topic Re: Looking for a 10 point bump... in General Credit Topics

Looking for a 10 point bump...

Anonymous — Wed, 29 Apr 2020 15:44:20 GMT

Hey everyone,

I'm hoping to secure a jumbo loan, and the bank I'm working with is saying that their products require a minimum of a 710 credit score (to do a 10% down loan).

I pulled my mortgage scores, and my middle (Transunion) is currently at exactly 700.

Here are my current accounts / balances that are reporting on Transunion.

Chase Credit Card: $2,481/$12000 (I just paid this off to 0%, so waiting for this to update)

Barclays Credit Card: $0/$3300

Chrysler Capital (Auto Loan): $12,675/$46164

Navy Federal Credit Card: $173/$15900 (Purposely leaving so it reports 1%)

Capital One Credit Card: $0/$1,500

Note: My current mortgage is only reporting on Equifax.

Here are my baddies:

Barclay Credit Card: 60 day (August 2018) - I've GW the hell out of this, and no luck.

Chrysler Capital: 60 day (October 2017) - I've GW the hell out of this, and no luck.

Capital One Credit Card: 30 day (January 2016)

Chase CLOSED Credit Card: 60 day (September 2018)

All accounts are up to date, no collections, no public records.

I feel like I've done everything for a boost, but wanted to get other opinions if you think there is anything else I can do.

Thank you!

Re: Looking for a 10 point bump...

M_Smart007 — Wed, 29 Apr 2020 15:53:56 GMT

Hopefully paying off the Chase credit card gives you the 10 point boost that you need.

Re: Looking for a 10 point bump...

RSX — Wed, 29 Apr 2020 15:54:07 GMT

i think paying down that chase account may be enough

but

the other thing you could do is pay your loan down to under 9% - would need to pay it down to $4100

Re: Looking for a 10 point bump...

Anonymous — Wed, 29 Apr 2020 15:55:53 GMT

Just to confirm - the car loan, right?

Thanks!

Re: Looking for a 10 point bump...

M_Smart007 — Wed, 29 Apr 2020 15:56:29 GMT

@Anonymous wrote:
Just to confirm - the car loan, right?

Thanks!

I believe so.

Re: Looking for a 10 point bump...

RSX — Wed, 29 Apr 2020 16:01:36 GMT

yes the Auto loan - if you have the $8k needed

the cc pay down might be enough - because you were at 20%

but the combo of both would very likely give you the 10 pts and most likely more than 10

Re: Looking for a 10 point bump...

Anonymous — Wed, 29 Apr 2020 16:04:07 GMT

Ok - cool. Based on my research, Chase reports $0 balances mid cycle, so I'll see how this affects my score later this week, and then pay down my car balance if needed.

Best,

Re: Looking for a 10 point bump...

thornback — Wed, 29 Apr 2020 16:46:17 GMT

@M_Smart007 wrote:
Hopefully paying off the Chase credit card gives you the 10 point boost that you need.

This may do it.

Also, just a thought - May 1st is right around the corner and all accounts age on the 1st of the month. Any chance you have anything aging over a threshold for scoring (AAoA, AoOA, AoYA)?

Re: Looking for a 10 point bump...

dynamicvb — Wed, 29 Apr 2020 20:05:09 GMT

Mortgage scores love revolvers at 0. Reducing the utilization and going from 50% reporting a balance to 25% may give you what you need.

Re: Looking for a 10 point bump...

SouthJamaica — Thu, 30 Apr 2020 18:51:19 GMT

@Anonymous wrote:
Hey everyone,

I'm hoping to secure a jumbo loan, and the bank I'm working with is saying that their products require a minimum of a 710 credit score (to do a 10% down loan).

I pulled my mortgage scores, and my middle (Transunion) is currently at exactly 700.

Here are my current accounts / balances that are reporting on Transunion.

Chase Credit Card: $2,481/$12000 (I just paid this off to 0%, so waiting for this to update)
Barclays Credit Card: $0/$3300
Chrysler Capital (Auto Loan): $12,675/$46164
Navy Federal Credit Card: $173/$15900 (Purposely leaving so it reports 1%)
Capital One Credit Card: $0/$1,500

Note: My current mortgage is only reporting on Equifax.

Here are my baddies:

Barclay Credit Card: 60 day (August 2018) - I've GW the hell out of this, and no luck.
Chrysler Capital: 60 day (October 2017) - I've GW the hell out of this, and no luck.
Capital One Credit Card: 30 day (January 2016)
Chase CLOSED Credit Card: 60 day (September 2018)

All accounts are up to date, no collections, no public records.

I feel like I've done everything for a boost, but wanted to get other opinions if you think there is anything else I can do.

Thank you!

1. You should pick up something from having paid off the Chase card, adding another zero account balance. If you crossed a threshold that alone might have netted you the 10 points you're looking for.

2. You shouldn't be using Navy as your one card reporting a balance; there is a theory among some MyFICO'ers that credit union cards don't count as the balance-reporting card in AZEO for the mortgage scores. So let Capital One or Barclays be the balance-reporting account.

3. As to getting rid of the negatives, I would send verification letters to the bureaus; that will sometimes get them to drop sooner.

4. There's nothing you can do with the auto loan that would help your mortgage scores.