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Qualifying For a Mortagage


Qualifying For a Mortagage


I'm new to the forum, but have been reviewing all the comments over the last few weeks and the information is very interesting and extremely helpful.  (Sorry for the lengthy message but want to provide as much information as possible to give a good view of our credit siutaiton).


We are trying to qualify for a mortgage  in 2021 and got a rude awakening after looking at myFico (mortagage) middle score of 508.  On other credit monitoring systems, CK and Identity IQ my scores are between 50 - 100 pts higher.  Nevertheless, I need advice on raising my mortgage scores given the following credit issues. Below are my current myFico scores:


EQ:  593

TU:  563

EX:  617


Here are the credit issues:

I have  four  30-day lates on my mortagage (begain in January of 2020) for entering into a forebarence program to help bring my 1 payment current and to stop the late fees.  Had I known that they were going to hit me with lates, I probably would have foregone the plan and made my regular monthly payments (albeit late fees).  With the program, I still had to make my regular monthly payments including an additonal $560 (1/3 of regular mortgage payment) to get back on track.  This month is my last payment on the forebarance program and, with this payment, it will also put in a position where I won't have to make another payment until October 1.  That's one good thing about the plan.    


My other issues are combined with my so:

Comenity Bank Carsons cc is a co for $712.04.  Received an offer from Everest Receivable Services to settle for 35% off

Monroe and Main is co.  I sent a PFD request and am awaiting a reply.

Seventh Ave account. 90, 90 and 120 lates showing for EX and TU.  Should I send GW ltr. to request removal? What are the odds of deletion?

Credit One Bank cc is showing a co.  I am a AU on the account, but my so received a letter from LVNV notifying him that they have the account.  We also received an email from TrueAccord and now they are saying they have the account and the way to remove any negatives on the cr is to reach the oc Credit One.  Not sure who we should address the PFD to.  If we send the PFD letter to the original creditor (Credit One) what's the odds of TL deletions if we agree to pay the full amount owed  ($1593)?

Web Bank (Gettington) credit account is a co.  Alltran Financial, LP is the ca on the account for $815.  Again, I'm thinking of sending a PFD offering 50% of the total.

Web Bank (Fingerhut) is showing as Webbank on the cr and I'm considering sending a PFD.


Here's the big one that's really suppressing my score and they update faithfully every month:  Southwest Credit.  This is a 5 year old T-Mobile account that I fought with T-Mobile at the time disputing the validiety of the charges.  I reviewed my cr in January 2020 and found it on my report as a collections by SouthwestCredit for $1994.  I'm not sure what to do of if it would be best to PFD.  They have offered a discount of 60% but will this delete the TL.  I am so irritated by this.  I don't want to wait for it to fall off, given that we're trying to qualify for a mortgage in 2021.  


Cards that are in good standing/high usage/back on track:

Bank of America $0 bal.

Comentiy (Ultal Beauty) $0

Majr Financial $0

Ashley Steward $0 


Barclay card  $1078 bal. Exceptional Pay History

Barclay care $1,643 bal. recent 30, 30 day late back on track

Capital One $ 460 bal. Exceptional Pay History

Capital One $2,186 bal. Exceptional Pay History

Mercury $600 bal.  Exceptional Pay History

Synchone Bank $999 - Exceptional Pay history

Credit One $766

Seventh Ave. $395 (90, 90, 120 late) back on track


Any advice anyone has will be most appreciated.


Thank you. 



src="">Starting Score: 534
Current Score: 631
Goal Score: 850

Take the myFICO Fitness Challenge
Message 1 of 5
Mega Contributor

Re: Qualifying For a Mortagage

@VadorableY  For immediate score relief, look into AZEO Technique. All Zero Except One card reporting a small balance e.g. $5-$10. Use a bank card. Do not use a store card or a charge card (AmEx).


Depending on your available funds to pay your debt versus your down payment, get your CC aggregate utility at or below 9% for full FICO points optimization.


Optimized utilization is:

Aggregate 1-9%

Individual 1-29%


Also, I would recommend you remove yourself from the AU Credit One card.

Message 2 of 5

Re: Qualifying For a Mortagage

Thank you for the recommendations and I love the AZEO method.  I've already started instituting that - one cc at a time - to get them down to $0.  What's the best way to remove myself as AU on Credit 1 when it's already a co?


Also, I do have student loans of $187K which could also impact my DTI for mortgage qualification.  Any suggestions or knowledge about how this will be viewed?  My husband and I both earn approximately 10K combined monthly and plan to only have a car note ($600) and a private student loan of  $130 when we go for pre-approval.  With the existing mortgage payment of $1680 we may have to sell before pre-approval to reduce our DTI.  



src="">Starting Score: 534
Current Score: 631
Goal Score: 850

Take the myFICO Fitness Challenge
Message 3 of 5
Mega Contributor

Re: Qualifying For a Mortagage

@VadorableY .Contact Experian, Equifax, TransUnion. It is my understanding you dispute the account. You are AU and not primary account holder, not responsible for the debt.

Message 4 of 5
Frequent Contributor

Re: Qualifying For a Mortagage

Pay off those unpaid credit card balances,

your DTI will go down and you'll automatically get points.

That's a quick way to get a bump.

Message 5 of 5
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