@Anonymous wrote:I've been doing a ton of reading on how to improve my general credit scores and mortgage scores and appreciate all of the information that is provided on in this forum. We're planning to get a jumbo loan and want to have our mortgage scores as high as possible. My biggest hit is revolving utilization and I'm going to be paying off as much as possible in the next few months. My questions in regards to improving mortage scores specifically are:
1. I know the scoring thresholds for individual revolving utilization. Do you generally see a score increase when crossing a threshold for each card or is it based only on the card with the highest individual utilization? So if I have multiple cards, will decreasing utilization on each card past a threshold yield points or is it only based on the card with the highest individual utilization crossing a threshold?
There are differences of opinion about this. My opinion is that the number does matter.
2. Would I yield the most mortgage score points from decreasing individual card utilization or having more zero balance cards? I'm trying to decide if it will be more beneficial to pay the smaller balances first and get them to $0 vs. putting more money toward decreasing the high (89%) utilization on the higher balance cards. The plan is to get both done eventually, but what strategy would lead to the quickest and highest score increase?
With mortgage scores getting the zero balances is more important than the dollar percentage utilization.
