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Mortgage scores not budging

SSH0126
Established Contributor

Mortgage scores not budging

What all specifically would I need to post in order to get help on what I can do get my mortgage scores moving aside from my mortgage scores?

The UTI is not the norm. Usually 1-9%

Mortgage scores
535 equifax 72% utilization total bal and open ended account $1k -2 inquiries
9 years 5 months average age

587 trans 73% uti $3317-utilization total bal and open ended account
9 years 3 months

544 experian 68% uti-utilization total bal and open ended account -$3317–1 Inquiry
Note uti will be paid back down next month not the norm-1 inquiry
9 years 5 months

Youngest acct 4 months

Accounts:
4 credit cards
Discover 10.00/ 500
Star 75/3150
Cap 10.00/ 750
Cap 10.00/300
10.00 reporting balance each

Student loan around 100k in deferment 0.00 payment

Auto loan 14k left of 19 k
Bk 2017 chp 7
Last late payment 10/2018(yes I already know that’s an issue following a bk)

Collections:

Ad astra $927 not paid
Convergent $1487 not paid
Credit management $674 not paid
Credit one $ 743 charged off not paid
General revenue 0.00 will not remove(gw letters sent)






14 REPLIES 14
AllZero
Mega Contributor

Re: Mortgage scores not budging

What is your current reported scores EX 2, TU 4, EQ 5?

Revolving account:
Aggregate utilization?
Individual utilization?
How many cards?
How many cards are reporting a balance?

Installment loan:
Aggregate utilization?
Individual utilization?
Message 2 of 15
AllZero
Mega Contributor

Re: Mortgage scores not budging

In addition:
Any derogatory or delinquency?
AAoA Average Age of Accounts
AoYA Age of Youngest Account?
Message 3 of 15
CreditInspired
Super Contributor

Re: Mortgage scores not budging

All CCs CLs and outstanding balances

All loans (including Student loans) and outstanding balances

And the other things that have been already noted:
AAOA
Inquiries last 3/6/12 mos
All baddies (lates, COs)
Any judgment, BK, liens

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K || BOA CashRewards $6K
Message 4 of 15
JVille
Valued Contributor

Re: Mortgage scores not budging

We need specifics! We don’t know who you are and your username tells us nothing, so your secrets are safe with us! . No way to help without the full details, good, bad and the ugly.
** list all 3 FICO Mortgage Scores (not FICO 8 etc)
*List each open card with Balance & Credit Limit
*List any Closed Cards with balances (treated differently)
*Car loans Orig Bal - Pmt
*Any other types of loans
*Student Loans - what type of pmt program you are in?
Collections, Slow Pays, judgements, repos, BK’s
Dates, how many, what,when, who. If any is Medical? Anything we missed asking about.

I suspect you have a suspicion about what the issue is, share your concerns. We want to help!
Message 5 of 15
Readyformyhome
Established Contributor

Re: Mortgage scores not budging

I'm confused about your utilization... it doesn't seem to match the CCs you listed. Where is the high utilization coming from? That utilization plus all those unpaid collections are going to keep your scores low.

FICO8: Low 700s. FICO9: Mid 700s. Goal: 800 club
Message 6 of 15
AllZero
Mega Contributor

Re: Mortgage scores not budging

The easy fix for revolving accounts is do AZEO All Zero Except One card reporting a small balance eg $5-$10. Mortgage scores like more accounts reporting zero.

Collections. You need to address those. They will keep your scores suppressed. Especially, if they are updating monthly.

Delinquency. How many days late; 30, 60, 90, 120? It'll suppress your score for a good 2 years. The severity might fade a little but it will still hurt the full 7 years it's on your credit report.

Summary: PFD Pay For Delete your collections. GW letter your delinquency.
Message 7 of 15
JVille
Valued Contributor

Re: Mortgage scores not budging

You edited your original post and FICO scores not in one place.
#1 - Collections pay them off
#2 - do A Zero - all zero except one
# 3 - very recent Bk only time will fix that

You need 3 yrs no Lates given a 2017 BK

You do this and in 2 but 3 yrs certain you will be fine. Make sure the year you make application you have no OD’s reflected on your Bank Statements.
Message 8 of 15
CreditInspired
Super Contributor

Re: Mortgage scores not budging


@SSH0126 wrote:
What all specifically would I need to post in order to get help on what I can do get my mortgage scores moving aside from my mortgage scores?

The UTI is not the norm. Usually 1-9%

Mortgage scores
535 equifax 72% utilization total bal and open ended account $1k -2 inquiries
9 years 5 months average age

587 trans 73% uti $3317-utilization total bal and open ended account
9 years 3 months

544 experian 68% uti-utilization total bal and open ended account -$3317–1 Inquiry
Note uti will be paid back down next month not the norm-1 inquiry
9 years 5 months

Youngest acct 4 months

Accounts:
4 credit cards
Discover 10.00/ 500
Star 75/3150
Cap 10.00/ 750
Cap 10.00/300
10.00 reporting balance each

Student loan around 100k in deferment 0.00 payment

Auto loan 14k left of 19 k
Bk 2017 chp 7
Last late payment 10/2018(yes I already know that’s an issue following a bk)

Collections:

Ad astra $927 not paid
Convergent $1487 not paid
Credit management $674 not paid
Credit one $ 743 charged off not paid
General revenue 0.00 will not remove(gw letters sent)


Whew, this is a lot going on. IMHO, you should create a minimum of 1.5-yr plan (really a 2 yr plan) to get all of this taken care of in preparation for getting a mortgage. 

 

As others have said:

*Implement AZEO method

*Pay those collections off

 

Also

*Do not apply for anything else--not a CC, not a loan, nothing!

*SD all your cards.  Do not use them! And work extremely hard on getting them paid off. 
*Don't pay any more bills late. Schedule billpay or autopay if you have to. 

 

GL2U


|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K || BOA CashRewards $6K
Message 9 of 15
SSH0126
Established Contributor

Re: Mortgage scores not budging

Follow Up questions

Many say do not pay for collections.

1. Are you saying to pay them because of the utilization?
2. If I’m unsuccessful with PFD then how will doing so be helpful to me in terms of the mortgage scores?
3. One of my credit cards will not report if I do not have a balance will the other three reporting offset this in a positive way?
4. If the company do not agree to PFD should I pay them for the sake of my end goal which is to get approved for a mortgage?

At this point I will do anything to get it done. I just don’t want to do anything that will put this goal off.

What is SD?
Message 10 of 15
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