@Anonymous wrote:Hello all, thanks in advance for any advice you can offer. I have found myself looking to get a mortgage pre approval rather suddenly and am scambling to get my mortgage scores as high as I can before having them pulled. I am already over the 640 mid score the lender is requiring but I would like to have some cushion there because of the rapidly changing guidlines.
I am going to pay to have a rapid rescore done myself and would like to get opinions on where the money is best spent. I am not able to do AZEO because I will need to have plenty of cash on hand for the down payment, closing costs, and emergencies.
Here is everything as it stands right now:
-1 collection account with Credence (AT&T) This account is now settled and Credence stated that once they notify AT&T of the settlement their collection authority will be terminated and the collection can be removed. The status has not updated to settled or paid on any bureau yet.
-1 paid off car loan with late payments prior to 3 years ago.
-2 paid off car loans with no lates ever.
-2 open car loans with no lates ever.
-LOC $8200 of $10,000 balance reflects on all 3 bureaus
-Discover card $3100 of $7000 balance reflects on all 3
-NFCU card $3000 of $5100 bureaus all showing this as maxed out $4900 of $5100
-Target card $1000 of 2300 bureaus all showing as $1700 of $2300
-Amazon card $900 of $2000 bureaus all showing as maxed out $1850 of $2000
-VS card $870 of $1950 balance reflects on all 3 bureaus
-Amex $0 of $1000 bureaus all show $994 of $1000
-Paypal credit $0 of $4000 bureaus all show $518 of $4000
-Kohls card $0 of $500 bureaus all show $360 of $500
-Buckle card $0 of $1800 bureaus all show $280 of $2000
-Best Buy card $0 of $1000 bureaus all show $28 of $1000
-Credit One card $0 of $1100 bureaus all show $20 of $1100
-Total card $0 of $450 bureaus all show $6 of $450
-Care Credit $0 of $5500 bureaus all show $0 of $2300
As I said I can't get to AZEO but if I were to put another 2-3 thousand on balances before paying for a rapid rescore, where would suggest I put it? My overall won't go below 28.9% with this. Since I won't get any points there I am looking for how best to apply it to individual cards. Should I get the LOC below 68.9%? I'm assuming pay the Navy card to at least under $48.9%. Is it best to get the individual utilization down on what's left or have more accounts reporting 0?
With mortgage scores, IMHO the most easily affected utilization metric is the number of zero balances in your revolving accounts. So what I would do is concentrate my payments on getting more of the lower balance revolving accounts down to zero.
And I would send verification letters to the bureaus about the collection, which might precipitate its getting removed from one or more of the reports.
