Messed up score during mortgage approval - Suggestions?

[Anonymous]

Fiancee was pre-approved for a mortgage four months ago with a middle FICO 5/4/2 score of 701. I do not recall the other numbers nor her FICO 8 numbers. We were keeping all utilization under 10% but we ended up backing out of one contract after a not so prestine home inspection. We weren't actively looking for a house anymore but the realtor reached out to us this week for a back-up contract on another house that we loved and the original buyer maynot be able to close on 1/31 after multiple delays.

The issue:

Fiancee went on her bachelorette party two weeks ago and decided to front the cost for her group. Utimately she charged almost $9k on the BoA credit card with a $10k limit (she said at the time for the points...). She also accumulated $4k balance on her Chase CC with a $14k limit (Our wedding is in two months so lots of expenses there too). We were talking with another mortgage company and they hard pulled her credit without telling/asking us, ultimately her previous 701 credit score is now low 600s according to them.

As of 1/20, her FICO 8 is 658-672-683. And FICO 5/4/2 is 633-617-645.

Her prior utilization was 90% on one and 40% on the other, with a total utilization 56%. We paid down both to about 5%. She has no other debt, loans, or rent.

How accurate is the score simulator? It simulates utilization down to 1-5% within a month would increase her FICO 8 scores to 743-742-753. Generally the 5/4/2 score is lower. What are our chances of the 5/4/2 score to shoot back over 700? We were hoping to get a jumbo/physicians loan that requires a minimum of 720 but doesn't seem like we're close to qualifying now.

[Anonymous]

Her background:

Income:             Resident physician $66k annual salary

Home price:      $505k

Mortgage:          Conventional or phycians loan (min. 720 score)

Downpayment:  Comfortable up to 20% (would prefer 10%)

DTI seems to be the main issue besides the credit score. Her father is willing to co-sign if needed (makes over $100k, no mortgage/loans/debt, and I believe credit score high 700s).

*Fico 8* (as of 1/20):

EQ       658

TU       672

EX       683

*Fico 5/4/2* (as of 1/20):

EQ       633

TU       617

EX       645

3 revolving accounts:

BoA Travel CC                            $8,958 / $10,000          90% utilization - Good standing                                                  

Chase Freedom CC                   $4,868 / $14,400          34% utilization - Good standing

Kohls/Capital One                     $0 / $300                       30-day late payment in 05/2019

Both BoA and Chase CC are now paid down to less than $500.

Personal loans:    NONE

Auto loan:  NONE

Auto insurance:  I pay for it (I'm not going on the mortgage cause my CR is a mess).

Student loans: NONE

Investments/Savings

Over $150k. About $100k is liquid.

Other monthly obligations: 
None

[JVille]

Simple pay off B of A and pay Chase down to $100. Credit scores should pop right back up in next 30 to 45 days. Do this before these acct roll to next stmt period.

tip - don't worry about FICO 8 no Mtg lenders care. Only Mtg scores matter.