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Hello,
I'm new here, but was looking for some advice. I need about a 10 or 15 point jump in my mortgage scores to obtain a mortgage loan. My question is which option do you think is best for obtaining this jump ?
1.paying off one of my two collections and having it removed from my report( they agreed to remove it).
2.paying off a credit one card that's charged off with a 400.00 limit, but they are reporting it at 175% usage to all the bureaus because balance is over 700.00.
I also have a charge off with wells fargo that has a 1800.00 balance, if that helps.
3 of my open cards are paid in full, and one is at less than 10% usage.
Thanks for all your help !
@curioustraveler wrote:Hello,
I'm new here, but was looking for some advice. I need about a 10 or 15 point jump in my mortgage scores to obtain a mortgage loan. My question is which option do you think is best for obtaining this jump ?
1.paying off one of my two collections and having it removed from my report( they agreed to remove it).
2.paying off a credit one card that's charged off with a 400.00 limit, but they are reporting it at 175% usage to all the bureaus because balance is over 700.00.
I also have a charge off with wells fargo that has a 1800.00 balance, if that helps.
3 of my open cards are paid in full, and one is at less than 10% usage.
Thanks for all your help !
When is the last time the collection account reported? If it's currently reporting every month, you should see a pretty decent score bump when it's deleted.
You should also see a bump if you pay off the charged off account.
I ran a credit simulator for a client last week and it showed a 12 point increase for paying off just 1 charge off.
You could apply with a lender and have them run a few credit simulators to see which option will give you the best score increase.
I have a credit.com premium account, and they show up every month in my report. Is that what you mean by collections reporting ?
I did just pay off a charge off from an old macy's cc, that was with a collection agency last week. Maybe that will help some. I literally just need 10 or 15 points.
@curioustraveler wrote:I have a credit.com premium account, and they show up every month in my report. Is that what you mean by collections reporting ?
Yes. If the collection account has not reported in a year or more, you generally want to leave them alone.
@curioustraveler wrote:I did just pay off a charge off from an old macy's cc, that was with a collection agency last week. Maybe that will help some. I literally just need 10 or 15 points.
Did the collection agency report that account as a collection on your credit?
Yes, remex Inc. is the collection agency that reported it.
@curioustraveler wrote:Yes, remex Inc. is the collection agency that reported it.
Since it was reported as a collection, you likely will not see an immediate improvement to your scores.
They are deleting it off my report. Are u sure about that ?
@curioustraveler wrote:They are deleting it off my report. Are u sure about that ?
If they're deleting it, you should see improvement.