Mortgage FICO Scores vs FICO 8 scores and points

[Anonymous]

As far as your two student loans go, can you describe how much the first loan was originally for?  Also, what is your monthly payment on that loan?  (I am talking about the one that is mostly paid off with a current balance of $200.)  You want ideally to keep that first loan open until after you have completely finished the re-fi on the mortgage.  Ceratinly do nothing to pay it off early.

It looks like you may want two more pulls of your mortgage scores, if you want to see early the effect of the credit repain work you are doing.  An example of that might be to do a pull on Oct 10 and again on Nov 20.  (The Nov 20 pull you can get through your current myFICO monitoring subscription.)

That tentative example date of Oct 10 could be earlier or a bit later -- all depending on when you get a bunch of changes reflected on your reports.  Make sure that the changes appear on all three bureaus before you spend money on another pull.

[Anonymous]

The limit on the loan almost paid off was $2625, thank you for that advice because I was going to pay it off as well. It is only $25 and month. My new one is $98 a month.

[Anonymous]

And can you clarify exactly how much the second loan was originally for, as well?  I sense that it was roughly $8000, but it would help to know the exact amount.

[Anonymous]

I believe it's 9100, I dont' recall the exact amount.

[Anonymous]

You can find out the exact amount by consulting your credit report.  That will tell you.

Let's assume for a second that it was $9100.  Your other loan was for $2625.  Added together that is 11725.  If you can lower the total amount owed (while keeping both open) to 69% of $11725, that would might well give you a score bonus.  That's hypothetical, but there is some grounds for believing it could happen.  (unsure exactly when it happens, if it does... could be at 69.99%, could be at 68.99%).

[Anonymous]

So would I take the 32% off of the 9100 since I onyl owe 200 on the other?

[StartingOver10]

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@Anonymous wrote:

I pulled the 3B on 8/10/16. My scores mortgage scores then were 566/612/582 and as of today my FICO 8 is 621/620/613. I have all fo the free apps as well, they gave me a false sense as far as my scores because they are 50 -80 point sdifferent than myFico but I am stillusign them to check my reports weekly.

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I'm glad you are here. I have another suggestion for you - find another lender. I don't know who you are using, but there are legitimate lenders that will refinance with a 580 mid score for your mortgage scores. It has to be an 'FHA loan, but you don't get clobbered with fees or high rates.  It sounds like the lender you are using is very, very conservative. Do you mind saying which lender told you 620 mid score?

BTW, I still think you should work on your scores - I just wanted to give you a light at the end of the tunnel.  PM me if you want a lender that can do the 580 mid score for an FHA loan. 

[Anonymous]

$11725 is the total amount of both loans (originally) taken together.  69% of 11725 is $8090.  If ypu were to pay the current balance of the 2nd loan down to 7890 then your total amount owed would be $7890 + $200 = $8090.  Personally I'd go for $7880 if this is something you are sure you have the money to go for.  Remember nobody can be sure that you will get help by doing this installment paydown, but some people have reported a benefit.

Paying off the credit cards comes first for sure.

[Anonymous]

Thank you so much for all of your input!