How can I increase my mortgage scores? There is a 60 pt diff

[Anonymous]

Hi all,

I am hoping someone can help give me guidance on if I have a chance at getting a home this year or should just wait another 7 until everything bad falls off. I live in Texas and this is what I have score wise:

FICO 8: 603 EQ, 627 TU, 617 EX

Mrtgage scores: 569 EQ, 548 TU, 578 EX

I have 3 credit cards (2 cap 1, 1 Credit1) using AZEO. I also have 1 store card. The 2 cap1 reporting since 2014, but I have some lates (that were up to 90 days from 2018)

I have approx 65k in student loans (never missed a pymt)

One main financial loan (1 30 day late)

Then 4 collections account

NCB $514

Midland $2308

Midland $1700

Ad astra recovery $1454

Closed accounts:

Chase bal. 1600 (this will be paid off soon)

Kay jeweler ( piad in full. But creditor closed due to late payments in 2019)

Charged off accounts:

Creditone

Opensky

Fingerhut

So I know that's a lot of bad. . .just wondering if I have any chance here. 

Thank you in advance

[Anonymous]

Mortage scores doesn't like baddies at all! Also AZEO will give you some points as well.

[Anonymous]

The Ad Astra website says they will remove the collection from your credit if you pay it. Heres a link: https://www.adastrarecoveryservicesinc.com/update

[Anonymous]

Yes, so true! Thank you. If I pay off the collections will that highly impact there fico 2 scores?   I would like to start with the things that have the greatest impact for FICO 2.

[Anonymous]

Collections that are within the last 2 years getting removed would potentially help(in more ways than one when it comes to mortgages).

0-2 years old - PFD where possible

2-5 years old - PFD where possible but don't expect a bump in points but be glad if you get something

5+ years old - you'd probably be wasting money to pay them off, better to let them roll to 7 years and fall off.