Mortgage FICO Increase

[Anonymous]

What is the best way to increase my FICO 5, 4 and 2 scores for a mortgage?

[dragontears]

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@Anonymous wrote:

What is the best way to increase my FICO 5, 4 and 2 scores for a mortgage?

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Very vague question so my vague answer is:

Have your youngest account over 1 year old 

Have low credit card utilization 

Have only one credit card with a balance 

Remove negative information from your reports (not easy to do most of the time)

[AllZero]

Agreed with the above.

I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?

From Birdman7
General Scoring Primer and Version 8 Master Thread rev.5.17.20

[Anonymous]

Thank you for this information.  I have another question.  Is it worth pursuing the removal of 30, 60,  and 90 day late reports from closed account listed on your credit report?

[SouthJamaica]

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@Anonymous wrote:

Thank you for this information.  I have another question.  Is it worth pursuing the removal of 30, 60,  and 90 day late reports from closed account listed on your credit report?

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Absolutely. That is the most important thing you can do. Of course you have no control over the outcome, only over your effort in pursuing it.

The other important things you can do, over which you do have control, are:

-keep your revolving utilization low

-make no new applications for credit of any kind

-make no applications for CLI's, credit union memberships, cellphone contracts, apartment rentals, etc, which would generate a hard pull

[Anonymous]

Thank you so much.  This is very helpful.  I am in the process of sending "Goodwill" letters to the few creditors I had issues with. 

[RadioRob]

Good luck! I just went through the process of buying a house for the first time in December/January. It was one of the most stressful financial issues I've ever dealt with... and it felt like it would never end. lol