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FICO SCORE 2 - Experian Mortgage Version

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FICO SCORE 2 - Experian Mortgage Version

I have a bk7 discharge from 9/2019 and have been working with my Credit Union thru work very closely. When my bk was discharged my version 2 FICO (the mortgage version) was a 540 it is finally just hit a 670 - GOOD rating. My question is now what? I want it to go higher, right before my discharge I actually was able to get a condo via owner finance with a 3-year balloon. Balance is $46,000 right now I paid $50,000 put $2,500 down at closing at seller paid all closing cost. The entire monthly payment is $674.08 It was an awesome deal considering I hadn't even gotten my discharge yet. Filed in May, closed in August and Discharged in September. 


Since Filing I have opened the following I PIF weekly religiously. 

  1. Credit Union - LOC  09/2019  $0/$1,250 - Originally $750 Increased to $1,250 Closed in March and Converted to Visa - CLOSED
  2. Capital One Secured - MC 09/2019 $9/$800 - Originally $500 with $399 Deposit - Credit Steps 
  3. Credit One Bank - Visa - 12/2019    $0/$300 - Use it then send payment thru bill pay for more than charged immediately usually a dollar over. 
  4. Milestone - MC - 12/2019   $0/$300 - Sparadic Use 
  5. Target - LOC - 12/2019   $0/$300 - Was late by one day wrote the wrong due date down. Update Income info monthly. 
  6. Credit Union - Auto Loan - 12/2019 $4,608/$5,293  36 month term at 4.2% 20% down was required. $159 month. 
  7. Credit Union - Visa - 03/2020 $375/$1,500 - Use now instead of debit card pay weekly, balance reported because they report twice a month on the 16th and 1st. 
  8. Credit Union - Overdraft LOC - 03/2020 $0/$200 


The negative - Experian shows 7 accounts that were included in the bk7, for whatever reason a lot of them fell off all 3 bureaus. ALOT over 40 vanished immediately when filed.  


I have 77 inquiries, part of my bankruptcy was due to financial exploitation by a family member, who would apply and charge up cards in my name. About 10 of those inquiries are mine.  25 are in the last 12 months. I do plan to file and request a block here in a few weeks. 


So my question is, is my FICO 2 the highest it can be right now? The CU is ready to do a portfolio refinance this next month but the way it works is it will go straight to the CEO for her approval. The Loan Officer and Branch Manager say my progress is amazing they are shocked how much my score has increased so quickly. They did say they really don't look at the score for approval except for determining a rate or limit for lending. For the portfolio, mortgage requires 80% LTV and their own words "The deal just needs to make a lot of sense, which this deal makes good sense." What I am hoping is I want to WOW the CEO when she gets my file on her desk. BK7 and a 700 in a year WOWZA! 


The only real thing I can see that could help is maybe if I start throwing more money at the Auto Loan I could comfortably do $600 a month for 3 months or I could actually sell it and pay it off. Not sure what to do.



Thanks, I appreciate any insights on the FICO 2 secrets. 


Super Contributor

Re: FICO SCORE 2 - Experian Mortgage Version

I think they told you what you need to know, which is what I was going to reply with anyway Smiley Happy If your file is being sent to the CEO for a manual review, he could care less what your score looks like.. He is going to go line by line to make sure you are rebuilding, most likely look at your accounts to get a snapshot of your financial readiness, look at LTV and DTI and determine if the loan makes sense.

I don't think you need to prove you have good enough credit, he needs to feel it's worth the risk to offer the loan. Maybe offer some more cash down, cant imagine any CEO not liking that you are putting more of your own 'skin' into the game. Good luck!
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
801 EQ FICO 06/2022
797 TU FICO 04/2022
793 EX FICO 04/2022
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