HiLine's quest to 800 FICO

[NRB525]

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@HiLine wrote:

So after giving it a lot of thought, I pulled the trigger. Submitted my earnest money and contacted several lenders. I got my credit pulled and .... gained 2 points today. Perhaps it was my auto loan.

I'm going to decide on which lender to go with tomorrow. I should feel pleased about my FICO score being 776 for the first time ever, but the anxiety from selecting between the lenders is just too overwhelming.

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Do you have contingencies built into the offer, at least "subject to inspection"? If it is a condo, do you know the rules about the timeframe you have (if any) to review the condo docs? One thing you want to have in your back pocket is knowing all your options to back out whole at any given moment. Once you reach a certain point, you are committed with the down payment, then with the Purchase & Sale, etc.

Good luck! Buying a property is initially stressful, but in the long run rewarding.

[HiLine]

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@Anonymous-own-fico wrote:

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@HiLine wrote:

the anxiety from selecting between the lenders is just too overwhelming.

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Let a broker deal with it! I'm doing just that to get the best rate.

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I'm doing that too! I've been in touch with direct lenders (banks and credit unions) as well as mortgage brokers. I count 7 in total. Each lender offers a different combination of rate and lender's credit, and also is pretty willing to match competitors. All this, plus the math I had to do yesterday, still makes my head spin.

[HiLine]

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@NRB525 wrote:

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@HiLine wrote:

So after giving it a lot of thought, I pulled the trigger. Submitted my earnest money and contacted several lenders. I got my credit pulled and .... gained 2 points today. Perhaps it was my auto loan.

I'm going to decide on which lender to go with tomorrow. I should feel pleased about my FICO score being 776 for the first time ever, but the anxiety from selecting between the lenders is just too overwhelming.

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Do you have contingencies built into the offer, at least "subject to inspection"? If it is a condo, do you know the rules about the timeframe you have (if any) to review the condo docs? One thing you want to have in your back pocket is knowing all your options to back out whole at any given moment. Once you reach a certain point, you are committed with the down payment, then with the Purchase & Sale, etc.

Good luck! Buying a property is initially stressful, but in the long run rewarding.

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Yes, the terms in the contract are pretty good. If the inspection detects major issues or the appraisal results in a lower value than the purchase price, or if the HOA terms are unreasonable, etc. I can back out of the contract. I should get the HOA documents this week to review. Lots of things happen after the offer is accepted, I now know

Thanks for the wish. If I come out of this whole closing process triumphant, I'm sure it will pay off in the long run

[HiLine]

So I paid off the large balance; overall utilization now is around 2% instead of almost 10%. What I gained was ... a mere 3 points. Utilization decrease did not have as great of an impact as I'd hoped. I'm standing at 779. Without a mortgage reporting, I may be able to get close to 800 in February when the credit card inquiries drop off. But with a mortgage on the way, probably not going to happen ...

[jamie123]

It's just too bad that you are on a quest for that 800 score. A month or two after the mortgage starts reporting would be an awesome time to fill out your credit card portfolio with any other cards that you desire. The mortgage is probably not going to impact your scores much either way to start and with your high scores and your reports just freshly vetted by a mortgage lender you would qualify for any credit card that is out there.

[Imperfectfuture]

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@jamie123 wrote:

It's just too bad that you are on a quest for that 800 score. A month or two after the mortgage starts reporting would be an awesome time to fill out your credit card portfolio with any other cards that you desire. The mortgage is probably not going to impact your scores much either way to start and with your high scores and your reports just freshly vetted by a mortgage lender you would qualify for any credit card that is out there.

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Or hi could garden for 6 months to year, then fill out that portfolio. (Bet rags to riches he'll be there, presuming he, with a little seedling and spade time).

For those of us that don't plan on buying car nor house, it's the reindeer games of the small 4 year installment loans.

[HiLine]

I'm not too concerned about getting new credit cards; I have all the cards I want, and way more than I need. I've been on the credit journey for just shy of 3 years now, and I am ready to move on so as to not become a credit addict. After getting the mortgage, I probably will just let my credit float, and maybe I'll hit 800 at some point without even noticing. The amount of time and money I have spent on learning about credit is borderline excessive.

[Anonymous]

Congrats on making 779! That's a major acheivment by anyone's stadards. I doubt you would become addicted to credit. You sound very level headed, have your eye one the prize. 

[HiLine]

Thanks! I worked on that earlier this year, refraining myself from checking credit card balances everyday just to make sure no cards would report an unplanned positive balance.

I broke the 780 wall yesterday. After losing a point for 2 credit cards reporting small balances, I gained 4 points yesterday for no specified reason. Presumably the score increase was due to an increase in AAoA. If the mortgage doesn't get reported until mid-January after my oldest account hits 3 years, I may be able to break into the 790's.

Standing at 782 now.

[HiLine]

I got my updated FICO 08 on TransUnion from Discover today. 787. My FICO 08 on Equifax is still 782 though.