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Looking for some advice on best way to optimize my FICO mortgage scores - I can simulate my FICO 8 scores but I need to get to a 680 score minimum for a mortgage and can't figure out the best way to do this in the next ~6 months. Is it possible? Is it better to pay every revolving account except one to 0? I have money to pay down whatever would be helpful. Score and generalized details below:
Equifax (utilization 41%)
FICO8 647
FICO5 646
Vantage3 711
TransUnion (utilization 21%)
FICO8 655
FICO4 634
Vantage3 708
Experian (utilization 33%)
FICO8 654
FICO2 626
11 open accounts, 25 closed accounts, average age of accounts ~4.5 years
Accounts:
CC $981/$1000, 100% on time, 5 years
CC $52/$1500, 100% on time, 5 years
CC (AU) $0/$3500, 100% on time, 2 years
Personal loan/ credit line $0/$5000 100% on time, 4 months, remains open
Personal loan $2/$2300 100% on time, 9 months, paid off now, will be closed
Auto loan $40000 (high balance $70000) 100% on time, 3 yrs
Auto loan $22000 (high balance $25000) 100% on time, 1 yr
RV Loan $41000 ($51000) 100% on time, reporting as “other loans”, 4 years
Mortgage $310000 (high balance $335000) 100% on time, 5 years
Uplift loan $200/ $200, 1 month (paid off but hasn’t reported yet - I didn't realize these reported to CB. If deleting these would help age of credit I could request them to do so)
Uplift loan $300/$300, 1 month (paid off but hasn’t reported yet, same as above)
Collections
LVNV $600, agreed to pay for delete and will be deleted within 30 days but hasn’t reported yet (2019)
TSI $148, for a utility company that I don’t know and has no record of me having an account - can’t figure out how to pay it (2019)
Had a bad period related to medical catastrophe in late 2019/2020 so have some serious negatives from then:
Only late payment in the last 3 years since then was a cap one card I paid off and closed recently in 9/2024, but unfortunately there was a $25 interest charge that hit after I closed it, and they apparently stopped the autopay when I closed it - so it reported $25 as 30 days late. Kicking myself but I already tried to call and they can’t do anything about it.
@SJSM0101 wrote:Looking for some advice on best way to optimize my FICO mortgage scores - I can simulate my FICO 8 scores but I need to get to a 680 score minimum for a mortgage and can't figure out the best way to do this in the next ~6 months. Is it possible? Is it better to pay every revolving account except one to 0? Yes, get your reported aggregate utilization to under 9% I have money to pay down whatever would be helpful. Score and generalized details below:
Equifax (utilization 41%)
FICO8 647
FICO5 646
Vantage3 711
TransUnion (utilization 21%)
FICO8 655
FICO4 634
Vantage3 708
Experian (utilization 33%)
FICO8 654
FICO2 626
11 open accounts, 25 closed accounts, average age of accounts ~4.5 years
Accounts:
CC $981/$1000, 100% on time, 5 years
CC $52/$1500, 100% on time, 5 years
CC (AU) $0/$3500, 100% on time, 2 years
Personal loan/ credit line $0/$5000 100% on time, 4 months, remains open
Personal loan $2/$2300 100% on time, 9 months, paid off now, will be closed
Auto loan $40000 (high balance $70000) 100% on time, 3 yrs
Auto loan $22000 (high balance $25000) 100% on time, 1 yr
RV Loan $41000 ($51000) 100% on time, reporting as “other loans”, 4 years
Mortgage $310000 (high balance $335000) 100% on time, 5 years
Uplift loan $200/ $200, 1 month (paid off but hasn’t reported yet - I didn't realize these reported to CB. If deleting these would help age of credit I could request them to do so)
Uplift loan $300/$300, 1 month (paid off but hasn’t reported yet, same as above)
Collections
LVNV $600, agreed to pay for delete and will be deleted within 30 days but hasn’t reported yet (2019)
TSI $148, for a utility company that I don’t know and has no record of me having an account - can’t figure out how to pay it (2019)
Had a bad period related to medical catastrophe in late 2019/2020 so have some serious negatives from then:
- 1 charge off ($300) which was paid in full (2020)
- 1 card with 90 days late, closed and paid in full (2019)
- 1 card with 60 days late, closed and paid in full (2020)
Only late payment in the last 3 years since then was a cap one card I paid off and closed recently in 9/2024, but unfortunately there was a $25 interest charge that hit after I closed it, and they apparently stopped the autopay when I closed it - so it reported $25 as 30 days late. Kicking myself but I already tried to call and they can’t do anything about it.
Pay down the credit cards, practice AZEO as highlighted above... I don't understand the Uplift loans, they're doing nothing for your credit. If you have an otherwise good history with Cap One, I'd continue to ask them for a goodwill deletion of the recent late payment reporting. They can do something about it, you just need to connect and plead your case with the right person. If you can get these two things in order, your scores should get to where you need them to be.
Thanks - I'll try cap one again. They told me they could remove the late fee as a courtesy (which they did) but that they couldn't retract something that was submitted to the credit bureau.
@SJSM0101 wrote:Thanks - I'll try cap one again. They told me they could remove the late fee as a courtesy (which they did) but that they couldn't retract something that was submitted to the credit bureau.
Yes they can... here is a link to a recent success story... keep after them, hope it all goes your way.
@SJSM0101 wrote:Thanks - I'll try cap one again. They told me they could remove the late fee as a courtesy (which they did) but that they couldn't retract something that was submitted to the credit bureau.
Often times verbal conversations are not successful. Good will letters generally have more impact. There are some threads on the forums discussing good will letter writing strategy that may be helpful. Do a search.