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Optimizing FICO mortgage scores

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SJSM0101
New Member

Optimizing FICO mortgage scores

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:

  • 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.

 

 

4 REPLIES 4
JoeRockhead
Senior Contributor

Re: Optimizing FICO mortgage scores


@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.

Message 2 of 5
SJSM0101
New Member

Re: Optimizing FICO mortgage scores

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. 

Message 3 of 5
JoeRockhead
Senior Contributor

Re: Optimizing FICO mortgage scores


@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.

Message 4 of 5
Thomas_Thumb
Senior Contributor

Re: Optimizing FICO mortgage scores


@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.

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 5 of 5
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