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Increase my Mortgage credit score

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New Visitor

Increase my Mortgage credit score

Currently, my Credit mid score is 633. I am closing on my house on May 15th and hoping to raise my credit score to at least 640 if not higher. My current credit card utilization is at 0 and the only other debt I have is 30K in student loans that are in deferment. I do have some old late payments that are hurting my score as well. Besides time, is there anything I can do to increase my credit score? Should I keep a balance on one of my credit cards? I've read in a couple of places where that can be helpful. 

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6 REPLIES 6
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Regular Contributor

Re: Increase my Mortgage credit score

All cards reporting zero except one reporting a small balance (AZEO) is supposed to be optimal formula.

 

If the lates are accurate then all you can really do is write goodwill letters asking creditor to remove them. Success varies and often takes a long time (repeated attempts until you get someone to say yes). Might be a long shot, but won't hurt to try. Do not dispute anything on your report, that will likely cause issues with getting your loan.

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Frequent Contributor

Re: Increase my Mortgage credit score

Why do you need to get your score to 640? Are you not approved with your current score?

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New Visitor

Re: Increase my Mortgage credit score

Currently my internet rate is 3.5. If I get it above 640, it will drop to 3.125. 

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Super Contributor

Re: Increase my Mortgage credit score

You'll receive the all zero score penalty for reporting $0.

As mentioned up thread, implement All Zero Except One to gain points.

 

Ensure it's a bank card and not a store or charge card.

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Visitor

Re: Increase my Mortgage credit score

Is there reason why it has to be bank card, not store card to be the non-zero in AZEO?

Message 6 of 7
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Member

Re: Increase my Mortgage credit score

Bank cards are treated differently than store cards.  More of a "major creditor" appearance.

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