cancel
Showing results for 
Search instead for 
Did you mean: 

Help me out with my scores please...

pizza1
Community Leader
Super Contributor

Help me out with my scores please...

So... Are these scores the scores most lenders would see/pull when applying for a mortgage?  

 

Is my "middle" score 666, or do they take the three and average them? If that's the case then my average middle is 685?? I can't apply for 2 years yet. This August I'm 2 yrs post BK7, but if I want a conventional loan I need to be 4 yrs post, which is what I'm looking at. Hopefully by then my scores will be more improved. 

 

image.jpg


My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 1 of 7
6 REPLIES 6
StartingOver10
Moderator Emerita

Re: Help me out with my scores please...

No, your mid score is 677. The scores aren't averaged, they literally use the middle score of the three. And in two years you will be well over 700 mid score. Smiley Happy

Message 2 of 7
pizza1
Community Leader
Super Contributor

Re: Help me out with my scores please...


@StartingOver10 wrote:

No, your mid score is 677. The scores aren't averaged, they literally use the middle score of the three. And in two years you will be well over 700 mid score. Smiley Happy


Thank you for clarifying that!!! ....even though ive been around the forums awhile, in some areas I still feel retarded! LOL.. if I can just stay away from apping, and let all these inquires age off, and new accts age to 2 yrs...I should hopefull be sitting at over 700 for a middle score...hopefully!! Smiley Wink


My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 3 of 7
StartingOver10
Moderator Emerita

Re: Help me out with my scores please...

You want to target a min 720 for conventional mid score and it is better if you get your mid to 740. the best pmi rates are for mid scores at 760 and above, but really you get great pmi rates at 740 and above. Look at this chart:  https://mortgageinsurance.genworth.com/RatesAndGuidelines/Default.aspx

Look at the rate cards: https://mortgageinsurance.genworth.com/pdfs/Rates/100018.Monthly.BPMI.LPMI.0914.pdf

Message 4 of 7
StartingOver10
Moderator Emerita

Re: Help me out with my scores please...

You are right. Once the inq's age off and your cards age you should be well above 700 IMO. Really I wouldn't be surprised if you weren't above 740 in two years.

 

 

Message 5 of 7
pizza1
Community Leader
Super Contributor

Re: Help me out with my scores please...


@StartingOver10 wrote:

You want to target a min 720 for conventional mid score and it is better if you get your mid to 740. the best pmi rates are for mid scores at 760 and above, but really you get great pmi rates at 740 and above. Look at this chart:  https://mortgageinsurance.genworth.com/RatesAndGuidelines/Default.aspx

Look at the rate cards: https://mortgageinsurance.genworth.com/pdfs/Rates/100018.Monthly.BPMI.LPMI.0914.pdf


I dont know if its possible for me and my profile to get to a middle score of 740 in 2 yrs...my BK, and ALL my derogs on there. IIB wont fall off till 2019...I might be pushing it for a 720 middle in 2 yrs,if I behave, LOL!!


My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 6 of 7
Revelate
Moderator Emeritus

Re: Help me out with my scores please...


@pizza1 wrote:

@StartingOver10 wrote:

You want to target a min 720 for conventional mid score and it is better if you get your mid to 740. the best pmi rates are for mid scores at 760 and above, but really you get great pmi rates at 740 and above. Look at this chart:  https://mortgageinsurance.genworth.com/RatesAndGuidelines/Default.aspx

Look at the rate cards: https://mortgageinsurance.genworth.com/pdfs/Rates/100018.Monthly.BPMI.LPMI.0914.pdf


I dont know if its possible for me and my profile to get to a middle score of 740 in 2 yrs...my BK, and ALL my derogs on there. IIB wont fall off till 2019...I might be pushing it for a 720 middle in 2 yrs,if I behave, LOL!!


Yeah, it's doubtful that a 740 on a mortgage score can be achieved with a BK (or other major derogatory) at the 4 year mark but a 720 is possible I think but will require a lot discipline to be sure.  

 

Pretty much everyone including yours truly was stunned at my mortgage pull with my file with a slew of issues from the 5 year mark (tax lien, paid collection, 30/60 late), and I was at 700/725/731 with a highly optimized file.  I have found since then that I might've been able to play some installment tradeline reindeer games to eek out a few more points (my EX Risk Model v2 which was my mid score has ticked up to 728, but still think there's no chance I could get to 740 mid score even if I pushed that to the limit, that's a lot for a comparitively small part of the model, got substantially bigger movement on FICO 8 there too).

 

Sitting on your hands credit wise Pizza is definitely the way to get there, 720 tier absolutely doesn't suck for mortgage shopping.  

 




        
Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.