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Help rebuild/ mortgage scores

Nmghjg
Valued Member

Help rebuild/ mortgage scores

056276F0-C8AE-4B45-98E5-8A30D17C17CF.jpeg

 

035D2784-49CC-432A-812C-0505E6DD5A7F.jpeg

Hey guys, I recently paid off all my charge offs trying to get my mortgage score up. After the updates it should be 2%-3% utilization. Do we think this is enough to get the Experian closer to 620-640? 

What else can I work on to increase my chances? I have quite a few late payments that are on my report unfortunately as well as a collection that is being deleted. 

Message 1 of 38
37 REPLIES 37
tooleman694
Valued Contributor

Re: Help rebuild/ mortgage scores

I was close to your situation back in Jan, I got my util down to 29 percent and that was worth about 60 points on my EX Mortgage score.

Message 2 of 38
Nmghjg
Valued Member

Re: Help rebuild/ mortgage scores

That would be awesome. I just saw that the collection was deleted and Experian went up to 601 now. 

Message 3 of 38
SouthJamaica
Super Contributor

Re: Help rebuild/ mortgage scores


@Nmghjg wrote:

056276F0-C8AE-4B45-98E5-8A30D17C17CF.jpeg

 

035D2784-49CC-432A-812C-0505E6DD5A7F.jpeg

Hey guys, I recently paid off all my charge offs trying to get my mortgage score up. After the updates it should be 2%-3% utilization. Do we think this is enough to get the Experian closer to 620-640? 

What else can I work on to increase my chances? I have quite a few late payments that are on my report unfortunately as well as a collection that is being deleted. 


Well we don't know what's in the rest of your file, but going from 66-69% to 2-3% revolving utilization should give you a big score boost.


Total revolving limits 663000 (585000 reporting) FICO 8: EQ 716 TU 747 EX 713

Message 4 of 38
House2021
Frequent Contributor

Re: Help rebuild/ mortgage scores

Please keep us posted and let us know. I'm doing the same thing, paying all charge offs to get a mortgage, I'll let you know when mine updates, I paid it two weeks ago and am just doing the waiting game now

Message 5 of 38
Birdman7
Super Contributor

Re: Help rebuild/ mortgage scores


@Nmghjg wrote:

056276F0-C8AE-4B45-98E5-8A30D17C17CF.jpeg

 

035D2784-49CC-432A-812C-0505E6DD5A7F.jpeg

Hey guys, I recently paid off all my charge offs trying to get my mortgage score up. After the updates it should be 2%-3% utilization. Do we think this is enough to get the Experian closer to 620-640? 

What else can I work on to increase my chances? I have quite a few late payments that are on my report unfortunately as well as a collection that is being deleted. 


@Nmghjg How much is the chargeoff that's being paid? GW the lates & implement AZEO. 

-Scoring wisdom: Credit Scoring Primer, Payment History, Amount of Debt, Length of History/New Credit, Mix/Disputes/Freezes/Searches, Mortgage Scores/Negative Reason Codes/V.9, Helpful Links,
Anonymous’s Reason Statements Thread,
iv's friendly statement to reason statement concordance,

ccquest’s Workbook to calculate metrics.
Clean/Thick/Mature/No New Revolver - 8,9; Clean/Thick/Mature/No New Account - 5/4/2.
Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.




(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 38
Nmghjg
Valued Member

Re: Help rebuild/ mortgage scores

The charge offs total is $7180 which will leave a balance of $9 on the one credit card. 

Message 7 of 38
Birdman7
Super Contributor

Re: Help rebuild/ mortgage scores


@Nmghjg wrote:

The charge offs total is $7180 which will leave a balance of $9 on the one credit card. 


@Nmghjg I think you'll have a nice increase. 

-Scoring wisdom: Credit Scoring Primer, Payment History, Amount of Debt, Length of History/New Credit, Mix/Disputes/Freezes/Searches, Mortgage Scores/Negative Reason Codes/V.9, Helpful Links,
Anonymous’s Reason Statements Thread,
iv's friendly statement to reason statement concordance,

ccquest’s Workbook to calculate metrics.
Clean/Thick/Mature/No New Revolver - 8,9; Clean/Thick/Mature/No New Account - 5/4/2.
Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.




(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 8 of 38
Birdman7
Super Contributor

Re: Help rebuild/ mortgage scores

What was the most recent late?
-Scoring wisdom: Credit Scoring Primer, Payment History, Amount of Debt, Length of History/New Credit, Mix/Disputes/Freezes/Searches, Mortgage Scores/Negative Reason Codes/V.9, Helpful Links,
Anonymous’s Reason Statements Thread,
iv's friendly statement to reason statement concordance,

ccquest’s Workbook to calculate metrics.
Clean/Thick/Mature/No New Revolver - 8,9; Clean/Thick/Mature/No New Account - 5/4/2.
Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.




(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 9 of 38
Nmghjg
Valued Member

Re: Help rebuild/ mortgage scores

April 2020, trying to get it deleted but not having much luck so far.

Closing wouldn't happens until December the earliest. 

Message 10 of 38
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