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Trying to increase mortgage scores, any suggestions?

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Valued Member

Trying to increase mortgage scores, any suggestions?

I'm trying to postion myself to get approved for DPA that requires minimum 640 current mortgage scores are.
EQ 634, TU 619, EX 633
Credit utilization;
Credit One $16/$650/2%
Overstock $0/$500
Gardner white $0/$2200
Blue Nile $0/$2500
Gamestop $0/$250
Capital One Bank $0/$500/ has not reported $0 balance to credit bureau, currently reporting $202/$500/40%
Credit One bank $20/$800/3%
Bankruptcy reported to TU and EX discharged Aug/2016
Two collections due to fall off end of year
Diversified $186 TU
IC Systems $258 EX

Will paying these two collections be the best thing to do, or is there another way to get the final 7-10 points needed for approval. So one help please
Message 1 of 10
9 REPLIES 9
Valued Contributor

Re: Trying to increase mortgage scores, any suggestions?

Do not pay the collections, dont do anything at all with them. You may get a boost when the Cap One reports to zero. Do you have an open installment loan? Unfortunately, sometimes it is just a matter of time. 

 

Message 2 of 10
Valued Member

Re: Trying to increase mortgage scores, any suggestions?

Thanks...I figured, its sucks worked so hard to get to this point
Message 3 of 10
New Contributor

Re: Trying to increase mortgage scores, any suggestions?

The collections could easily contribute an additional 60 points; that's one of the main reasons why your scores are stagnant. I just paid off a collections and got it removed 30 days from paying--29 points added to EXP. Try paying off IC..System--i think they remove paid/settled debts. Please call and ask to be sure. As long as those debts are being reported they are hurting your scores.
Best of luck.
Message 4 of 10
Frequent Contributor

Re: Trying to increase mortgage scores, any suggestions?

Check your pm

Starting Score: Eq 485 TU 467 Ex 400 BK filed Dec 2016
Current Score: Eq 672 TU 649 Ex 644
Goal Score: 700 All 3


Take the myFICO Fitness Challenge
Message 5 of 10
Valued Member

Re: Trying to increase mortgage scores, any suggestions?

I C Systems has been paid off, they said they will delete in 30 day also sent me a email with header states that. Diversified consultants deleted comcast account after a phone call, long conversation with them but deleted next day. Now Saturday is report update hope I get what I need.
Message 6 of 10
Regular Contributor

Re: Trying to increase mortgage scores, any suggestions?


@ICYUNV wrote:
I C Systems has been paid off, they said they will delete in 30 day also sent me a email with header states that. Diversified consultants deleted comcast account after a phone call, long conversation with them but deleted next day. Now Saturday is report update hope I get what I need.

What was your update? How much of a boost did you get? So curious right now. 







Message 7 of 10
Valued Member

Re: Trying to increase mortgage scores, any suggestions?

Transunion Score 8 got a +19 increase, mortgage score got a +31 increase. Experian nothing at this point in time, but collections company say account will be deleted in 30 days maybe sooner.
Message 8 of 10
Valued Contributor

Re: Trying to increase mortgage scores, any suggestions?


@MR_FAKO wrote:
The collections could easily contribute an additional 60 points; that's one of the main reasons why your scores are stagnant. I just paid off a collections and got it removed 30 days from paying--29 points added to EXP. Try paying off IC..System--i think they remove paid/settled debts. Please call and ask to be sure. As long as those debts are being reported they are hurting your scores.
Best of luck.

Agreed. Try IC Systems first. Several years back, they removed a collection from my report after I paid it in full. 

Go for it OP!! 

012019 Fico8/Mortgage Score:
Current Fico8/Mortgage Score:
MyGoal Fico8/Mortgage Score:
Take the myFICO Fitness Challenge


Message 9 of 10
Valued Member

Re: Trying to increase mortgage scores, any suggestions?

Yes I got a email from I C systems with them agreeing to remove the paid collection, informed me that it may take up to 30 days
Message 10 of 10