How to raise scores/mortgage chances

[Anonymous]

We are looking to get a new home.

Price range $250-$270k

Can anyone look over these details and let me know if anything (other than time) that we can do? Also would it be best for him to apply alone?

Hers/His

Fico2. 575/597

Fico4 637/647

Fico5 607/649

Her middle:607. His:647

Any suggestions on how to increase scores and prepare for home purchase. 

*name of CCs, min pymt, CL, and outstanding balance

   His—Capital 1- CL:4500 Balance:2950 minimum $96.00

            Synchrony CL:5520 Balance:3474 minimum $116.00

     Hers— Bankcard CL: Closed $7700 Balance $1884  min:$45

*auto payment, if any... Both on $596month/ He on 1 $518 payoff 1/2020

*any other loan payments, if any. HELOC CL:13000 Balance:12299 (will pay off with sell of current home) minimum payment: $75

*any student loan? ....None 

*any lates in last 12 months His: Auto 30 days 9/2018,11/2018, 1/2019, 4/2019

                      Hers: bankcard 30 days: 9/2018, 10/2018, 1/2019

                      Chase in payoff agreement $86 month reports late every month.

*any collections, liens, judgments ....None 

*monthly gross income Hers: $2000 His: $7000

He has been at current job 15+ years. She has been <2years. 

[Anonymous]

Your score is really being dragged down by your utilization. You really want to get all of those CCs down to 0 except one that you let report a small balance (under 9%).

The recent lates are going to be an issue, too. Is there some sort of reason why you have them? I don't know if you can get a mortgage with lates that are only a few months old, but there are pros here who can speak to that.

But in terms of your scores, work on the utilization. Also, just realized that she doesn't have an open CC. Can you add her as an AU to yours? You're pretty light on those, too.

[AllZero]

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@Anonymous wrote:

We are looking to get a new home.

Price range $250-$270k

Can anyone look over these details and let me know if anything (other than time) that we can do? Also would it be best for him to apply alone?

Hers/His

Fico2. 575/597

Fico4 637/647

Fico5 607/649

Her middle:607. His:647

Any suggestions on how to increase scores and prepare for home purchase. 

*name of CCs, min pymt, CL, and outstanding balance

   His—Capital 1- CL:4500 Balance:2950 minimum $96.00 66%

            Synchrony CL:5520 Balance:3474 minimum $116.00 63%

     Hers— Bankcard CL: Closed $7700 Balance $1884  min:$45 Since this is closed, is it showing 100% utilization?

*auto payment, if any... Both on $596month/ He on 1 $518 payoff 1/2020

*any other loan payments, if any. HELOC CL:13000 Balance:12299 (will pay off with sell of current home) minimum payment: $75 95%

*any student loan? ....None 

*any lates in last 12 months His: Auto 30 days 9/2018,11/2018, 1/2019, 4/2019

                      Hers: bankcard 30 days: 9/2018, 10/2018, 1/2019

                      Chase in payoff agreement $86 month reports late every month. Is this the closed bank card $7700?

*any collections, liens, judgments ....None 

*monthly gross income Hers: $2000 His: $7000

He has been at current job 15+ years. She has been <2years. 

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See comments in red.

It's simple to calculate your own utilization. Balanced divided by credit line = utilization percentage.

Remember these thresholds: 8.9%, 28.9%, 48.9%, 68.9%, 88.9% Get your aggregate utility at or below 8.9%. Look into the All Zero Except One technique as mentioned up thread.

This is based on FICO 8 but should be similar to mortgage FICO.
FOR HIS CREDIT CARDS:

Aggregate utility-His is about 64%-65% utilization. You should gain 10-15 points crossing a scoring threshold. You're probably looking at 30-45 or more available points if you can do AZEO.

Individual utility-You have two cards not at optimal utilization, 63% and 66%. Do AZEO and you possibly can gain another +-15 points. Possible +-5 points a threshold.

HIS and HER LATES. It's hurting both of you. Look into the Good Will Saturation Technique to see if you can get those removed.

FOR HIS or HER HELOC. How is it reporting on your credit report, 95% utilization?

When do you plan to apply? What is your time frame?