Mortgage score increase help!!

[Anonymous]

I have started the process of trying to purchase a home and the mortgage scores are so frustrating. Currently according to quicken I am at 575. I need at least a 580 to qualify. I am currently trying to pay down all my credit card balances so that I can see a credit increase there. Is there anything that I could do additionally to help get mortgage ready within the month?

[homeloanexpert]

Mmm... I thought Quicken required a 640 credit score. I just received an loan application from someone who was turned down by Quicken for having low scores and they had a 618 middle score.

As far as bringing up your scores, don't pay them to $0. Try and keep your utilization at 10% and never over go over 28-30%. You can always request credit limit increases which usually helps raise your scores.

Best of luck to you!

[Anonymous]

I was told that a 620 was ideal but they can get approvals as low as 580 and to aim for that or higher which is what I am doing. I have my grandmother reporting me as an authorized user on one of her cards but she keeps it at 40% utilization. I have tried to get her to pay it down but she hasn't yet. I need the card because it helps with the lengthy positive payment history and such but her utilization is killing me

[JVille]

Take the card off and see how your Score changes.

[Anonymous]

I only have one late payment and it was about two years ago. If not more. All I have left is paying off collections or paying down debt. I do have my grandmother adding me as an authorized user on one of her credit cards but it's actually a card that she carries a 40% utilization on. But impeccavoe payment history and length. It's so frustrating because I have been trying to get her to pay it down or at least take the CLI that they have offered to bring that utilization down and she is so hesitant like it's going to harm her. Ughhh

[ShanetheMortgageMan]

---

@Anonymous wrote:
You are correct, while most lenders have their own criteria and minimum FICO scores of at least 620, there are lenders who will except a middle FICO score of 580. A 580 is the minimum FICO score where the lenders can do a manual underwrite. You are almost there...

---

With traditional mortgages, lenders can go even lower than 580 with manual underwrites.  FHA's minimum is 500 for example.