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How can I boost my scores in a short time for a mortgage approval?

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How can I boost my scores in a short time for a mortgage approval?

I applied for a PHFA Mortgage and was told that I need my middle score which is right now 621 Equifax to around 650 to avoid having additional steps and requirements. My other scores are 636 Experian and 604 Transunion. I have over 20000 in available credit overall. 1700 Discover and 500 Capital One the rest is Comenity cards. What could I do to boost the scores very quickly to what I need especially the middle score of 621, would using alot of Discover and having them report balance early then pay off and report work? Any suggestions is greatly appreciated. I only have one collection account Sprint/Diversified Consultants for 3265 but already tried to get it removed because it was not mine and did not get anywhere and will not.

Message 1 of 6
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Established Contributor

Re: How can I boost my scores in a short time for a mortgage approval?

Lookup AZEO... make sure the O (One) isn't a charge card.

 

Clear the balances on all cards and leave $5 on one of them and if it's an immediate need then ask for a mid cycle update from the creditors.

500K+ TCL / 800+ FCOs
Message 2 of 6
Super Contributor

Re: How can I boost my scores in a short time for a mortgage approval?

There are only 2 things that will help your mortgage scores, or any of your Fico scores really.

 

1 - Eliminating your only major negative item (collection).

 

2 - Dramatically improving your utilization.

 

These 2 factors together comprise roughly 2/3 of your Fico scores.  Your scores are indicative of issues with both factors above, so I'm guessing that your utilization isn't in an ideal place.  If you've given up on the collection removal as a possibility (I'm not sure how hard you've tried outside of the 1 request) your only other option is to dramatically improve your utilization if you'd like to see solid score gains.

Message 3 of 6
Established Member

Re: How can I boost my scores in a short time for a mortgage approval?

I have no balances on any of my cards 

Message 4 of 6
Super Contributor

Re: How can I boost my scores in a short time for a mortgage approval?

How recent is that collection?

 

It's rare for one to possess Fico scores as low as you referenced above when revolving utilization is in an ideal spot, even if their report has a few baddies.  A brand new major negative perhaps could drop it that much, so I'm curious how old that major is.  Do you have any other negative items outside of that?

Message 5 of 6
Super Contributor

Re: How can I boost my scores in a short time for a mortgage approval?


@ng11 wrote:

I applied for a PHFA Mortgage and was told that I need my middle score which is right now 621 Equifax to around 650 to avoid having additional steps and requirements. My other scores are 636 Experian and 604 Transunion. I have over 20000 in available credit overall. 1700 Discover and 500 Capital One the rest is Comenity cards. What could I do to boost the scores very quickly to what I need especially the middle score of 621, would using alot of Discover and having them report balance early then pay off and report work? Any suggestions is greatly appreciated. I only have one collection account Sprint/Diversified Consultants for 3265 but already tried to get it removed because it was not mine and did not get anywhere and will not.


The best things you could do for your mortgage scores are

(a) not apply for any new credit and

(b) let all but one of your revolvers report a zero balance


Total revolving limits 719k (592500 reporting) FICO 8 scores: EQ 735 TU 782 EX 746
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