We started the new construction journey at the end of June. At the time we received pre-approval on June 29, my mortgage scores were 649 (TU), 679 (EX), and 689 (EQ). After paying off the majority of my credit card balances and bringing my utilization down to 4-5%, my mortgage scores as of 10/7 are now 707 (TU), 703 (EX), and 695 (EQ). I find it odd that EQ only increased by 6 points, EX by 24 points, and TU by 58 points. Comparatively, my Fico 8 scores increased accordingly: EQ by 33 points, EX by 19 points, and TU by 89 points.
Here's a comparison of my Fico 8 scores compared to my mortage scores at the time of pre-approval in June and three months later after lowering my utilization. Now that my mid mortgage score is above 700, we were able to reach a new interest rate threshold. Our credit reports will be good for 120 days so we are planning on rescoring our credit in the next few weeks with an expected closing in mid to late January. If I'm able to creep above 720, we will re-pull again but I want to get locked in at 700+ since I'm hovering right on the edge.
Very Nice Increases! Im in the same boat except for we juststarted the whole process and our home will not be ready until April 2017....My current overall utilization is 17% We ar eare paying it down completely by Jan 2017 and hope for good scores, I did the simulator on MYFICO but it shows my current Mortage scores of EQ638, Trans676, and Exp655 not even reaching 700 but very close.....
Either way I think with FHA the range doesnt fluctuate much regardless of score as long as its at thier minimum required, am i correct?