How can I improve my FICO 2 Scores for a Conventional Mortgage

[Anonymous]

*** I don't know how to list all of my stats at the bottom of my message, I don't have access to a signature***

When I pull up my FICO Socres my 8 is lower than my 2 (My 2 is 609 it states that I am 11 points away from 620) according to this site. I have also read that for most mortgages lenders use a 2. The current lender that I am working with (to improve my score) told me that they use FICO 8. All that I have read says that 2 is the most widely used, so now I am very skeptical about using them when I am ready to get my pre-approval.

[dragontears]

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@Anonymous wrote:

*** I don't know how to list all of my stats at the bottom of my message, I don't have access to a signature***

When I pull up my FICO Socres my 8 is lower than my 2 (My 2 is 609 it states that I am 11 points away from 620) according to this site. I have also read that for most mortgages lenders use a 2. The current lender that I am working with (to improve my score) told me that they use FICO 8. All that I have read says that 2 is the most widely used, so now I am very skeptical about using them when I am ready to get my pre-approval.

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Unless you are working with a portfolio lender the scores that will be used are EX2, TU4 and EQ5. What type of mortgage are you looking for? 

Without knowing anything about your profile (you can type information on your profile in a post, no need to have a signature), no one can offer advice other than really generic advice such as don't open any new accounts, practice AZEO, etc.

[Anonymous]

A score of ~600 is indicative usually of two problems which comprise the two most imporant parts of the Fico pie that go into generating a score; Payment History and Amounts Owed.  These two combined comprise roughly 2/3 of your Fico scores.

My guess is that the OP has issues with both Payment History and Amounts Owed.  If that's indeed the case, the only 2 things that can be done to significantly raise your scores are:

1 - Clean up your file.  This means removing any negative information.  You can read about that in the Rebuilding section of the forum.  Depending on what your file looks like this may or may not be "worth" focusing on considering time constraints leading up to mortgage that isn't far away.  What I mean is if you have 1 or 2 negative items it may make sense to work to get them removed right away, but if you have a file littered with many dirty accounts with multiple pieces of negative information in each it could be a waste of time.

2 - Reduce your Amounts Owed.  Specifically, you want to target revolving debt.  Without knowing what your balances/limits are on each account it would be impossible to offer you specific advice on this though.

Some more information would really help you get better responses.

[SouthJamaica]

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@Anonymous wrote:

*** I don't know how to list all of my stats at the bottom of my message, I don't have access to a signature***

When I pull up my FICO Socres my 8 is lower than my 2 (My 2 is 609 it states that I am 11 points away from 620) according to this site. I have also read that for most mortgages lenders use a 2. The current lender that I am working with (to improve my score) told me that they use FICO 8. All that I have read says that 2 is the most widely used, so now I am very skeptical about using them when I am ready to get my pre-approval.

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If you want us to advise you on how to improve your FICO 2 score, we would need to see your revolving accounts, limits, and balances.

In general the best things you can do for your FICO 2 score are to (a) refrain from applying for credit and (b) have all but one of your revolving accounts report a zero balance.

[Anonymous]

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@SouthJamaica wrote:

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In general the best things you can do for your FICO 2 score are to (a) refrain from applying for credit and (b) have all but one of your revolving accounts report a zero balance.

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SJ, if we were talking someone with a 750-800 score, I would agree with you... but when we're talking a ~600 score not apping for credit and trying to get to implement AZEO (when high utilization is likely an issue) aren't going to be the "best things" one can do.

[dragontears]

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@Anonymous wrote:

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@SouthJamaica wrote:

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In general the best things you can do for your FICO 2 score are to (a) refrain from applying for credit and (b) have all but one of your revolving accounts report a zero balance.

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SJ, if we were talking someone with a 750-800 score, I would agree with you... but when we're talking a ~600 score not apping for credit and trying to get to implement AZEO (when high utilization is likely an issue) aren't going to be the "best things" one can do.

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Doesn't implementing AZEO correctly automatically take care of high utilization issues? 

[Anonymous]

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@dragontears wrote:

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Doesn't implementing AZEO correctly automatically take care of high utilization issues? 

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Sure, but that's a recommendation for someone without high utilization that has the means to easily lower number of accounts with balances to just one.  Most people with high utilization don't have the means to pay it down to ideal (and implement AZEO) or they would have done it already, as most don't want to carry high utilization and pay unnecessary interest.  Basically, easier said that done.

[dragontears]

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@Anonymous wrote:

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@dragontears wrote:

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Doesn't implementing AZEO correctly automatically take care of high utilization issues? 

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Sure, but that's a recommendation for someone without high utilization that has the means to easily lower number of accounts with balances to just one.  Most people with high utilization don't have the means to pay it down to ideal (and implement AZEO) or they would have done it already, as most don't want to carry high utilization and pay unnecessary interest.  Basically, easier said that done.

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Until @Anonymous comes back with details about their profile it is all speculation. High utilization can easily occur with low limit cards that are PIF every month.....