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HELP!!!! Need to get a bump in my FICO 5, FICO 4!!!

New Visitor

HELP!!!! Need to get a bump in my FICO 5, FICO 4!!!

I've been a real estate agent selling homes for the last 17 years, and have referred more loans to mortgage lenders then I can count.  With that said, I never knew the differences in types of FICO scoring and have received a rude awakening now applying for my own home purchase. My issue is that I've been tracking my FICO 8 scores through Experian daily, leading up to my mortgage application and my scores all looked more then adequate to qualify for best rate on my selected loan program.  I ratified a contract for my house of choice, and had my mortgage lender pull my credit only to be SHOCKED that two of my mortgage scores (FICO 5,FICO 4) were more then 50 points lower then my FICO 8 score,s and even more confusing, my FICO 2 score is almost 90 points higher then my other two mortgage scores.  I've signed up with MYFICO 3 bureau monitoring to see all scores and have reviewed the reports for all three bureaus and found little to no difference amongst the reporting.  My credit utilization is at 32% across the board, and I've had no negative reporting in the past 6 years.  The only thing I am seeing that I believe is affecting my score are several mortgage lates back in 2012-2013 that happened during the aftermath of the market collapse when I was going through a mortgage modification on my home which was severely underwater.  3 of the reportings are over 7 years old and I am wondering if their is anyway for me to have these removed to improve my mortgage scores.  My lender is saying that I can't have a dispute on my report while going to through underwriting, so I don't know what I can do.  I need to get my mortgage middle score to at least 700 if not higher to get the rates originally quoted when I thought my scores were much higher.  Please advise on ANY remedies that could help me, even paying off all of my cards in full if you think that could do the trick.  I'm desperate and looking for any suggestions!!!!!!

 

FICO 8 Scores

EX: 755

EQ: 761

TU: 745

 

FICO 2 (EX): 778

FICO 5 (EQ): 690

FICO 4 (TU): 693

Message 1 of 8
7 REPLIES 7
Super Contributor

Re: HELP!!!! Need to get a bump in my FICO 5, FICO 4!!!


@jwilesremax wrote:

I've been a real estate agent selling homes for the last 17 years, and have referred more loans to mortgage lenders then I can count.  With that said, I never knew the differences in types of FICO scoring and have received a rude awakening now applying for my own home purchase. My issue is that I've been tracking my FICO 8 scores through Experian daily, leading up to my mortgage application and my scores all looked more then adequate to qualify for best rate on my selected loan program.  I ratified a contract for my house of choice, and had my mortgage lender pull my credit only to be SHOCKED that two of my mortgage scores (FICO 5,FICO 4) were more then 50 points lower then my FICO 8 score,s and even more confusing, my FICO 2 score is almost 90 points higher then my other two mortgage scores.  I've signed up with MYFICO 3 bureau monitoring to see all scores and have reviewed the reports for all three bureaus and found little to no difference amongst the reporting.  My credit utilization is at 32% across the board, and I've had no negative reporting in the past 6 years.  The only thing I am seeing that I believe is affecting my score are several mortgage lates back in 2012-2013 that happened during the aftermath of the market collapse when I was going through a mortgage modification on my home which was severely underwater.  3 of the reportings are over 7 years old and I am wondering if their is anyway for me to have these removed to improve my mortgage scores.  My lender is saying that I can't have a dispute on my report while going to through underwriting, so I don't know what I can do.  I need to get my mortgage middle score to at least 700 if not higher to get the rates originally quoted when I thought my scores were much higher.  Please advise on ANY remedies that could help me, even paying off all of my cards in full if you think that could do the trick.  I'm desperate and looking for any suggestions!!!!!!

 

FICO 8 Scores

EX: 755

EQ: 761

TU: 745

 

FICO 2 (EX): 778

FICO 5 (EQ): 690

FICO 4 (TU): 693


Undoubtedly your biggest problem is the mortgage lates, which should be removed since they are 7 years old, so you should definitely dispute those.

