@Anonymous wrote:
Hi friends, i need advice on how to pay off following cards to increase my mortgage score. Following are my scores and card details:
My FICO Score 8 EQ - 742 TU - 723 EX - 699
My Mortgage Scores EQ - 722, TU - 663, EX - 683
My open card balances -
APPLE CARD - 2953 balance. Limit - 5250. 56% Utilization
DCU Card - 2383 balance. Limit - 10,000 - 23% utilization
Pentagon Credit Union - 2150 balance. Limit - 15000 - 15% utilization
Citi cards - 155 balance. Limit - 500. - 31% utilization. Already paid this $155, yet to report
Paypal - 289 balance. Limit - 2500.
I am confused about the following options.
1) Pay off everything.
2) Pay off all but one. If yes, which account i should leave with balance and how much
3) Should i pay specific percentage on all accounts and leave 6% balance on each of them
Which of these will give me the best possible mortgage score bump? Thanks for your time.
@Anonymous wrote:
Hi friends, i need advice on how to pay off following cards to increase my mortgage score. Following are my scores and card details:
My FICO Score 8 EQ - 742 TU - 723 EX - 699
My Mortgage Scores EQ - 722, TU - 663, EX - 683
My open card balances -
APPLE CARD - 2953 balance. Limit - 5250. 56% Utilization
DCU Card - 2383 balance. Limit - 10,000 - 23% utilization
Pentagon Credit Union - 2150 balance. Limit - 15000 - 15% utilization
Citi cards - 155 balance. Limit - 500. - 31% utilization. Already paid this $155, yet to report
Paypal - 289 balance. Limit - 2500.
I am confused about the following options.
1) Pay off everything.
2) Pay off all but one. If yes, which account i should leave with balance and how much
3) Should i pay specific percentage on all accounts and leave 6% balance on each of them
Which of these will give me the best possible mortgage score bump? Thanks for your time.
The best thing to do is find a loan officer/lender to run a credit score simulator. This will tell you exactly what you need to do to improve your mortgage scores.
VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
