FICO score changes

Boxermom1 · ‎10-12-2022

Good afternoon all. These mortgage scores drive me crazy! I have tried doing everything to bring up my mortgage score and it stubbornly stays the same. I'm fixing to apply for a mortgage and my middle score is 693, and I was trying so hard to get it up to 700. I pay off all my credit cards to 0 balance every month, if not every couple of weeks. I have paid down my two car notes to paid off within a year. (I've heard if I owe a year or less it won't count towards my loan. Is this true?) I get credit increases when I can. I've been doing this for awhile now. They just SUCK! Anyways, I noticed on my latest report that they have me owing one credit card $104, which is 24% usage. They're quick to add usage, but incredibly slow at taking it off. I paid it off a couple of weeks ago. I'm expecting my mortgage guy to pull my report in another week or so, and I'm wondering if he will get that same report or if it is updated when it is pulled.

https://ficoforums.myfico.com/html/assets/challenge.png

expatCanuck · ‎10-12-2022

@Boxermom1

To optimize FICO2,

- no credit applications for at least 6 months, ideally a year

- keep utilization to a minimum (but make sure a small amount reports on one card)

Unfortunately, paying off the car loans (if they were your only installment accounts) may have adversely affected your score; better to have a small amount owing, with most of the loan paid off. But don't apply for a loan to make up for it - you'd take a much more significant hit for the INQ and new account.

Read the Credit Mix discussion here:
https://www.myfico.com/credit-education/credit-scores/credit-mix

2025 Goal: save 3 months' net income

Starting FICO8: 666 (give or take a FICO)
[ Last INQ 12-Feb-2024 ]

EQ	850	2 INQ (Auto, Mort)	7y4m
EX	850	6 INQ (2 CC, 2 mort, 2 auto)	7y
TU	850	1 INQ (CC)	6y8m
3/24	1/12	AoYA 10m \| AoOA 24y2m	~1%

Yeah, FICO 9 is 850 as well.

Boxermom1 · ‎10-12-2022

Thanks. The only credit check I've had in the past year was to get pre approval letter for mortgage, but it's been over 3 months (July) so he will have to pull it again. I've only paid off one car loan. I still have 2 car loans with both less than a year left for payments.

https://ficoforums.myfico.com/html/assets/challenge.png

SouthJamaica · ‎10-12-2022

@Boxermom1 wrote:
Good afternoon all. These mortgage scores drive me crazy! I have tried doing everything to bring up my mortgage score and it stubbornly stays the same. I'm fixing to apply for a mortgage and my middle score is 693, and I was trying so hard to get it up to 700. I pay off all my credit cards to 0 balance every month, if not every couple of weeks. I have paid down my two car notes to paid off within a year. (I've heard if I owe a year or less it won't count towards my loan. Is this true?) I get credit increases when I can. I've been doing this for awhile now. They just SUCK! Anyways, I noticed on my latest report that they have me owing one credit card $104, which is 24% usage. They're quick to add usage, but incredibly slow at taking it off. I paid it off a couple of weeks ago. I'm expecting my mortgage guy to pull my report in another week or so, and I'm wondering if he will get that same report or if it is updated when it is pulled.

1. Did you have all credit cards reporting at zero? If so, that gets you a penalty. You need to let one bank card report a small balance before you pay it off.

2. They will pull a new report. Make sure at least one card is reporting a balance at that time. (Make sure it's a regular bank card that's not a Chase card, not a store card, and not a credit union card).

3. Forget the installment loans; they can't help you or hurt you one way or the other right now. The mortgage scores aren't interested in installment utilization.