Mortgage Inquiries Question

[Anonymous]

Hi all, 

I'm new to the board.  My husband and I have finally gotten serious about purchasing our new home.  His credit score is much higher than mine (Fico Score 2 -- EX: 563, EQ: 578, TU: 641). 

We just had a mortgage company pull our credit to see what we could be approved for.  Turns out nothing because of my low scores.  We have devised a plan over the next 6 months to increase my score (the issue is high credit card utilization).  In looking at the myFico simulators, I could anticipate an increase in my scores in the next 2 months (EX: 631, EQ: 651, TU: 676) or an even higher score increase over the next 6 months (EX: 671, EQ: 706, TU: 721) with aggressive for us payments of $2k/mo. to lower my credit card balances. 

My question is -- would it be worth it to have a mortgage company pull my report again in February to see if we would qualify for a mortgage then? Or, wait until June? 

As first-time homebuyers we are looking to qualify for an FHA loan. Thank you!

[AllZero]

@Anonymous  What middle score are you trying to obtain pre-approval?

You can also get your EX2, TU4, EQ5 scores beforehand to determine if you are ready for February or June based on your debt pay down.

Free mortgage scores

EX2 + 3 Bureau scores and reports for $1 at Experian or CreditCheckTotal (part of Experian). Cancel in 7 days or less to avoid the reoccurring charge.

TU4 WyHy quarterly score. Not sure on membership requirement. Maybe hard pull TU?

EQ5 Get a savings account with DCU. Soft pull EQ to be a member. Free monthly score.

You can also obtain your 3 bureau mortgage scores at FICO Advanced . Cancel plan after you obtain your scores and reports to avoid re-occurring monthly charge.

[Anonymous]

Thank you @AllZero! I need to at least get to a 640 minimum score.  I was told that most people need at least a 638 to qualify for FHA loan.  While my hubby and I are applying together on the loan, since my scores are the lowest, I have to be able to meet the minimum.  Also, we want to take advantage of a local first-time homebuyer program that requires a 640 minimum score. 

Apologies for rambling.

Also, I was planning to keep using MyFICO service to track my score/update me.  Is that advisable? 

[AllZero]

@Anonymous  Not knowing what your current reported individual and aggregate utilization is, I'm guessing you may be able to obtain your goal once % is at optimal levels and address any derogatory or delinquency that may be suppressing your scores.

I didn't know what CMS Credit Monitoring Service you were using before. myFICO is good service for getting your 3B mortgage scores. If you are happy with it, continue using it to track your scores.

I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?