topic Re: Mortgage Score Improvement in Mortgage Loans

Mortgage Score Improvement

Anonymous — Thu, 15 Oct 2015 20:01:56 GMT

Mortgage broker got back to me today. Said my app was in "referred" status, because of my mortgage score. He asked for the last three months of statements from our three cards and a screen shot of our new zero balance. Last month (current report), our credit utilization was 78% ($8,300 out of $10,600). We paid them all down to zero.

He is going to use the screenshot to get a rapid rescore. This is for a VA Loan. Currently, I am at a 589, he said he would like to see me at 600 or 620 would be even better.

Will paying down those cards give me a 11 or 31 point bump on a Rapid Rescore?

Re: Mortgage Score Improvement

Scupra — Thu, 15 Oct 2015 20:11:33 GMT

Hard to say! Having one card report less than 10% util and all others 0% would probably get you there.

Off topic: go Cards for football or baseball?

Re: Mortgage Score Improvement

Anonymous — Thu, 15 Oct 2015 20:58:23 GMT

So, should i charge a little to one of them?

Baseball Cards----

Re: Mortgage Score Improvement

Anonymous — Thu, 15 Oct 2015 21:06:52 GMT

if you can get one of them to show a small balance-below 9%- then that should work

Re: Mortgage Score Improvement

Scupra — Thu, 15 Oct 2015 21:41:43 GMT

@Anonymous wrote:
So, should i charge a little to one of them?

Baseball Cards----

Yes, to optimize your FICO score you want one card to report a small balance, less than 10% utilization, and ALL others to report $0 This is the quickest way to raise your score. Good luck!

Im in AZ so I was hoping football haha!

Re: Mortgage Score Improvement

CreditDumb — Fri, 16 Oct 2015 21:57:23 GMT

I would say to keep a balance of at least 10% or less for the next coming trimester -3 months-

Re: Mortgage Score Improvement

ashjt2011 — Fri, 16 Oct 2015 22:03:09 GMT

I owed about 8000 on my credit cards with about 12500 in total revolving lines. I paid them all off with a unsecured loan and my scored jumped a good 20-30 points by doing this. Of course all credit files are different. I was barely above 600 and now am sitting at 652 for my Fico 8 and 639 mid score for my Fico Mortgage Score.