 

You will pick up some points by ensuring that all but one of your revolving accounts report zero balances, with that one reporting a small balance before you pay it off. Make sure the card reporting a small balance is not a Chase card, because those will immediately report a zero balance too once you pay them off.


Total revolving limits 653000 (575000 reporting)

Message 2 of 8
Valued Contributor

Re: HELP!!!! Need to get a bump in my FICO 5, FICO 4!!!

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Experian-FICO-2-Mortgage-Score-Question/...

 

We just went through this with another thread.  Feel free to give us some more info and we can come up with a plan of action depending on your cards / loans.  EX scores for the post above and potentially yours might be stuck and yes it's a common issue thinking your Fico 8 is going to correlate with your mortgage scores.  Sales and referrals are one thing but, actually experiencing it first hand is a shock to the system sometimes.  It's normal for 2/4/5 scores to be lower than your 8/9 scores due to the age of the formula being used.  2/4/5 take into account any collection vs 8/9 dropping some of them depending on the type/amount.  

 

Dig through your reports with a fine tooth comb and see what pops up and then we can tackle things.  Disputing throws off the scores while under dispute which is why they don't allow it.

500K+ TCL / 800+ FCOs
Message 3 of 8
New Visitor

Re: HELP!!!! Need to get a bump in my FICO 5, FICO 4!!!

Thanks for getting back to me.  Please see additional information as follows:

 

Accounts Summary

 

Auto Loans

Infiniti Lease Services: Opened January 2019

 $14,400 Balance (Perfect History)

Wright Patman-Congressional:

Balance: $27,292 (Perfect History)

 

Credit Cards

Syncb/Dicks Sporting Goods

Balance: $115/$5,800 Limit (Perfect History)

 

Capitol One Bank Visa-(My company card for my biz)

Balance: $6,184/$15,00 Limit (Perfect History)

Reporting above balance on EX/EQ but on TU reporting as $10,096

 

Signal Financial FCU Credit Card

Balance: $2,923/Limit $10,000

Reporting above balance on EQ/TU but on EX reporting $3,623

 

American Express Gold Card Balance: $13,602

(Charge Card/Perfect History)

 

JPMCP-Chase Card: Balance $8,574/Limit $19,300

Perfect History- Reporting above balance on EQ/TU but reporting $7,664 on EX

 

Capitol One Neiman Marcus- Balance $0/Limit $3,000

Perfect History

 

Best Buy Card: Balance: $0/Limit $2,700

Perfect History

 

Mortgage Accounts

Specialized Loan Services: Balance $251,851

Perfect History-Reporting above balance on EQ/TU but reporting $252,707 on EX

Americas Servicing Company: CLOSED Acct: Reported Balance: $304,000

Perfect History from 2014-2016 when loan was sold to Specialized Loan Services

THIS IS DEFINITELY MY PROBLEM ACCOUNT ( I DID LOAN MOD JUST AFTER END OF FINANCIAL CRISIS IN 2014, HOUSE WAS UPSIDE DOWN.) I’ve Posted entire reporting from my 3B Credit Report below.

OLDER DEROGATORY EVENTS

 

EQUIFAX

TRANSUNION

EXPERIAN

30 Days Late

07/2013, 06/2013

07/2013, 06/2013, 05/2013, 04/2013, 03/2013, 02/2013, 01/2013, 12/2012, 10/2012

60 Days Late

11/2012

11/2012

11/2012

90 Days Late

MORE DETAILS

 

EQUIFAX

TRANSUNION

EXPERIAN

Closed Date

Not Updated

10/02/2016

Open Date

06/2006

06/2006

06/2006

Last Activity

09/2016

09/2016

Terms

26 Years

312 Months

Scheduled Payment

$2,079

High Balance

$304,000

$304,000

$304,000

Loan Type

Mortgage

Mortgage

Mortgage

Responsibility

Individual

Individual Account

Individual

Company Name

America's Servicing

American Servicing Compa

Americas Servicing Co

Account Number

XXXXXXXXX3701

XXXXXXXXX3701

1061XXXXXXXXX

Contact Info

P.O. Box 10328 - Des Moines, IA(800) 842-7654

   

Comments

Fixed rate

Transferred to another lender

Transferred To Another Lender

 

 

Message 4 of 8
Valued Contributor

Re: HELP!!!! Need to get a bump in my FICO 5, FICO 4!!!

