topic Re: Few questions on scores for home loans in Mortgage Loans

Few questions on scores for home loans

Anonymous — Mon, 05 Oct 2015 01:43:59 GMT

My credit score has jumped 80 points in 2 months but my score for home loans ain't moving I just need 9 points since the end of august but can't seem to get it was preq and had closing date but underwriter said need few more points to auto it thru but can't seem to get what I need and they seem to not know what to do to get 9 points a little lost on all this I'm 9 points from 620 credit score was 550 now 618 but but morTage fico been at 610 for 2 months

Re: Few questions on scores for home loans

2b2rich — Mon, 05 Oct 2015 02:00:19 GMT

When I was trying to raise my mortgage score for the best interest rate, I noticed that paying one of my credit cards down to zero raised it (mortgage score) by almost 20pts. It has a CL of $500, but was reporting a bal of $483. I paid it to zero and no other changes to my report, it jumped almost 20pts (my fico mortgage score that is).

If you're working with a lender, they have simulators that I've heard are extremely close. Have them look at your report and play with the accounts to see what action will help the mortgage scores the most.

Re: Few questions on scores for home loans

Anonymous — Mon, 05 Oct 2015 02:03:47 GMT

they did both my cc have a balance of 4bucks ea and done reported for this month as of yesterday gained 30 points but nothing on mortgage fico still the same

Re: Few questions on scores for home loans

Anonymous — Mon, 05 Oct 2015 03:31:55 GMT

The mortgage score from MF doesn't update. You have to buy a new 3B to fund out if it went up.

Re: Few questions on scores for home loans

cartwrna — Mon, 05 Oct 2015 03:55:48 GMT

You want to carry a balance on ONLY 1 card, and that balance be less that say 10% to get the best FICO boost. Balances on multiple cards actually decreases your score, no matter the size of the balance.

Re: Few questions on scores for home loans

2b2rich — Mon, 05 Oct 2015 12:17:29 GMT

@Anonymous wrote:
My credit score has jumped 80 points in 2 months but my score for home loans ain't moving I just need 9 points since the end of august but can't seem to get it was preq and had closing date but underwriter said need few more points to auto it thru but can't seem to get what I need and they seem to not know what to do to get 9 points a little lost on all this I'm 9 points from 620 credit score was 550 now 618 but but morTage fico been at 610 for 2 months

@Anonymous wrote:
they did both my cc have a balance of 4bucks ea and done reported for this month as of yesterday gained 30 points but nothing on mortgage fico still the same

Your lender should be able to run this through their simulator and tell you exactly what is going to help. I am willing to bet that paying both those cards with a $4 balance, down to zero is going to push your mortgage score up a bit. Sometiimes, the difference between even 1% uti and a zero balance can make a big enough difference.

Re: Few questions on scores for home loans

Anonymous — Mon, 05 Oct 2015 17:37:14 GMT

I've began to think my lender is lost as me lol went up 4 points so now I need 5 lol

Re: Few questions on scores for home loans

Anonymous — Mon, 05 Oct 2015 21:02:10 GMT

Well I talked to my lender he said he don't know how to get 5 points he is confused lol I took it I was the noob on this

Re: Few questions on scores for home loans

Anonymous — Mon, 05 Oct 2015 21:12:37 GMT

Have you repulled your mortgage scores as dansamy suggested? Is it possible to be added as an authorized user to an account that will increase your AAoA?

Re: Few questions on scores for home loans

Anonymous — Mon, 05 Oct 2015 21:39:32 GMT

Yeah pulled them this morning 614 610 is scores

Re: Few questions on scores for home loans

Anonymous — Tue, 06 Oct 2015 00:47:28 GMT

Where did you get those scores? What is the third score?

Re: Few questions on scores for home loans

Anonymous — Tue, 06 Oct 2015 00:51:19 GMT

Mortgage lender pulled em today eq 614 exp 610 trans 577

Re: Few questions on scores for home loans

cartwrna — Tue, 06 Oct 2015 01:21:35 GMT

2b2rich, if he pays all of his revolving lines of credit to 0, his score will actually be lower. When they all have a 0 balance it looks as if your not using any revolving credit which the fico formula actually docks you for. Revolving lines of credit have no memory so you can play with the balances and see where the biggest boost is. I found that around a 5% balance on one card is where my scores prospered the most. There is a lot of this documented in the rebuilding forum as well. The general outcome was that all cards at 0 actually hurt everyone, didn't help. Hope this helps

Re: Few questions on scores for home loans

cartwrna — Tue, 06 Oct 2015 01:26:19 GMT

As I said earlier in the thread, I would pay all of your cards to a 0 balance EXCEPT for one, carry a small balance on it though and keep it below 10%. I'm almost guaranteeing you will get the points you need using this method. Credit formulas dock you points for having balances on multiple cards. I have experimented with all of this through my rebuilding process which I started in late 2013. The only issue would be waiting for them to update it with the credit bureaus, which could take up to 30 days depending when they report to the bureaus, last case scenario you can call and ask the issuer if they will update it with the bureaus and expedite it right away. Good luck

Re: Few questions on scores for home loans

Anonymous — Tue, 06 Oct 2015 01:52:25 GMT

Thank you guys for taking time to give me answers I still don't real understand why my base score is growing but my mortgage score ain't moving I have 4 bad items on my credit as charge offs but lender said it ain't hurting it to mess with them. Can I ask one more thing places like finger hut do you even get a score from them or does it just report payed cause I've had a item thru them for 3 months and ain't seen a boost from them yet either

Re: Few questions on scores for home loans

Anonymous — Tue, 06 Oct 2015 02:04:44 GMT

I have never pulled my own mortgage scores (will do so in about 2 weeks) but it is my understanding that they only update when you purchase another report from FICO. I personally have no idea if Fingerhut provides any kind of score but I'm pretty sure the score they would provide you would not be a mortgage score

Re: Few questions on scores for home loans

Anonymous — Tue, 06 Oct 2015 02:13:14 GMT

Then what gives you a mortgage score cause I've done what I was told and nothing has changed it yet

Re: Few questions on scores for home loans

Sassy_Taurus — Tue, 06 Oct 2015 02:22:02 GMT

I'm also trying to get my score up. I've been watching my fico scores go up with the alerts but haven't pulled my mortgage scores again. I'm trying to wait until Decemeber. I'm really hoping that mines moved up.

I hope that you or your LO figure out what will give you the 5 points that you need. Good luck to you.

Re: Few questions on scores for home loans

Anonymous — Tue, 06 Oct 2015 03:08:04 GMT

Thanks and good luck to you also I'm go to my local credit union and ask for help to see what they say

Re: Few questions on scores for home loans

StartingOver10 — Tue, 06 Oct 2015 11:08:33 GMT

First -STOP HAVING THE LENDERS PULL YOUR CREDIT REPORTS TO GET YOUR SCORE!

Everytime you have a lender pull your score it puts another inquiry on your CR.

You can pull your own mortgage score here and it doesn't negatively impact your score because it is a consumer pull. Once you reach your goal, then have your lender pull it so he has what he needs.

Adding another account to your profile at this time would be counter productive. Are you already under contract for a home? Or are you getting your pre-approval before you go home shopping.

Others above are right, only have one account report a balance and the balance should be between 1% to 9% of the credit limit of that account. For example, if you have a $500 credit limit, have no more than $5 to $45 report. The best way to increase your score is to work with your utiization as others have mentioned. Another excellent way is to do a pfd on any of the outstanding collections. PFD is 'pay for delete' and you can get ideas on how to do that in the Rebuilding your Credit section.

Stay away from Fingerhut.