I’m trying to see my chances on getting my mortgage scores up.
FICO mortgage scores are:
Equifax: 604 TransUnion: 632 Experian: 605
Middle score: 605 as of 02/2019
I just finished paying a car loan off about 3 months ago and it took a toll on my credit scores. I dropped about 20 points when it showed a closed. Right now my DTI is not that good and not that bad. A loan officer advised me that I am right there to the boarder of not being approved/to being approved. I need advised on what to do right now. I would love to buy a house within 3-6 months and trying to see if that is a possibility.
Last year I made $68k with overtime included. No overtime I make almost $59k
I receive a court order child support payment of $155 weekly that has been consistent.
I have 7 credit cards. No student loans. No installment loans. No collections and 1 charge off account that was paid but it doesn’t show it as paid on my report but it does reflect a $0 balance.
My cards are as follows:
$3274/$3600 opened 10/17
30/60 days late on 12/17-1/18
$32/$250 (just paid this off to zero but not reporting as of yet) opened 02/14
30 days late 3 times (this is my fault as I had a $3 monthly fee that I neglected to put on auto pay and I forgot about it since I don’t use the card) recent late is 8/18
Comenity/Victoria Secret opened 5/18
Credit one opened 7/17
$267/$550 (paid off but does not reflect on report)
30 days late 10/17
$2175/$2900 (paid some of the balance -current balance is now $1200 but it does not reflect on report yet) opened 4/17
Merrick Bank opened 5/16
$3/$1600 (paid the balance does not reflect)
Mercury (use to be Barclay Rewards)
$855/$1500 (balance is now $732 paid some of it not reflected on report)
Opened 5/16 30 days late 12/17
Bridge crest - this was my installment account which was paid November 2018
Never late - shows as closed
Santander - charge off account $0 balance - sold to another lender. - this account I settle for less than the amount owed but I have don’t letters after letters to Santander to have them reflect that I paid the balance but they refused due to it not being paid directly to them. My first major delinquency was 2012.
I have an American Express that I just opened in December of 2018 that does not show on my report and I’m afraid that will just cut me off completely. Ive been told they don’t report until 2-3 billing cycles. My statement cuts today 02/5 I have a $0 balance on it with a limit of $500
I know I may have to lower my high cards to qualify for a better rate
What is anyone’s suggestion?
The first thing i noticed was you said NO INSTALLMENTS. To maximize your scores you would at least one open installment loan love. Also applying for credit so close to wanting a mortage seems to be frowned upon in here. Also, you could try to get goodwill letters together and sent to the lenders. The balances on all cards except one should report $0. With just one reporting below 8.9% (AEZO). Any collections wold need to be settled and or paid in full for deletion.
I think we can settle the installment loan issue. If you would have had one already it would have been better. But the negative impact of applynig for / opening a new credit line right now would far outweight the positive impact of having an installment loan on your report.
So if you are applying for a mortgage in the near future it would hurt you to open a new installment loan now. If you can wait a year before the mortgage application, getting an installment loan now would help.
I hope this helps.