Mortgage Loan credit scores

[Anonymous]

I literally need two points in order to get pre-qualified my hubs needs 5 for his middle Mortgage score. I’ve done all that I know and read thru many forums and Facebook links. I’m withering away trying to get where I need to be for both of us before January 31st, please suggest options.

[newmomnewme]

I am in the same boat. What do you have in your credit mix that you can improve?

[DollyLama]

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@Anonymous wrote:
I literally need two points in order to get pre-qualified my hubs needs 5 for his middle Mortgage score. I’ve done all that I know and read thru many forums and Facebook links. I’m withering away trying to get where I need to be for both of us before January 31st, please suggest options.

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The best would be for us to know a bit about each file, yours and husbands. Other than that, here are suggestions, unless you are already obtained these. 

For each file

1) Have only 1 credit card report a balance each month, bank card, not retail.

2) The one card that will report a balance, have paid down to LESS than 8.9% of the card's credit limit. ie, Discover, $5k line of credit, let no balance of 445.00 (preferably a bit less if carrying a balance so it offsets any interest). Do not pay all cards to zero, it's all except one. 

Under no circumstance apply for any credit period, until after mortgage approved, closed, keys in hand and fully funded. 

If you can not obtain suggestions above due to higher utilization, please do a breakdown of accounts with balances, cash on hand to apply, any derogs, late payments, charge offs, etc. And we can be more specific.

[Anonymous]

Ok well here goes:
Mine-
Derogatory marks
Late payments in the last year
-2 credit cards & 2 car payments (due to losing job)
Charge-offs
Closed credit card $5,000 limit but had high balance paid off (2yearsago now)

Hubs-
Student loans (120 past due/ now paid off)
A lot of consumer loans from one company (paid off)
Bank of America credit card closed over 7 years now

My credit scores- fico 2(596) fico 4(634) fico 5(598) I think I got those in order right
Hubs- “(610) “(595) “(600)

[Anonymous]

Other than removing negative remarks or whatever I don’t know. But I can’t have any open disputes until I get approved

[DollyLama]

So if I read this right, you have 2 CCs and 2 loans open. What is balance and credit limit on the CCs? 

Your husband has zero open credit cards or loans, student, auto, or otherwise? 

[Anonymous]

He has 1 cc capitol one secured that was initially $200 but it raised today to $900 with $30 balance. No other loans or what not.
I have actually 3 cc two with 0 balance one with 110/650. Actually yes we have 1 loan open each both car loans being paid each month on time

[Anonymous]

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@Anonymous wrote:
He has 1 cc capitol one secured that was initially $200 but it raised today to $900 with $30 balance. No other loans or what not.
I have actually 3 cc two with 0 balance one with 110/650. Actually yes we have 1 loan open each both car loans being paid each month on time

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@Anonymous just may be in luck.  If your husband only needs 5 points, that limit increase he just got will move him 2 thresholds.  Since he has only 1 card, FICO looks at both individual card and total card utilization.  So essentially, his individual card UTI is his total UTI.  The $30 balance on the $200 limit would put him @ 15% total.  The lowest and best scoring bracket for scoring purposes is keeping both individual and total UTI at 8.9% or below.  That limit increase he just got would move him from 15% total and 15% single to 3.3%.  Wait for that limit increase to be reported to the bureaus and you husband should have his 5 points rather easily.  Make sure it has a balance when it reports again and if that balance is more than $80 then you're screwed.  Keeping it around $30 or even lower $10 would be safer.

If you need 2 points, I need to know what the limits are on your other cards.  Your individual UTI is 16.9%(110/650).  Bring this down below 8.9%($57.85) but DO NOT pay it off.  You may need to pay this down more depending on what your other credit lines are.

[Anonymous]

Let me add on to what I just said without doing all of the math(and I'm making this as safe as possible)

Your husband = make sure he has about $10 of charges that have went through(posted) by his next statement closing date.

You = same thing

Some creditors can do offcycle reporting by calling in and requesting it.  The only thing that would throw a monkey wrench in this scenario is if you had an oddball reporting creditor like US Bank that doesn't report your balance at statement closing, they report your balance on the last business day of the month regardless of when your statement closes.

[Anonymous]

Gotcha. My limits are Starcard-650, First Premier-400, First Premier-700... don’t EVER get cards with them they seriously seriously suck!