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Looking to you experts for help- Stagnant Score and 4 points away from non-pmi rate

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Looking to you experts for help- Stagnant Score and 4 points away from non-pmi rate

I have always done my best to manage finances carefuly. While going through seperation in 2016 a few payments were missed due to my ex being spiteful. Fast foward to now: no late or high utilization or new accounts since that time,,,however my score has hovered in the mid 600' for over 3 years. I am currently house shopping and my middle score is 4 points away from qualifying for a non pmi, 3% down mortgage and great interest rate given the current rates. I have 3 months to improve my score (new construction) Here is my profile:

2016- 3 collections accounts from Medical Data Systems. FULLY paid in 2016

2016- 1 30 day late from Macys. I attempted a GW howevet was denied. The late balance was $7...grr!

2016- six 30 day lates on GM auto loan. I havent attemped a G W because of the amount of lates that year.

2016- 8 90 day lates for student loan.

2016- 1 30 day late for Cap one credit card

Additional: I only have 1 credit card, 1 store card, 1 auto loan and my student loans- all in good standing/low utilization since 2016.

As you can see, 2016 was a rollercoaster due to seperation/divorce but on bright side, the other side of divorce has been a refreshing new start for me and my children. If you all can provide your best tips for helping me improve my scores...I would be oh so greatful!! Have a great day!!!
Message 1 of 4
3 REPLIES 3
Frequent Contributor

Re: Looking to you experts for help- Stagnant Score and 4 points away from non-pmi rate

curious as to what 3% down program offers no PMI? 

 

In addition, you state "low utilization". What percentage are you at?


You can't have your cake and eat it too. But you can dip your finger in the bowl and lick the icing!
Message 2 of 4
New Member

Re: Looking to you experts for help- Stagnant Score and 4 points away from non-pmi rate

It's a special program tied to my profession.

The two cards I own, I barely use so utilization is typically between 0-5% month after month.
Message 3 of 4
Super Contributor

Re: Looking to you experts for help- Stagnant Score and 4 points away from non-pmi rate

You want to make sure that exactly one card reports a small positive balance (e.g. $15 -- higher is OK if it is < 8% of the card's credit limit) with all other cards reporting zero. 

 

Based on what you say above, there might be some months when both cards report $0 (bad for your score) and some months when both cards report a positive balance (less bad but not good for someone preparing for a mortgage).

Message 4 of 4
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