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Mortgage score improvement advice

Regular Contributor

Mortgage score improvement advice

Wife and I are looking at getting a new house next year. Not sure of mortgage scores. Only one I currently have is my Fico 2 - 687.


We had many years of poor credit and are in the rebuilding phase. The only negative either of us has is a paid off auto loan with a total of 15 lates. All of which are 30 days. And as of now the most recent is over 3 years old. So by the time we apply for a mortgage it would be over 4 years old and hopefully a few of the lates would have aged off as well. The problem is two fold. It is with Wells Fargo who from all accounts doesn't remove lates and is also our oldest account. It is 7 and a half years history, again will be 8 and a half when we apply. Outside of that my oldest is almost 2 years and my wife's oldest is 6 months.


I have a year to try and work on getting that fixed. But what I am wondering is if I am only able ot get it removed altogether as opposed to getting the lates removed, would I be better off having the old account with 15 lates because it is aging my profile or have an extremely young profile but totally clean? 

Established Contributor

Re: Mortgage score improvement advice

I have a similar situation to you regarding lates on an auto. I highly doubt you get any of it removed. .01% chance in my opinion. Maybe you get lucky with a GW. But to me the conversation is irrelevant. Settle in and apply next year for your mortgage. It is what it is. I believe you will be just fine.

Best wishes
Started 6/6/2018 EX - 588 ; EQ - 667 ; TU 575

Updated 12/2018

Message 2 of 4

Re: Mortgage score improvement advice

1 year ago I had a 5 collections and 12 lates on an auto as well as an IRS Tax Lien.  The collections are still reporting and show paid and the auto loan is still reporting all the latest 30, 60, 90 and charge off.   I paid off my collections and got a capital one secured card, Credit One CC and a Milestone Credit Card.  My scores were in the low 500's.   In June I got an AMEX Green Card, Discover and NFCU cashRewards Visa.  All low limits under $500.  I have been diligent about using my cards and paying them off, leaving one report for AZEO.  In October I closed the Milestone Credit Card and the Credit One Credit Card.  On December the 1st, I applied for an FHA Mortgage with 3.5% down and was very diligent in all my paperwork.   Discover Increased me to $1600 two weeks ago and NFCU gave me Flagship for $5k two weeks ago as well.  Last week my loan went clear to close and I am closing this Wednesday.  My Mid Mortgage FICO is 649 now.


Be diligent, set yourself a course and follow what is on these forums.  A year ago I had no shot at a mortgage.  Also  I am closing with the IRS Tax Liens still open and I am in a Direct Debit Installmanet Agreement with them.  I did not getting anything removed from my Credit Burea.   FHA interest rate is 4.5% No Points, No Origination. 30 Year Fixed.  3.5% Down.

Message 3 of 4
Valued Contributor

Re: Mortgage score improvement advice

You give me so much hope. I am doing the same and I only have 2 paid collections left...they are with the same CA, so I am hoping I can get them to remove it; sent the third goodwill request today. I started with the account manager, then customer service, today's message was to the executive board. 

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Message 4 of 4
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