Can I raise my middle score by 50 points in less than 6 months?

[Anonymous]

I am first-time home buyer trying to qualify for a portfolio mortgage program that requires a middle score of 720. As of 1/31, my mortgage scores are 618 (EX), 671 (TU), and 740 (EQ). I paid off my second card and it should be reflecting a zero balance soon. If I pay down my first card to a balance of $3, do you think my middle score can increase by 50 points within the next few months?

Negative factors:

1. Recent 30 day late (10/2018) on Merrick Bank Secured Card (all reports) - I paid off the card and didn't realize they charge me 3.99 for an account fee. Should have used auto pay.

2. Recent 60 day late for a personal loan (EX) - currently under dispute

3. Paid in full charge off Discover 5/2018

Utilization:

Card One: $644/$5000 (13%)

Card Two: $1104/2100 (53%)

Card Three: $0/$500 (0% - EX/TU) (90% - EQ)

Card Four: $0/$1000(0% - EX/TU) (21% - EQ)

I believe my EQ score is so high because it still reports three old revolving accounts with a positive history. My TU and EX reports do not show these accounts.

[CreditInspired]

Welcome OP

Unfortunately, I think it’s going to be next to impossible to get 50 points anytime in the near future because of the recent 30-day late and especially the 60-day late. Those are biggies and can affect your credit for 7 years.

Also, lenders don’t want to see any negatives within 12 months leading up to applying for a mortgage. I suggest doing a GW letter for Merrick.

And, FYI, lenders don’t want to see disputes on reports. So definitely make sure that is corrected and off your report prior to having lender pull it.

GL

[Anonymous]

The utilization on cards 1 and 2 is considered high; if you have the means to do so, pay down to around $5.00.--thats a minimum of 20 points across the board. HOWEVER,recent derogs are pulling you back. First take care of those credit card balances and allow your derogs to age.
Also keep in mind that you cannot have outstanding DISPUTES when applying for a mortgage.
Best of luck.

[Mortgage-Specialist]

That's all good advice you received. If the final outcome of the dispute doesnt work in your favor and your lender needs the dispute removed, you will see a score drop at the time of removal. Hopefully you can get those recent lates removed.

I'm curious about the portfolio program you're referring to. Can you relay info about that?