Help getting score higher for mortgage

Anonymous — Fri, 21 Aug 2020 18:40:03 GMT

Long time lurker, first time poster. Lot's of great info on this site.

Here is the story. My job is moving me out of state and I am in need to rebuild my credit as quickly as possible for a mortgage.
As of 8/4 my Ex8 score was sitting at a 589.

Items on my report are:

1 amex card current credit used is $1901 (pay off every month)
1 mortgage
- Account is 10 years old. Back in 2014-2017 my wife was gong through cancer and we fell behind. There are 21 lates 30-60-90-120. Mortgage modified in Apr 2017. Never late again
1 personal account for an RV- OLA was $8885 opened in 4/19. Current balance is $7692. Never late

Baddies on the report are:

3 collection acounts.
- 2 have been PIF ($457 and $808)and I am waiting for them to be deleted.
- Working on the last one that has a balance of $2745. Trying to pay and delte as well
2 Chargeoffs.
- Cap One Balance $2562. PIF as of last week.
- Ally - Balance $865 reporting monthly as negative
During the time that my wife was going through cancer, I was always late. So Car loans and mortgage show late pays during that time.

As of today, 8/21, CapOne is showing a $0 balance and my EX8 score jumped to 609.

I am hopeful that paying off the 2 other collection accounts will boost my score as well. (holding my breath)

Some other info that may help. According to Experian.

Fair payment history. 9 Late Pays and 3 collections

Credit history is very good. Average age is 9 years. Oldest account is 13 years.

DTI is sitting at around 25%

Since I will need to apply for a mortgage in the very near future, what else can I do to improve my score?

Any assistance is greatly appreciated.

Re: Help getting score higher for mortgage

Anonymous — Mon, 24 Aug 2020 21:29:50 GMT

Since I only have an American Express card that I use for everything and pay off each month, should I look into getting another card just to show another tradeline? I just do not know what this will do to impact my score in the short term.

Re: Help getting score higher for mortgage

Whitneyy — Tue, 25 Aug 2020 02:01:47 GMT

I'm here for the posts.

But I personally would definitely try to create more positive credit NOW so you can go six months or more without inquiries when it's time to apply for the house.

Have you tried getting a larger secured card for a larger tradeline from your bank?

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Help getting score higher for mortgage

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