I would like to purchase a home but I need 7 points (middle score) to get a decent interest rate for FHA. My current mortgage score is EQ 599 Trans 613 EX 629. My utilization is 2%....I have Capital One $50 balance with a $600 credit limit and Fingerhut $0 balance with a $900 credit limit. Paid off all my collection and charge off accounts. I am an AU with a $0 balance. What can I do to raise my mortgage scores?
You could try doing goodwill letters to get the collections removed from your credit report. How old are the collections? The more recent they are the harder they will sting. How hold are your credit card accounts? If you can get another major bank card, even a secured card that might help (though I am no expert in this stuff). Your utilization is good so it is probably both time and negatives holding you back, time and effort to try to get the baddies removed are going to be your best bets.
If you listed all your credit report info we can give better more accurate advice:
list all of your revolving/credit cards as follows:
Bank/Card - balance/credit limit - age
Example: Capital One Venture - 3000/5000 - 4 years 4 months
list the age of your oldest and youngest accounts
list how many hard inquries youu have in this format: Inquiry/age
Example: Credit Plus /1 year 2 months
please list any auto/student loan/mortgage debt
please list any collections
please list any late payments