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I need to get my middle mortgage score up by 14 points.
Bad Stuff on credit-
foreclosure-falls on report next month
repo-stays on until January
medical collection-shows open; I have paid it in full and that should show next month
Verizon collection-shows a balance but I settled with them and it should show paid in full; I have a letter that says that.
Utility collection-shows open; but I settled and that should show next month
Good Stuff-
auto loan-never late
student loan-never late
8 CC's-never late
My credit utilization is at 47%.
What can I do to increase my mortgage score???
@Anonymous wrote:I need to get my middle mortgage score up by 14 points.
Bad Stuff on credit-
foreclosure-falls on report next month
repo-stays on until January
medical collection-shows open; I have paid it in full and that should show next month
Verizon collection-shows a balance but I settled with them and it should show paid in full; I have a letter that says that.
Utility collection-shows open; but I settled and that should show next month
Good Stuff-
auto loan-never late
student loan-never late
8 CC's-never late
My credit utilization is at 47%.
What can I do to increase my mortgage score???
From what I've noticed on my own reports, the mortgage scores put a lot of emphasis on the past two years vs 1 yr on Score 8, ie all hard inquiries, payment histories. Derogs ie late, or collection or lates have more weight on dings of your score. Mine raise with utilization down just as Score 8, so that is something you can do to see results, however, until the derogs do fall off, or you get them removed either goodwill letters, or by agreement with CA's will be a huge impact.
Will the foreclosure falling off the report help the score? Or the collections showing as paid?
Losing the foreclosure from your CRs should help but there's no way to know on a dirty file, unfortunately.
You need to get your utilization down, that will help the most. Get it below 29% on EVERY tradeline.
Patience ... once that foreclosure falls off you should see a boost ... and as was said, get your UTI down.
Do you think a 14 point boost could happen?
A 14 point boost is pretty likely if you can get utilization down when the foreclosure falls off.
What is your current HIGHEST utilization on any one credit card account (reporting)?
I have my utilization down to 30% right now, it's just not reporting until later this month/early next month. Do I need to have every card below 30% or just the total below 30%? Will paying the repo have any effect on my score?
What's your HIGHEST utilization on ONE card right now?
Paying your repo may or may not help -- if it would help, an underwriter or LO might ask you to pay it off.
The highest I have on one card is 63%, its the only card I have with a balance-all the others are at 0.