Improving My Mortgage Score

[Anonymous]

Hi

I just joined and have been scouring the forum for some info to improve my Mortgage Score.

My current Fico Score 5,4, & 2 are:

Equifax: 712

TransUnion: 711

Experian: 727

They haven't really budged much over the past few months. 

I have 2 cards. One with a $3,200 limit reporting a $77 balance. And another with a $4,000 limit reporting a $14 balance. I've managed to keep my utilization that low for about the past 8 months. 

There's one Medical collection from April 2017 that I paid that's $144. 

Other than that, I have one late payment on a student loan that is reporting from 2016.

What else should I or can I do?

Any help would be greatly appreciated. 

Thank y ou. 

[FireMedic1]

Welcome @Anonymous 

I'm no expert on this. But until others come along. Heres a thread that hits on many topics to raise a score.

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Improving-mortgage-score-s/m-p/6216867#M181856 

[SoonerSoldier33]

You're in a little bit of a catch 22 here. The mortgage scores are perticularly sensitive to accounts with balances, and you have 100% of your accounts reporting a balance. You might see some improvement if you do the abbreviated version of AZEO with your 2 accounts, and have 1 report with a balance, and the other report a $0 balance. You need 3 accounts to effectively optimize AZEO. HOWEVER...the mortgage scores are also very sensitive to new accounts, so the general advice is to not apply for any new credit products in the 12 months prior to applying for a mortgage. So, if you're trying to get a mortgage in the next 12 months, stand fast, and get one of your 2 cards reporting a 0 balance. If you're prepping now for a future mortgage more than a year from now, I'd recommend getting a 3rd credit card, so you effectively optimize AZEO at mortgage application time. If the collection is reporting a $0 balance, you've done the best you can. You could try for a goodwill removal from the CA, but YMMV on that one. Same for the late payment. Attempt a goodwill removal, but not much you can do otherwise but let it age.

[Anonymous]

Thank you.

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@FireMedic1 wrote:

Welcome @Anonymous 

I'm no expert on this. But until others come along. Heres a thread that hits on many topics to raise a score.

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Improving-mortgage-score-s/m-p/6216867#M181856 

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[Anonymous]

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@SoonerSoldier33 wrote:

You're in a little bit of a catch 22 here. The mortgage scores are perticularly sensitive to accounts with balances, and you have 100% of your accounts reporting a balance. You might see some improvement if you do the abbreviated version of AZEO with your 2 accounts, and have 1 report with a balance, and the other report a $0 balance. You need 3 accounts to effectively optimize AZEO. HOWEVER...the mortgage scores are also very sensitive to new accounts, so the general advice is to not apply for any new credit products in the 12 months prior to applying for a mortgage. So, if you're trying to get a mortgage in the next 12 months, stand fast, and get one of your 2 cards reporting a 0 balance. If you're prepping now for a future mortgage more than a year from now, I'd recommend getting a 3rd credit card, so you effectively optimize AZEO at mortgage application time. If the collection is reporting a $0 balance, you've done the best you can. You could try for a goodwill removal from the CA, but YMMV on that one. Same for the late payment. Attempt a goodwill removal, but not much you can do otherwise but let it age.

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Thank you. That's what what I gathered from searching this forum.