@Anonymous wrote:I am in the process of looking for a house. Looking at all these diferent numbers,is there certain technique or tips to get the mortgage score up?
EX 623
Mortgage Score 612
TU 626
Mortgage Score 587
EQ 610
Mortgage EQ 553
I really need to get these scores up. I owe $1,271 on TU I have a collection under EQ for $3,871 Thats the extint of what I owe.
Wells Fargo CC $500
1st Prem CC $300
Capital 1 CC $300
Credit 1 CC $550
Verve CC $500
Surge CC $500
Capital 1 $300
Kohls Charge Card $300
I don't think there's a quick fix, so I think you should postpone looking for a house.
1. You should pay off your collections and then try to get them removed.
2. You should pay more than half your credit cards down to zero, with the others down to 9% or less.
3. You should eventually ditch the Kohls card and the Verve, Surge, Credit One, and First Premier cards.
4. At least 3 months before you apply for a mortgage, you should start a savings account with Alliant Credit Union, take a small secured 48-month installment loan against the savings account, decline autopay, let the loan report once, pay the loan down to 9% balance; that will give you some points on your mortgage scores.
@SouthJamaica wrote:
@Anonymous wrote:I am in the process of looking for a house. Looking at all these diferent numbers,is there certain technique or tips to get the mortgage score up?
EX 623
Mortgage Score 612
TU 626
Mortgage Score 587
EQ 610
Mortgage EQ 553
I really need to get these scores up. I owe $1,271 on TU I have a collection under EQ for $3,871 Thats the extint of what I owe.
Wells Fargo CC $500
1st Prem CC $300
Capital 1 CC $300
Credit 1 CC $550
Verve CC $500
Surge CC $500
Capital 1 $300
Kohls Charge Card $300
I don't think there's a quick fix, so I think you should postpone looking for a house.
1. You should pay off your collections and then try to get them removed.
2. You should pay more than half your credit cards down to zero, with the others down to 9% or less.
3. You should eventually ditch the Kohls card and the Verve, Surge, Credit One, and First Premier cards.
4. At least 3 months before you apply for a mortgage, you should start a savings account with Alliant Credit Union, take a small secured 48-month installment loan against the savings account, decline autopay, let the loan report once, pay the loan down to 9% balance; that will give you some points on your mortgage scores.
If you pay them directly you lose 99% of your negotiating position.
Check the Rebuilding Your Credit forum, post the negatives there, and see how to address them. You have plenty of positive tradelines, so see if you can get the negatives completely off. Beyond that tweaking your revolving utilization (actually more $0 is even better than half under most models, 50% is one breakpoint it's not the only breakpoint, all but one would be optimal for all files) and that's about what one can do for mortgage scores quickly.
#4, if you're going to do that, do it right now, not 2-3 months before mortgage. Also it will only affect EX 98, it won't affect the other two scores in the mortgage trifecta, and this only works if you don't have other open installment loans currently.
Really need to be precise when discussing prepping for a mortgage, it's not a credit card decision where approval / denial / limit is effectively irrelevant.
@silkysean wrote:
@Anonymous wrote:I am in the process of looking for a house. Looking at all these diferent numbers,is there certain technique or tips to get the mortgage score up?
EX 623
Mortgage Score 612
TU 626
Mortgage Score 587
EQ 610
Mortgage EQ 553
I really need to get these scores up. I owe $1,271 on TU I have a collection under EQ for $3,871 Thats the extint of what I owe.
Wells Fargo CC $500
1st Prem CC $300
Capital 1 CC $300
Credit 1 CC $550
Verve CC $500
Surge CC $500
Capital 1 $300
Kohls Charge Card $300
No quick fix but look into paying off debt and getting pay for deletes if possible and paying on time will bring those score up but I think to get a better rate I would wait until collections paid and mortgage scores atleast 640 plus.Also depending on lender collections must be paid
If lender mandates their being paid as a condition of closing, you pay after they've made their pull. Deletion or bust when we're talking near-term mortgage prep honestly.