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660 -> 680 ..2 months..can it be done?

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660 -> 680 ..2 months..can it be done?

So the last couple months my wife has been working on her scores for our upcoming mortgage app. (new construction build)

Back in February she was at 614 middle score. Since then we have done a PFD that was a 5+ yr old collection, paid down CC balances, and paid in full our auto lease charge off from last summer. Mortgage FICOs now 657, 661, 712. Unfortunately Equifax (661) and TransUnion (657) went up ZERO points after the latest update from the paid charge off. However, Experian (712) went up 32 points when that posted. At this point I can't see any differences in reports really so it is what it is however it's scored I guess. My question though is there any way to get that Equifax 661 to 680 in next 2 months (before close)?

- CCs aren't full AZEO so maybe could help a few? She has 4 cards. 2 are charges w $0 balance and 2 are true CCs w small balance. Like 1% each. One is only hers and other authorized user of mine.
- Personal loan with about $2k balance. 12 months left to pay.
- Auto loan from May last year.
- 1 derog posted 2014...$1500 lease termination now collections. It's with a creditor not willing to PFD so was advised to leave it alone by LO originally.

MyFiCO does simulate +5 points for simple aging or payments for a month or 2. That's of course FICO 8 not mortgage so not sure the difference there. That leaves 15 points or so. Figured I'm about stuck on the short timeline to do anything else but any advice to maybe get the points we need I'd appreciate it. Thanks
3 REPLIES 3
Valued Contributor

Re: 660 -> 680 ..2 months..can it be done?

Pay off your card that she’s an AU on. That’ll give her AZEO which is usually worth some points, and it’ll give you another zero card. Can you pay off the $2k loan? You have another loan open so losing one will not hurt you, and depending where you are on UTI, it may help get you under a threshold. Plus, mortgage scores love accounts at zero balance so paying off that card should bump you both.


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Message 2 of 4
Established Contributor

Re: 660 -> 680 ..2 months..can it be done?

+1 on above. Might be better at least for TU to just pay the personal loan down to less than 8.9%. TU just seems to place a little more emphasis on loan utilization from what I've seen on my accounts and from what I've read around the forum. This is just a theory, but they do seem to have a different approach on loans than the others. 

 

Started Rebuild 4/2018: EX 616| TU 604| EQ 621

Current 10/12/19:


First Goal Score: 750+ Reached 3/2019

Next Goal all over 800
Message 3 of 4
Established Member

Re: 660 -> 680 ..2 months..can it be done?

I did pay down my card she is a user on. It was only like $60/2500. I'm guessing it won't be a ton of points but I get 3 of 4 cards having zero balances should help.

The personal loan could be paid off but keeping reserves is important as well so not sure if I'd want to go that route to MAYBE get the points.

The only odd thing I noticed today was on my Experian report the charge off we paid in full to auto is reported as "paid, was a charge off" and payment status as CURRENT. It boosted 32 points to 712 when that posted last week.

However Equifax says payment status DEROGATORY. and "bad debt, placed for collection and skip". Balance was updated from the $3500 to $0 as it should be. But at bottom it says "Your statement" - Paid charge off" and "Comments" - "Paid charge off". I feel like this is still reported wrong? DEROGATORY is holding it back from the same boost Experian got perhaps? Problem is I don't think we want a dispute during a mortgage approval right? And the credit buyer club with our lender is the one who contacted Equifax and TransUnion to update in first place so telling her it might not be correct is falling on deaf ears.
Message 4 of 4
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