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Improve mortgage scores

New Contributor

Improve mortgage scores

👋 it's been a while since I posted.  I am trying to get my mortgage scores high enough so I can do a cash out refinance on my home, the equity in my home has gone up over 40% and while the rates are so low and I can proof income from 2 full time jobs.  

My credit scores took a dive when I made the decision to have a child and I needed to go the IVF route. My insurance did not cover much of the procedures theirfore I paid over $40k in cash. No regrets because I now have a healthy 15 month old son :-).


I have several late payments on my CCs and several chargeoffs.  
I have been working 2 full times job for almost a year.  One job for 5 years and it will be one year on the other next month. 
 I have been aggressively paying down my debt and obligations.  My CC utilization is less than 5%(total credit lines about 40K).  No car payment.  Back on track with student loans(multiple lates in the past).  I have settled and paid off 3 of my chargeoffs. I have 2 more to go.  Currently paying my BOfA chargeoff, they wouldn't except a settlement. The other is Merrick bank.  I have a personal loan that I owe 9k.   I  sent letters for late payments forgiveness with no luck.   

I do however have several positive trade lines. 

With my 2 jobs I make 206K. 
I don't know what else to do to raise my scores. Do you think going ahead and paying off the last 2 charge offs and the personal loan will help?  

When I do apply for a refinance will they use the income from my second full time if I have not been their for a year?  

I included my Fico 8 scores and Mortgage scores. My Experian score dropped 22 points due to the settled charge off.  





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New Contributor

Re: Improve mortgage scores

How old are the charge offs?


If they are older than two years, it wont do much for you to pay them.  Better off getting them deleted off your credit reports. (Mod cut-Such is not allowed here at myFico)


Congrats on the 15 month old!  Happy to hear it worked for you. Smiley Happy



Starting Fico 8 Score: 469 TU 501 EQ 453 EX
Current Score: 750 TU 755 EQ 694 EX
Goal Score: 820 Across the board
Message 2 of 2
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