Update: Cleared to Close, Pre- Qualified for a mortgage, but uneasy with the process.

[Anonymous]

Hello,

I was recently pre-qualified for a mortgage. I have some baddies on my report, they are paid off. My mortgage scores are as follows.

EQ 604
TU 638
EX 598

I have 2 charge offs from first premier in 2014 / paid to zero.

I have a first National charge off 2015 / paid to zero.

I have a Jared charge off / paid to zero

Also a dental collection that will be coming off my report, as the dentist recalled the debt to be paid to zero.

Is there a way to increase my mortgage scores or is it more so time based ? I understand FHA will give me a loan at my current scores.

I have good income 109k, And know what I can reasonably afford each month. I would like to know what I can do to increase my scores. I understand axel and will be seeing what that does for my score next month, when the CR are updated. Any advice would be greatly appreciated.

[NC_Mtg_Loaner]

What accounts do you have open and actively reporting your on -time monthly payments every month?

With 2-3 revolving accounts you could/should be moving higher, but you didn't mention what you have open?

2/3 of your credit score is based upon how you manage your open and active accounts.

[Anonymous]

Open accounts are,

Affirm 601/1250 opened 1/2018
Amazon 101/500 opened 7/2018
Citi double cash 100/800 opened 3/2018
NFCU GoRewards 0/1000 opened 8/2018
Penfed Power Cash 800/2000 opened 4/2018
Merrick Bank 0/1200 opened 7/2016
Discover 997/2700 opened 3/2018
Kohl’s 75/700 opened 6/2017
Capital One QS1 0/1350 opened 1/2012
BoA Travel 900/1500 opened 7/2016
Amex PRG NPSL opened 5/2018
Penfed auto loan $471 a month opened May 2018. This was previously Ally financial and I refinanced with Penfed to cut interest rate in half.

Also I am in a lease currently and have been since April 2012, it reports to Experian only as all payments paid as agreed.

All above listed accounts have zero late payments and I always pay more then the minimum balance.

Santander opened 2/2008 closed auto loan (7) 30 day lates, (2) 60 day lates. Closed 2014.

Edited my post to add open dates. As you can see many of these accounts are new and I’m sure are part of what’s driving my scores down.

[NC_Mtg_Loaner]

Hmmm, hopefully other experts will chime in, but it seems to me that you really should be in the 640+ range if not 680-720+ unless we are all missing something?  

Possibly refinancing the car is hindering your score's ascension, but it could be that you just need another month or so to begin the climb from where  you are.

[Anonymous]

Update collections was removed from Experian new mortgage score is 616 up 18 points !!

[Anonymous]

Collection account removed from Transunion score up 50 points, for Fico 8 ! New mortagage scores not available until 9/29/18

[JVille]

Congratulations 🎈🎊

[Anonymous]

You should look into mortgage protection..or something that will credit you for being a renter, and continue the process when your scores rise and you feel more confident.

[Anonymous]

My lease is up in April, I won’t be signing another one. I need to buy something. Tired of renting, and scores meet requirements for FHA. My rent is reported on Experian for the past 6 + years.

[Anonymous]

I would make sure to keep all your accounts below 30% of total available balance. Get in the habit of paying statement balance every month and you will see your score improve.