topic How should I increase my score more.. in Mortgage Loans

How should I increase my score more..

Pony4her — Mon, 30 Aug 2021 22:33:17 GMT

Have a question folks. Mortgage score is 735, already have been preapproved for conventional, home build time is 5 months. How can I increase my scores with the use of my credit cards, should I just pay down my AmEx below 10% and leave the others at $0? Am Express $1207 balance with $2100 limit, Discover $50 balance with $11,000 limit and Apple Card $0 balance with $6500 credit limit?

TIA

Re: How should I increase my score more..

4sallypat — Tue, 31 Aug 2021 14:28:19 GMT

My mortgage broker said to reduce the AMEX to zero if possible since they report balances.

As soon as you pay that off, ask for a rapid re-score.

Re: How should I increase my score more..

Pony4her — Tue, 31 Aug 2021 14:33:07 GMT

Thanks for responding. Question regarding your responses, by paying it down to $0, that will leave nothing on all cards, wouldn't that hurt the scores? I am trying to keep the scores climbing as much as possible over the next 5 months.

Re: How should I increase my score more..

dragontears — Tue, 31 Aug 2021 14:34:43 GMT

@4sallypat wrote:
My mortgage broker said to reduce the AMEX to zero if possible since they report balances.

As soon as you pay that off, ask for a rapid re-score.

While asking for a rapid rescore can be good advice for a person who is closing in <30 days, the OP is 5 months away from closing so there is plenty of time for their reports to naturally update before the next credit pull.

@Pony4her best thing you can do over the next few months is implementation of AZEO.

Re: How should I increase my score more..

Pony4her — Tue, 31 Aug 2021 14:43:52 GMT

@dragontears wrote:
@4sallypat wrote:
My mortgage broker said to reduce the AMEX to zero if possible since they report balances.

As soon as you pay that off, ask for a rapid re-score.
While asking for a rapid rescore can be good advice for a person who is closing in <30 days, the OP is 5 months away from closing so there is plenty of time for their reports to naturally update before the next credit pull.

@Pony4her best thing you can do over the next few months is implementation of AZEO.

Thank you for responding. Here is where I get confused with AZEO. Should I pay the Am Ex down next month with leaving 3.5% uti ($122) on it and then making small charges monthly (like gas for my car), then pay it back down each month to the $122 before the bureau report or what do you recommend?

Re: How should I increase my score more..

dragontears — Thu, 02 Sep 2021 14:02:41 GMT

@Pony4her wrote:
@dragontears wrote:
@4sallypat wrote:
My mortgage broker said to reduce the AMEX to zero if possible since they report balances.

As soon as you pay that off, ask for a rapid re-score.
While asking for a rapid rescore can be good advice for a person who is closing in <30 days, the OP is 5 months away from closing so there is plenty of time for their reports to naturally update before the next credit pull.

@Pony4her best thing you can do over the next few months is implementation of AZEO.
Thank you for responding. Here is where I get confused with AZEO. Should I pay the Am Ex down next month with leaving 3.5% uti ($122) on it and then making small charges monthly (like gas for my car), then pay it back down each month to the $122 before the bureau report or what do you recommend?

There are some reports about small point changes (typically <5 points) when different people have different small % utilization and it appears to be totally profile dependent.

Since you A few months, I would suggest paying for a score subscription that provides all 3 mortgage scores (FYI EX2 is a completely different algorithm than TU4/EQ5) and play around with letting a tiny (like $10-20) report vs. $122 and see if there is a difference for your profile.

Re: How should I increase my score more..

tooleman694 — Thu, 02 Sep 2021 14:13:07 GMT

Probably at most, you will get 15 points if you pay down the AMEX.