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Looking for a 10 point bump...

Established Member

Looking for a 10 point bump...

Hey everyone,

 

I'm hoping to secure a jumbo loan, and the bank I'm working with is saying that their products require a minimum of a 710 credit score (to do a 10% down loan).

 

I pulled my mortgage scores, and my middle (Transunion) is currently at exactly 700.

 

Here are my current accounts / balances that are reporting on Transunion.

 

Chase Credit Card: $2,481/$12000 (I just paid this off to 0%, so waiting for this to update)

Barclays Credit Card: $0/$3300

Chrysler Capital (Auto Loan): $12,675/$46164

Navy Federal Credit Card: $173/$15900 (Purposely leaving so it reports 1%)

Capital One Credit Card: $0/$1,500

 

Note: My current mortgage is only reporting on Equifax.

 

Here are my baddies:

 

Barclay Credit Card: 60 day (August 2018) - I've GW the hell out of this, and no luck.

Chrysler Capital: 60 day (October 2017) - I've GW the hell out of this, and no luck.

Capital One Credit Card: 30 day (January 2016)

Chase CLOSED Credit Card: 60 day (September 2018)

 

All accounts are up to date, no collections, no public records.

 

I feel like I've done everything for a boost, but wanted to get other opinions if you think there is anything else I can do.

 

Thank you!

Message 1 of 10
9 REPLIES 9
Epic Contributor

Re: Looking for a 10 point bump...

Hopefully paying off the Chase credit card gives you the 10 point boost that you need.

popcorn eating emoticon.gif
Message 2 of 10
Established Contributor

Re: Looking for a 10 point bump...

i think paying down that chase account may be enough

but

the other thing you could do is pay your loan down to under 9% - would need to pay it down to $4100

Dec 16/2019. EX. 721. EQ. 723. TU 746
Aug 8/2020 EX. 728 EQ. 714 TU 744
Dec 29/2020 EX. 729 EQ. 723 TU 746
Inq. EX 5 EQ 4 TU 2 - - CC 6x24, 2x12
Amex BCP $20k - Apple GS $17k - BMW/Elan $5k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase United Club Infinite $20k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $21k - HSBC Gold - $10.5k - Penfed Gold - $12.5k - USBank Cash+ -$10k - Wells Sig Visa $12k
Message 3 of 10
Established Member

Re: Looking for a 10 point bump...

Just to confirm - the car loan, right?

 

Thanks!

Message 4 of 10
Epic Contributor

Re: Looking for a 10 point bump...


@karateka123 wrote:

Just to confirm - the car loan, right?

 

Thanks!


I believe so.

popcorn eating emoticon.gif
Message 5 of 10
Established Contributor

Re: Looking for a 10 point bump...

yes the Auto loan - if you have the $8k needed

 

the cc pay down might be enough - because you were at 20%

but the combo of both would very likely give you the 10 pts and most likely more than 10

Dec 16/2019. EX. 721. EQ. 723. TU 746
Aug 8/2020 EX. 728 EQ. 714 TU 744
Dec 29/2020 EX. 729 EQ. 723 TU 746
Inq. EX 5 EQ 4 TU 2 - - CC 6x24, 2x12
Amex BCP $20k - Apple GS $17k - BMW/Elan $5k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase United Club Infinite $20k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $21k - HSBC Gold - $10.5k - Penfed Gold - $12.5k - USBank Cash+ -$10k - Wells Sig Visa $12k
Message 6 of 10
Established Member

Re: Looking for a 10 point bump...

Ok - cool. Based on my research, Chase reports $0 balances mid cycle, so I'll see how this affects my score later this week, and then pay down my car balance if needed.

 

Best,

Message 7 of 10
Valued Contributor

Re: Looking for a 10 point bump...


@M_Smart007 wrote:

Hopefully paying off the Chase credit card gives you the 10 point boost that you need.


This may do it. 

 

Also, just a thought - May 1st is right around the corner and all accounts age on the 1st of the month. Any chance you have anything aging over a threshold for scoring (AAoA, AoOA, AoYA)?

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 11/2020: EX 780 ✦ EQ 771 ✦ TU 781
Current FICO 9s | 11/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.8 years not incl. AU / 4 years incl. AU
My AoOA: 7.10 years not incl. AU / 9.10 years incl. AU
Inquiries: EX 0/6 | 1/12 ✦ EQ 1/6 | 2/12 ✦ TU 0/6 | 1/12
Report Status: Clean


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 8 of 10
Valued Contributor

Re: Looking for a 10 point bump...

Mortgage scores love revolvers at 0. Reducing the utilization and going from 50% reporting a balance to 25% may give you what you need.

Started Rebuild 4/2018: EX 616| TU 604| EQ 621

Current 5/28/20:


First Goal Score: 750+ Reached 3/2019

Next Goal all over 800
Message 9 of 10
Super Contributor

Re: Looking for a 10 point bump...


@karateka123 wrote:

Hey everyone,

 

I'm hoping to secure a jumbo loan, and the bank I'm working with is saying that their products require a minimum of a 710 credit score (to do a 10% down loan).

 

I pulled my mortgage scores, and my middle (Transunion) is currently at exactly 700.

 

Here are my current accounts / balances that are reporting on Transunion.

 

Chase Credit Card: $2,481/$12000 (I just paid this off to 0%, so waiting for this to update)

Barclays Credit Card: $0/$3300

Chrysler Capital (Auto Loan): $12,675/$46164

Navy Federal Credit Card: $173/$15900 (Purposely leaving so it reports 1%)

Capital One Credit Card: $0/$1,500

 

Note: My current mortgage is only reporting on Equifax.

 

Here are my baddies:

 

Barclay Credit Card: 60 day (August 2018) - I've GW the hell out of this, and no luck.

Chrysler Capital: 60 day (October 2017) - I've GW the hell out of this, and no luck.

Capital One Credit Card: 30 day (January 2016)

Chase CLOSED Credit Card: 60 day (September 2018)

 

All accounts are up to date, no collections, no public records.

 

I feel like I've done everything for a boost, but wanted to get other opinions if you think there is anything else I can do.

 

Thank you!


1.  You should pick up something from having paid off the Chase card, adding another zero account balance. If you crossed a threshold that alone might have netted you the 10 points you're looking for.

 

2.  You shouldn't be using Navy as your one card reporting a balance; there is a theory among some MyFICO'ers that credit union cards don't count as the balance-reporting card in AZEO for the mortgage scores. So let Capital One or Barclays be the balance-reporting account.

 

3.  As to getting rid of the negatives, I would send verification letters to the bureaus; that will sometimes get them to drop sooner.

 

4. There's nothing you can do with the auto loan that would help your mortgage scores.


Total revolving limits 653000 (575000 reporting)

Message 10 of 10
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