Help with FICO 2,4,5 ! Help please :)

[anfrank]

I am trying to get a Home Equity loan. I recently paid off a credit card that was at high utilazation. Today I recieved a alert that my score went up 67 points. That was my Fico8.... When I checked the mortage tab, my middle score was a 657, needing a 660 to quaalify for my loan. Does it take longer for 2,4&5 to update, and I am just not seeing that refected yet? How do I get this to go up? I literally need 3 dang points!! Help please!

[Thomas_Thumb]

What Fico product are you using? I understand some products only update the mortgage scores monthly or "on demand". Fico 8 score(s) are updated whenever there is a trigger event. So, the changes in your file may have benefited 5/4/2 but, they were not rescored.

[cashorcharge]

Typically, the 2,4,5 score does not immediately react the way and F8 or F9 reacts as that score (used for longer term loans) 

Keep an eye on it over the next few weeks and if you're really in a bind and can do so...practice AZEO for bit 

(All Zero Except One) account will give your score a boost

[GZG]

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@anfrank wrote:

I am trying to get a Home Equity loan. I recently paid off a credit card that was at high utilazation. Today I recieved a alert that my score went up 67 points. That was my Fico8.... When I checked the mortage tab, my middle score was a 657, needing a 660 to quaalify for my loan. Does it take longer for 2,4&5 to update, and I am just not seeing that refected yet? How do I get this to go up? I literally need 3 dang points!! Help please!

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those scores do not update until your monthly update or unless you purchase a 1b or 3b report separate from your subscription 

[anfrank]

I am using the one that updates every three months but I just bought it when I noticed my other score updated on credit Karma. 

[Thomas_Thumb]

Just so you know - Fico 8 ignores AU cards and AMEX charge cards in calculating aggregate utilization.

Fico 5/4/2 includes AU cards in the calculation. It also considers utilization on npsl AMEX charge cards. The calculation it uses for a charge balance is: current reported balance/highest reported balance. So, even a $200 reported balance could hurt score if highest reported balance is $350. 

The mortgage Ficos penalize much more than Fico 8 for multiple cards reporting balances. Thus, the importance of practicing AZE1 when needing to optimize mortgage Fico scores. It is best to have the reported card balance under 9% of the card's credit limit and to ensure aggregate utilization under 5%. Other cards can be used but pay balances to $0 before statement close date(s) so the statement shows $0 due.

How many cards to you have, how many are reporting balances, what are your card utilizations and what is your aggregate utilization?

If you have multiple cards with elevated balances that can't be paid off short term; consider the following:

1. Pay enough on each card to bring reported balances all below 29%. Fico has a threshold that increases penalty if a card reports 30% and again at 50%.

2. Pay off any low balance cards and ensure they report $0 statement balance even if used in future months.