Help on FICO 2 vs. FICO 8 and Charge offs

[Mikey123]

Hi I have a FICO 8 of 706 but a FICO 2 for mortgages of 640. 

I need a 680 to get approved for the mortage product I am looking at. When I look at the factors on experian for the 640 it says:

-Serious Delinquency

- High Credit Usage  - I have paid down all but 2 cards to zero. The 2 cards open are at 75% and 90% respectively.

- bad Payment History

- Amount past due - I have an open charge off with Capital One for about $4.5k that is reporting monthly as such.

For the high credit usage I can pay down the 2 cards to close to zero next cycle. I can also payoff the Capital One charge off. Not much I can do on the other 2 factors but wait for them to age off. My question is what kind of score bump could I get my adressing the high credit usage and amount past due? is it really possible that it could get me to a 680 quickly?

Thanks

[OmarGB9]

It's impossible to tell you the exact amount of points you could gain, but I will tell you that unpaid Chargeoffs and high utilization definitely take a heavy toll on your scores, so if you've paid the CO already and pay down those 2 remaining high utilization cards, you *should* definitely see some significant gains.