Thanks for the info in such a complete manner. 

 

Ok, so, nothing the auto loans will do for the point pop you're looking for.

Not much can be done with the loan modification in a timely enough manner for where you're at in the process.

 

Charge card doesn't really fatcor into a huge point gain when considering the AZEO method.

 

CC's reporting $0 balances does help though,

Synch doesn't count as "One in AZEO" -- pay it off 

SFFCU - same as Synch

Chase - if you PIF today it will report by Friday

 

Cap1 - bring it down under 9% for the balance ~$1350 or less 

(this one would be your Anchor for keeping a small balance on when considering how the scoring looks at some of the penalties that come w/ paying off everything completely.  Store/CU cards tend not to factor in quite correctly for snagging extra points on the 2/4/5 models)

 

Some mid-cycle requests to Synch, Cap1 could get a nice little bump whether on the specific ones you're concerned about or the other it's a stpe in the right direction to tweaking things w/o losing to much liquidity.  I don't know what you have on hand so, I'm being a bit conservative in payoffs to get points here.

500K+ TCL / 800+ FCOs
Message 5 of 8
Super Contributor

Re: HELP!!!! Need to get a bump in my FICO 5, FICO 4!!!

Agreed with Obscure-Expert. Pay all cards to zero except for the capital one visa card, pay under 9%.

If you wait until November your scores will go up decent because you will drop the 60 day lates. Before then you’re going to wear a significant penalty. If there’s anyway you can wait till November you will be rewarded.
-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Correct Ag.Util. under 5% all times. Highest from under 5%>48%, Accts: 1/21>10/21, $6,137. Dec 2020, (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.


RIP:
(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 6 of 8
Established Contributor

Re: HELP!!!! Need to get a bump in my FICO 5, FICO 4!!!

Since those lates are too old to be reporting, here's what you should do to get them rectified quickly: 

 

Call EX and tell them you have an item that's too old to be on your reports. I always ask for a supervisor, but that may not be necessary in this case. Actually, go ahead and ask for a supervisor. EX will open a dispute and remove the items from your report. This is just how they do things and the disputes go away within 1 to 2 days. 


Next, call TU and ask to speak with a supervisor. Again, tell them you have lates reporting that are too old to be on your account and you would like them removed. TU is always the fastest and will usually update your report in a couple of hours. 

 

I would highly suggest not disputing these online as that can take up to 30 days. Your best bet is to call each of the bureaus and speak with a supervisor. I honestly don't know about EQ as they are completely incompetent and can't even remove an account from my report no matter how many freaking times the lender requests it, but that's a story for another time. You can try calling EQ and probably should just to see if you can make some progress there. 

 

Best of luck and I can't promise you this will work, but I'm about 98% sure you'll be successful if you follow the steps above. It's worked for me every single time and I was requesting things to be removed EARLY from my reports. So this should be a cake walk for you. 

I think I've found the sacred map that may lead me to this garden everyone keeps talking about.



Officially collection free as of 3/19/19!!
STARTING SCORES: 377 (11/2013) & 580 (3/2018)
Message 7 of 8
Community Leader
Senior Contributor

Re: HELP!!!! Need to get a bump in my FICO 5, FICO 4!!!

I agree that the charge card balance isn't a big deal. It only counts on one score (EX FICO 2), and that score happens to be your highest.

 

As others have said, bring all revolving card balances to zero except for Capital One. On that card, leave a balance of at least $5, but not much more.

Message 8 of 8
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