So i have had an increase in Fico scores since my cards utilization have went down and have updated. A total of 33 points jump for fico. The mortage scores have not moved. Any reason as to why or what i can do to make them move?
Sorry, can't help. I'm in the same spot though and would like to get pre-approved next month, but this is holding me back. Everything has improved 2 times, and at the end of the month when it updates again, it'll shoot up a 3rd time...but the mortgage scores haven't increased. Don't understand this at all
Does it not update every 30 days with the other FICOs?
If you have the product where you get a full 3B report every 30 days, yes they will update then, just not with the monitoring to the prior poster's point.
If we're talking refreshed 3B report and FICO 8 moved and the mortgage scores did not, there are some different breakpoints when it comes to revolving utilization calculations.
Hi Revelate, could you elaborate on the breakpoints for movement in the mortgage scores versus the FICO 8 or is there a good post out there on this topic already that you would recommend?
Sorry to steal your thread. But what is best util strategy for mortgage? I've been told 30% or less. I've seen all zero actually is best? And then AZEO is typical on the forum...but not for mortgage? I'm at AZEO currently (hasn't updated the scores just yet, just got there), and I am debating whether to leave that last card at 28% (current), or paying and updating to 8.9%....2.9%....or just make all revolving credit accounts zero balance. Opinions?
Well for example, the mortgage scores are far more unforgiving when it comes to accounts with balances, whereas FICO 8 appears to just look at revolvers for that calculation. Beyond that it's a little hard to say as our data from the mortgage scores isn't fantastic honestly.
When we're talking optimum revolving utilization:
That works for literally every file in terms of being best case, if you can't get to that then usually it's some strategic paydown of revolving debt to maximize scores but it's better to post what you have in terms of cash to throw at it and what the current balance / credit limit are for all revolvers.