Improve score for mortgage loan, need help!

[Anonymous]

First time posting, current scores are 642 TU, 642 EX, 629 EQ.

Mortgage 8 scores are lower

622 EX, TU 637, 614 EQ

No balances on CC, Paid down UTI to 0 on all open Accts. One student loan in forebearance totaling $4080. What can I do to improve scores to qualify for FHA and to qualify for other assistance programs. Please advise. 

[CreditFun]

You have a lot of moving parts.  Go to a broker.  Fill out an application and create a clear path.

[AllZero]

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@Anonymous wrote:

First time posting, current scores are 642 TU, 642 EX, 629 EQ.

Mortgage 8 scores are lower

622 EX, TU 637, 614 EQ

No balances on CC, Paid down UTI to 0 on all open Accts. One student loan in forebearance totaling $4080. What can I do to improve scores to qualify for FHA and to qualify for other assistance programs. Please advise. 

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Are those your current EX2, TU4, EQ5 scores with zero revolving utilization?

If you have no reported revolving utilization, you may receive the all zero score reduction. Seek AZEO, All Zero Except One card reporting a small balance e.g. $10-20. Use a major bank card. Do not use a store or a charge card.

[Anonymous]

Yes that is 5,4and 2

thanks for the help

[Anonymous]

@Anonymous Welcome! Which set is 5/4/2? Is the other set classic 8? @AllZero Is on point. You are experiencing the AZ point loss due to no revolving balances. Let a balance report on a national bankcard with a credit limit no higher than $27,000 and you should gain points. 

To confirm, you should see no revolving balances or no revolving activity or no credit card balances as a negative reason code.

[Anonymous]

5,4and 2 was when I push mortgage on myFICO it shows the 5,4&2

I do understand that I must have a balance on at least one card not to exceed 7% but others can have no balance . What about my student loan should I pay it down?

[Anonymous]

Thanks 

[Anonymous]

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@Anonymous wrote:

5,4and 2 was when I push mortgage on myFICO it shows the 5,4&2

I do understand that I must have a balance on at least one card not to exceed 7% but others can have no balance . What about my student loan should I pay it down?

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@Anonymous You should have a balance under $100 on one national bankcard with a CL no higher than $27000. The reason is, there are also balance thresholds. Forget the 7%.

no, paying down the SL would most likely not offer any points on the mortgage scores. Save that to pay down the mortgage after you get it or something, imo.

[AllZero]

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@Anonymous wrote:

5,4and 2 was when I push mortgage on myFICO it shows the 5,4&2

I do understand that I must have a balance on at least one card not to exceed 7% but others can have no balance . What about my student loan should I pay it down?

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Do you have any delinquency or derogatory that may be suppressing your scores?

If yes, have  you considered addressing those?

[Anonymous]

No just not spending money on the cards anymore was thinking it would help my score but it's not