark?

Reach out to BoA about 30D late payment. 1+ years old. Heard they are difficult in doing so.

Should we reach out to Gap about the 30D late from 2017? As mentioned above, EX has listed under Payment Status, 30 day late twice but only reflects 1 date.

How much of her student loans will be taken into account?

I apologize about the long post. Thank you for anyone who took the time to read and especially respond. Any input would be appreciated.

Re: Helpful advice for improving scores/report for Mortgage

Anonymous — Fri, 06 Nov 2020 03:16:34 GMT

I would imagine dropping that maxed out Discover card down to ideal utilization will help quite a bit. In doing so aggregate utilization looks to have crossed a couple of thresholds down to a perfect place, so those factors combined would be worth maybe 45-55 points total on Fico 8s. Not sure how much it will raise the mortgage scores, but I would imagine a decent chunk as well. FYI you listed her Fico 8 scores as being identical to yours, which I don't believe is the case. Perhaps you can update what hers were. I would continue to pound away at those negative items. The major one (collection) should be the primary area of focus, as it's much more meaningful than the 30D lates. Definitely target those as well, but they aren't nearly as impactful. Outside of that, simply no applying for new credit and you should be in a good place.

Re: Helpful advice for improving scores/report for Mortgage

DunkinDonuts55 — Fri, 06 Nov 2020 13:20:14 GMT

You are correct. I must of mixed up hers and my scores. Her updated Fico 8 is Eq - 710 / Tu - 733 / Ex - 731.

I appreciate the response and advice! Thank you!

Re: Helpful advice for improving scores/report for Mortgage

DunkinDonuts55 — Mon, 09 Nov 2020 16:12:00 GMT

Question regarding the collection. This was from when my wife had salmonella and we had received many hosipital bills. This obvisouly, got missed on our end and we take full responsibility. The hosiptal sent this to the CA (Medicredit) in December 2019 and was then paid in Jan 2020. She does not remember if she ever asked for a PFD, etc from Medicredit. So do you think we should attempt to contact them or see if the hospital will rescind the collection from Medicredit?

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Helpful advice for improving scores/report for Mortgage

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