First timer help - next steps on quest for mortgage?

[Margaret25]

Hello out there -

First time poster, long time follower.... I've basically been down the FICO scores rabbit hole for months, absorbing all the credit improvement info I can (mostly from these forums), in hopes of getting a mortgage sometime in the forseeable future.  My challenge is overcoming past bad behavior, at least the pieces that I can. I have paid all of my cc down to zero except for one, and I keep that one under 8.9% usage. Aside from keeping my usage in check and paying on time, is there anything I can do to get my mortgage scores up? Don't get me wrong - they are MUCH better than what they were.... I'm just wondering if I've hit the end of the road and now just have to wait, which isn't one of my strong suits  

I have a crazy spreadsheet of my scores, usage, etc.  Just let me know what info you need to take a look at.

A big thank you in advance - from me and my crazy a** dogs that DESPERATELY need a backyard

[TheKid2]

If you're practicing AZEO (confirm that 1 account is a bank card not a store card), then you're well positioned. Without any other sepcifics I don't think we can help more except to advise aging your credit file. If you have any baddies (Late, Collection, Charge Off), that would certianly be keeping you down. 

[homeloanexpert]

@Margaret25 

It sounds like you know most of the tricks to optimize your scores i.e. utilization, paying prior to the due date, being added as AU, opening a couple of new credit cards accounts (Visa, M/C, AMEX, Discover), and requesting credit increases from your existing credit card accounts.  Now it's  a matter of asking  youself. Am I ready to move forward or wait?

For my past customers who have decided to delay the purchase of a home, mainly due to them wanting higher credit scores in hopes of getting better terms on their home loan, I share this story. A married couple contacted me and applied for home loan. The husband had scores were in the mid 700’s and the wife had credit scores in the low 600’s.

I told a couple I could pre-approve them for FHA home loan . The husband was dead set against it, and the wife tried to convince her husband to move forward, knowing they can always refinance later when her scores were higher. Long story short,  the wife decided to move forward with the purchase and husband decided not to go on the loan.

She closed on the home and approximately a year or so later, the wife called me and told me she was ready to refinance. Needless to say, the home had gone up $150,000.00 allowing her to refinance conventional and remove the monthly mortgage insurance. I’m sure you can see the moral of the story. For those folks who are so worried about attaining that 740 credit before buying,  be careful, you may just see the parade pass on by.

Best wishes