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Mortgage Fico Score Improvement help

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ALUMINEX
Valued Member

Re: Mortgage Fico Score Improvement help

 

One more thing I could use some advice on... My Mortgage scores are much lower than my Score 8 (see in signature).  One reason is late payments on my mortgage from 2+ years ago.  I still own the home, but renting it out, and have been consistent on payments for 2+ years.  Is there anything I can do to remove those late payments?

 

 

 

 

 

 

 

 

 

6/18/17
FICO8 -- Equifax:646 TransUnion:633 Experian:635
Mortgage -- Equifax:573 TransUnion:592 Experian:554
Message 11 of 17
DollyLama
Established Contributor

Re: Mortgage Fico Score Improvement help


@ALUMINEX wrote:

Credit Card Update

 

BestBuy

Limit: $4,000

Owed: $2,221 (55% utilization)

Owed Today: $1,850 (46% utilization)

APR: 25.99% (Deferred)

  • 6/18 - Paid $371 to avoid interests charges

 

Barclay Card (Apple)

Limit: $2,000

Owed: $0.00 (0% utilization)

APR: 27.74%

 

Barclay Card (Frontier)

Limit: $2,500

Owed: $2,214 (89% utilization)

APR: 25.74%

 

Chase
Limit: $5,000

Owed: $4,000 (80% utilization)

APR: 23.74%

 

Discover
Limit: $1,200

Owed: $653 (54% utilization)

Owed Today: $601 (50% utilization)

APR: 23.74%

  •  6/18 - Paid $52 due to leftover budgeted funds for card payments

 

Old Navy / SYNCB

Limit: $800

Owed: $407 (51% utilization)

Owed Today: $0.00 (0% utilization)

APR: 25.74%

  • 6/18 - Paid $407 to get to 0% utilization
  • 6/18 - Disabled autopay of $35.00 per month

 

Wells Fargo

Limit: $2,700

Owed: $0.00 (0.00% utilization)

 


Good you have 4/7 cards now that will report. Everyone has different techniques or varying opinions on which to pay, and how much. 

 

Ugh on Wakefield, I have the same, my last derog on EX, and EQ for $34. I know in FICO 8 scores EX doesn't factor medical that are under $100, mortgage scores yes, but utilization would be my first choice in tackling, as that will also raise your mortgage scores. Also, it gets to the nitty gritty of all collections before you see the larger score bumps for having a clean file. 

 

The thresholds of the score bumps that you want to begin is less than 49 percent, then less than 29, and ulitmately less than 8.9 percent. 

 

1st month, I would pay (account for interest that would be charged when statement cuts) on the Barclay Frontier around $1300 to factor in the interest that will be charged, so it's utilization on this being your highest interest rate card will drop to less than 49% individual, also I would knock out (just my opinion, others will vary), pay off the Discover, so less than half of CCs will be reporting 3/7 (same interest as Chase anyway). This should be around a bit of $7200/18,200 at overall utilization being about 40% overall utilization. * based upon a 2k extra budget

 

2nd month, I would pay about 1600 on Chase to get it less than 49 utilization individual, and remainder $400? paid to Frontier again due to higher interest rate. Should be around 5200 ish/18,200 with total of 29% overall utilization, right on the cusp. 

 

3rd month, pay off remaining of Frontier, around $500 or a tad more with interest, drops to 2/7 cards reporting leaving Best Buy and Chase, which I would actually finagle the figures then after two months, as things do pop up. We have to take it a month at a time.

 

I don't know who the 2 oldest collections are with, but you can try disputing to see if those will fall off. The newer ones, are the highest, those I would google those collection agencies on the forums here and see how well they work with people. Unless they are threatening legal action now, or have started hounding with calls, I'd save them for last. Overall credit utilization first. Then the collections. 

Message 12 of 17
rmduhon
Valued Contributor

Re: Mortgage Fico Score Improvement help

Are the dates you provided for the collections DoFD or date opened or something else?
Message 13 of 17
ALUMINEX
Valued Member

Re: Mortgage Fico Score Improvement help

Those are dates assigned.  The DoFD is older.

6/18/17
FICO8 -- Equifax:646 TransUnion:633 Experian:635
Mortgage -- Equifax:573 TransUnion:592 Experian:554
Message 14 of 17
ALUMINEX
Valued Member

Re: Mortgage Fico Score Improvement help

Thank you DollyLama - I will apply the information you provided for payments on my next round of payments (about two weeks).

6/18/17
FICO8 -- Equifax:646 TransUnion:633 Experian:635
Mortgage -- Equifax:573 TransUnion:592 Experian:554
Message 15 of 17
ALUMINEX
Valued Member

Re: Mortgage Fico Score Improvement help

Medical Collections:

CA: MAR JOE ENTERPRISES DBA CR

Amount: $722

Date Assigned: Aug 2015

 

CA: HEALTHCARE RECEIVABLES GRO (disputed 6/18/17)

Amount: $270

Date Assigned: Jan 2012

 

CA: MAR JOE ENTERPRISES DBA CR

Amount: $162 

Data Assigned: Aug 2015

 

CA: VALLEY CREDIT SERVICE (disputed 6/18/17)

Amount: $114

Date Assigned: Sept 2011

 

CA: REVENUE RECOVERY CORPORATI / WAKEFIELD

Amount: $42

Data Assigned: Nov 2014

6/18/17
FICO8 -- Equifax:646 TransUnion:633 Experian:635
Mortgage -- Equifax:573 TransUnion:592 Experian:554
Message 16 of 17
medicgrrl
Valued Contributor

Re: Mortgage Fico Score Improvement help

Pull your reports from annualcreditreport.com and get the DOFD for each account.


EQ 778 EXP 782 TU 729
Message 17 of 17
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