Mortgage score: 1 yr to fix

[DGOATS1]

Need help on what to pay to increase mortgage scores
Wife and I have lower scores
Charge offs cc hurting utilization
Student loans
Active cc
We can pay off all active cc in 4 months
But will have about 8k in charge offs
I have budget to pay off all auto loans and all but one student loan but if we do that by years end, the CO will remain

Should we pay off CO to help utilization and keep a student loan or two for best mortgage loan increases ?

[DIYcredit]

The number one thing to improve your Fico score would be to pay down your cc utilization way below 10%.Learn the azeo method.As the co's age it will have less effect on your credit score,but for as long as co's are they present on your cr it will effect your credit score drastically.If you pay down installment loans keep one installment loan open and paid down way below 10% before mortgage app will help your credit score.Use whatever active cc's and installment loans to build a history or monthly on time payments.In the future you will want three cc's,keep your oldest cc open and only apply for whatever credit accounts you actually need.GOOD LUCK...

[FireMedic1]

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@DGOATS1 wrote:
Need help on what to pay to increase mortgage scores
Wife and I have lower scores
Charge offs cc hurting utilization Please list the accounts and amount.
Student loans Any lates and how much owed
Active cc How many active cards and who are they with
We can pay off all active cc in 4 months If they're in good standing. Pay them after the chargeoffs and get to AZEO.
But will have about 8k in charge offs Better to pay charge offs first so they stop reporting a balance. Then they'll report paid off.
I have budget to pay off all auto loans and all but one student loan but if we do that by years end, the CO will remain Pay off one auto. Pay the other one down to less than 8.99% and keep it open for best scoring.

Should we pay off CO to help utilization and keep a student loan or two for best mortgage loan increases ?

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Ive listed above a few ways to tackle the FICO 8 score in turn which will help raise your Mortgage score.  List some of the highlighted areas and lets see what we can do more for you.

[FireMedic1]

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@DIYcredit wrote:

The number one thing to improve your Fico score would be to pay down your cc utilization way below 10%.Learn the azeo method.As the co's age it will have less effect on your credit score,but for as long as co's are they present on your cr it will effect your credit score drastically.If you pay down installment loans keep one installment loan open and paid down way below 10% before mortgage app will help your credit score.Use whatever active cc's and installment loans to build a history or monthly on time payments.In the future you will want three cc's,keep your oldest cc open and only apply for whatever credit accounts you actually need.GOOD LUCK...

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With all due respect. A small correction. The threshold is 8.99%. Not 10%. DP's show FICO likes 2-4% range. And no apps or HP's for CLI's for a year or more before applying for a mortgage.

[DIYcredit]

With all due respect,Thats why I said way below 10% and not 10%.

[DGOATS1]

Wife.
Mtg scores
641 EF; 613 TU ; 615 EX
1 collection for $100 medical bill removed via online dispute yesterday
Card 1 0 bal / 300 limit
Card 2 $0 bal/ 2900 limit CO paid after CO
Card 3 $ 0 bal closed good standing
Card 4 $ 6632 / 7000 CO
Utilization 91%
Auto 1. $6862. 1 late 3O. Over 2 yrs ago
3 student loans closed 6 mo ago
1 student $7082 / 27,300. 180 late over 2 yrs ago
2 student CO 2685 & 1626 paying $100/mo to pay off in OCT.
Authorized user on my 2 cc below

Me:
Mtg scores
647 EF; 610 TU. ; 646 EF
Card 1 $0 bal / 1600 limit 1 late 30 days + 2 yrs ago
Card 2 $2800 bal / 5000 limit 1 later 30 day + 2 yrs ago
Card 3 $4110 / 11600 limit. Closed in good standing with payment plan. 1 late 60 days over 2 yrs ago
Store card 0 bal $6862 CO and sold to 3rd party. On payment plan no collection shows 0 and doesn’t report anymore since 2017.
Auto 1 6862 of 23k 1 late 30 days over 2 yrs ago
Auto 2 3629 of 22k 1 late 30 days over 2 yrs ago
Personal loan $5912 of $25k 1 30 late over 2 yrs ago

Student loans
Loan 1 $77460 of 82930
Loan 2 $4659 CO non federal pvt loan
Loan 3 $7189 of 20k
Loan 4 $ 817 of 2400
Loan 5 $4041 of $17391
Loan 6 $ 2710 of $15625

Mtg on time

Any plan that would be best I can swing with very good cash flow. Obviously 3 yrs ago we hit a snag and I am on time rebuilding and paying things off

Thoughts?