topic Re: Understanding FICO 5,4,2 in Understanding FICO® Scoring

Understanding FICO 5,4,2

Anonymous — Thu, 28 Oct 2021 14:13:06 GMT

Hello,

I'm trying to figure out how to quickly raise my Mortgage FICO 5,4,2 and I don't understand how to do that. Here are my current stats:

I'm currently following AZEO,
Utilization on my 1 CC is under 8%
have an available credit line of ~$76,000,
am an authorized user on two credit cards with both account holders having credit scores in the high 700's to low 800's
Have Fico 8 scores of 746, 732, 727
Fico Auto 5,4,2 scores of 714,712,703
Fico Mortgage 5,4,2 Scores of 682, 677,672
Vantage Scores of 824, 826
Total debt of $19k, only in student loans
Credit History of Oldest account: 15 years, Avg. age: 7.5 Years
Currently no mortgage, I'm renting while we design the home I'm planning to build
No car payments,

I do have some late payments on my history from 2-3 years ago but everything since then has been perfect payments.

Is there anything else I can do to bump up my Mortgage FICO 5,4,2 to 700+ in the next month or two?

Thanks in advance!

Re: Understanding FICO 5,4,2

Duke_Nukem — Thu, 28 Oct 2021 14:41:34 GMT

The thing that jumps out at me immediately would be those 2 AU cards. Do they carry a balance on those AU cards? If so, what is the the balance vs credit limit % (UTI)? Those may be affecting you negatively instead of positively.

If you haven't already, refer to the mortgage scoring section in the link below for some tips:

Credit Scoring Primer - Mortgage section

Re: Understanding FICO 5,4,2

Anonymous — Thu, 28 Oct 2021 14:52:02 GMT

Thanks for the link, I didn't know that existed! I'll check it out.

The two AU cards are:

$19,300 CL, No balance
$47,500 CL, $3,838 Balance

Re: Understanding FICO 5,4,2

SouthJamaica — Thu, 28 Oct 2021 15:46:38 GMT

@Anonymous wrote:
Hello,

I'm trying to figure out how to quickly raise my Mortgage FICO 5,4,2 and I don't understand how to do that. Here are my current stats:
I'm currently following AZEO,
Utilization on my 1 CC is under 8%
have an available credit line of ~$76,000,
am an authorized user on two credit cards with both account holders having credit scores in the high 700's to low 800's
Have Fico 8 scores of 746, 732, 727
Fico Auto 5,4,2 scores of 714,712,703
Fico Mortgage 5,4,2 Scores of 682, 677,672
Vantage Scores of 824, 826
Total debt of $19k, only in student loans
Credit History of Oldest account: 15 years, Avg. age: 7.5 Years
Currently no mortgage, I'm renting while we design the home I'm planning to build
No car payments,
I do have some late payments on my history from 2-3 years ago but everything since then has been perfect payments.

Is there anything else I can do to bump up my Mortgage FICO 5,4,2 to 700+ in the next month or two?

Thanks in advance!

I don't think so. But the passage of time is really helpful to one's mortgage scores.

Re: Understanding FICO 5,4,2

SouthJamaica — Thu, 28 Oct 2021 15:49:08 GMT

@Anonymous wrote:
Hello,

I'm trying to figure out how to quickly raise my Mortgage FICO 5,4,2 and I don't understand how to do that. Here are my current stats:
I'm currently following AZEO,
Utilization on my 1 CC is under 8%
have an available credit line of ~$76,000,
am an authorized user on two credit cards with both account holders having credit scores in the high 700's to low 800's
Have Fico 8 scores of 746, 732, 727
Fico Auto 5,4,2 scores of 714,712,703
Fico Mortgage 5,4,2 Scores of 682, 677,672
Vantage Scores of 824, 826
Total debt of $19k, only in student loans
Credit History of Oldest account: 15 years, Avg. age: 7.5 Years
Currently no mortgage, I'm renting while we design the home I'm planning to build
No car payments,
I do have some late payments on my history from 2-3 years ago but everything since then has been perfect payments.

Is there anything else I can do to bump up my Mortgage FICO 5,4,2 to 700+ in the next month or two?

Thanks in advance!

I don't understand how you can be practicing "AZEO" if you only have one card.

Re: Understanding FICO 5,4,2

Anonymous — Thu, 28 Oct 2021 16:11:49 GMT

I have a couple secured cards also with zero balance and low Credit Limit. What I meant is I only have a balance on one of my CC's.

Re: Understanding FICO 5,4,2

tacpoly — Thu, 04 Nov 2021 13:11:15 GMT

@Anonymous The cards you're an AU on count for AZEO when it comes to mortgage scores. So you actually have AZE2. Apparently one vs two cards reporting balance makes a big difference in mortgage scores, so you might want to coordinate with the primary users of those AU cards.

Re: Understanding FICO 5,4,2

Anonymous — Thu, 04 Nov 2021 13:51:49 GMT

That's great to know! Thanks! So i should probably just keep all of my cards at 0 balance and allow the one AU card to maintain the balance? So then I'm actually practicing AZEO.

@tacpoly wrote:
@Anonymous The cards you're an AU on count for AZEO when it comes to mortgage scores. So you actually have AZE2. Apparently one vs two cards reporting balance makes a big difference in mortgage scores, so you might want to coordinate with the primary users of those AU cards.

Re: Understanding FICO 5,4,2

SouthJamaica — Thu, 04 Nov 2021 14:19:53 GMT

@Anonymous wrote:
That's great to know! Thanks! So i should probably just keep all of my cards at 0 balance and allow the one AU card to maintain the balance? So then I'm actually practicing AZEO.
@tacpoly wrote:
@Anonymous The cards you're an AU on count for AZEO when it comes to mortgage scores. So you actually have AZE2. Apparently one vs two cards reporting balance makes a big difference in mortgage scores, so you might want to coordinate with the primary users of those AU cards.

No. Probably the best practice is to have one AU card report a balance and one of your own cards report a balance.

There appear to be 2 different metrics: your cards, and your AU cards.

I know it sounds odd but a number of us have experienced that there are actually 2 different AZEO calculations for folks who have AU's.

Re: Understanding FICO 5,4,2

Anonymous — Thu, 04 Nov 2021 14:22:07 GMT

Ok, that's currently what is happening. I keep like $15 on one of my CC's and one of the AU accounts Carrie's a balance but the other doesn't.