@Anonymous wrote:I'm just curious, and wondering if anyone else has noticed that mortgage scores seem to be a) lower than their other FICO scores and b) they seem to recover/increase a little less dramatically?
I need to join "myfico anonymous", because I refresh my reports like...a LOT, and I see some nice bumps on my FICO 8 scores, the credit card scores, even FICO 9 (compared to where it was), but I can't seem to get my middle mortgage score into that 680 territory.
As a comparison:
FICO BankCard Score 8:
February 28, 2021: 596 | 595 | 574
May 12, 2021: 679 | 699 | 676
Mortgage FICO 5/4/2:
February 28, 2021: 572 | 599 | 545
May 12, 2021: 639 | 653 | 624
How are your reported individual and aggregate utilization ratio %?
Do you have any derogatory or delinquency suppressing your scores?
@Anonymous wrote:Overall, finally just got them down to 43%. One of them, however, is on a closed credit card and it is currently reported at 2221/2800 (79%). Just paid that down to 1700/2800, but not yet reported.
Here are my lines:
Closed:
Store card with closed credit limit: 570/1550
Citi (the closed account I talked about) 2221/2800
Open:
Credit one: 216/650
Capital One: 118/1150
Capital One: 66/850
Capital One: 0/300
No delinquent balances, collections, or public records
It is the high reported open and closed individual revolving account(s) utilization that is suppressing your scores. If you are trying to squeeze out every last point, optimal would be to initiate AZEO All Zero Except One card reporting a balance.e.g at least $10 but not to exceed $100 or 29% individual and 4.5 % aggregate utilization.
Once you can reduce your utilization, then you will be seeing score improvements.
Remember these aggregate utilization thresholds: 9%, 29%, 49%, 69%, 89%
Remember these individual utilization thresholds: 29%, 49%, 69%, 89%
I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?
@Anonymous wrote:Thank you! This is good news. I'll have 1400 of the two closed cards paid off by June 18.
:-)
That's great. Please report back with your score improvements. Hopefully, that will put you at your target MMS.