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What if scenario For mtg scoring

Tiersha
Contributor

What if scenario For mtg scoring

I haven't found a lender yet who will discuss a what if scenario.

 

I told my lender I wouldn't pay off the discover so as to keep azeo.

Told them I'd not prefer to pay off both revolving accts (jd & dell) but I'd be happy to pay off 1 and pay down one as well as pay down personal loan.

 

I explained that I have a great credit mix of auto, home, personal,  cc and revolving all in great standing and that I don't want to close down all of one line.

 

Since my fico hasnt updated my mnly mtg score in many months I asked about the what if scenario(s).  The answer is the same...well we would just like to run your credit.  I wont let them because i am still about 4 months away from that moment.

I have a car loan

Mtg with heloc but that all goes away 10/13/23

$259 owed on discover.

None owing on 5 other cards

Personal loan less than 6k

Dell less than 2k out of 5k cl

John deere 3300k out of 25k cl

 

Current f8 scores

730, 714, 723.

 

I wouldn't ask about a what if score if my mtg scores would update (on a monthly script).  They haven't updated in over 7 mns, not even by 1 pt.  I don't like my mtg scores!  Zero late pymts since 2019 of which were for 2 mns across 3 cards.

 

No other dings on my credit.

 

I know with mtg and heloc gone my dti goes to 17% I believe it was.

 

Am I right in keeping at least one active line in ea category?

 

And why the hell hasn't my mtg score gone up?

3 REPLIES 3
ShanetheMortgageMan
Super Contributor

Re: What if scenario For mtg scoring

"What if?" scenarios can only be done after an inquiry is done, as they need to simulate changes to an existing credit report.  There are some lenders who will do a soft inquiry and could potentially do What if? scenarios based upon that.

 

If you want to maximize your credit scores then right before the inquiry make sure your credit cards are reflected as AZEO on your credit.  You'll likely see a score change once the mortgage/HELOC reports paid off next month.  Active forms of credit improve credit scores, but probably a better question for the experts in the Understanding FICO® Scoring section.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
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Message 2 of 4
Tiersha
Contributor

Re: What if scenario For mtg scoring

I'll hit up the scoring sct too then, tx for that.

 

And somehow I thought lenders were able to give a ball park indication without the inquiry. 

 

I do t want them pulling g with my mtg score the way my fico says it looks.

 

I do have azeo and have had.

Message 3 of 4
VAMortgageGuy
Regular Contributor

Re: What if scenario For mtg scoring


@Tiersha wrote:

I'll hit up the scoring sct too then, tx for that.

 

And somehow I thought lenders were able to give a ball park indication without the inquiry. 

 

I do t want them pulling g with my mtg score the way my fico says it looks.

 

I do have azeo and have had.


Hi @Tiersha,

As a seasoned loan officer, I can tell you it can be difficult to coach up a client without a tri-merge mortgage credit report. The main reason is the amount of information on a consumer report vs a mortgage report. For example: Consumer reports tend to not include information like when an account last reported.

The what if simulator is a software program that allows us to change data to see how it will impact the scores. We can't run the program without pulling a credit report.

 

Another thing to be aware of. Your credit score is just to "open" the door. You can meet the minimum credit score requirement and still be denied due to things in your credit history. Having your credit pulled now gives us the ability to make sure there's nothing in the history that will cause a problem.

At the end of the day, the benefits of having your credit pulled is worth it, regardless of what your current scores are.

 

Message 4 of 4
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