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I have been rebuilding since late last year/early this year and have paid down some of my balances and written some goodwills with some success. My overall credit profile still has some late payments and some high balances.
I am in the process of applying for a mortgage and just got preapproved and in the hot real estate market. However I am looking to still improve my (mortgage) credit scores for a better rate and possibly switch from FHA to Conventional financing.
My current scores are:
Just want to add some more context:
- most of my late payments were between February and March of 2020 so will be coming to a year anniversary (which supposedly helps?)
- I also know that the mortgage scores look favorably on cards with no balances compared to cards carrying a balance
@Bayuze wrote:I have been rebuilding since late last year/early this year and have paid down some of my balances and written some goodwills with some success. My overall credit profile still has some late payments and some high balances.
I am in the process of applying for a mortgage and just got preapproved and in the hot real estate market. However I am looking to still improve my (mortgage) credit scores for a better rate and possibly switch from FHA to Conventional financing.
My current scores are:
Experian- 616Transunion- 661Equifax- 602However, I can't find any discrepancy at all in my credit reports -- the CB are reporting the same information (i have to double check again) but I am weirded out and confused about the huge discrepancies between the 3. I have previously seen some discrepancies in my FICO 8 scores but it was usually no more than 5-10 points, maybe 20 but not as huge as 60!I understand there are some differences between the calculations and all that and there may be some info on the forums - Appreciate any help or insightI am hoping for some insight into how to potentially get my Experian and Equifax up within the limitations of late payments and some balances being carried (which i am actively paying down)Thanks
Check out my scores in my sig. Mortgage scores are based on a very old model and I have never seen anyone with higher mortgage scores than their FICO 8's or FICO 9's.
Other will chime in as I have been out of the loop for a while. But honestly the keys would be:
1. Do NOT open any new accounts of any kind, revolving or installment, for at least 12 months prior to app.
2. Try goodwill letters to try to get any lates removed.
3. Practice the AZEO to make sure only one revolving card has a very small balance -- like $5 -- and all the rest report as $0.
4. And if you have a family member or best friend who has a VERY OLD credit card, ask them to add you to the account to increase your average age of accounts.
That's it: No new accounts, only one revolver reporting a small balance, use goodwill letters or disputes to remolve old late payments, and add AU accounts if they are substantially older than your average age of accounts and it's someone you know will have no late payments and never carry a balance.