@Anonymous @AllZero @Anonymous @SouthJamaica
Greetings EXPERTS!!! Wish I could buy you all a beer. Tremendous help you have given me over the months. I have my approval on my mortgage with a midscore of 712. I have to repull in 4 months and by then hope to be in better shape to get better rate. Home will not clse until August but had to get an approval for them to get started.
I am taking the advice to decrease my installment loans from 5 to 2. Want to see how my 5,4,2 moves w/o regard to utilization. I can provide DP on that next month.
Revolvers is another question. I currently have 11. I am AZEO. I have some subprime that I would like to get rid of. My Navy FED just gave me a $2,000 CLI. Can I close a couple of them within that $2000 limit and maintain my 5,4,2 score. I have always heard that when undergoing a mortgage, dont open or close or apply for anything. But I have learned the key points are Aggregate Utilization. What are your thoughts? If my scores drop...I would literally pass out after all this work.. I am from 540 to 712 in 6 months! $50k invested in new home already!
Starting Score: 614
I'll refer to @Anonymous post. I think it was stated concisely. https://ficoforums.myfico.com/t5/Mortgage-Loans/Navy-Fed-Approval/m-p/6230216/highlight/true#M248409
Optimize your aggregate and invidivual utilization. Perhaps, keep your open revolvers as is until keys in hand.
I'm not a mortgage expert, but I am a beer drinking expert so I think I'm qualified to throw my 2¢ in.
I would not close anything until you close on the house, then on the way from closing to your new house, I would call and cancel those cards that is charging you a monthly fee!! Like literally before I left the parking lot, I would close those cards.
Hahah.. Heard loud and clear.