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Mortgage/Fico Score/Previous Collections

Super Contributor

Re: Mortgage/Fico Score/Previous Collections


EvolvingCreditDiva2 wrote:

Wow I cannot thank OP & all you great folks enough for this info!! I have lost so much sleep trying to determine how to raise MORTGAGE scores & the info just isn't out there Smiley Sad I've been watching my dream home in a great neighborhood go from $430,000 to the low $200,000 since last July while I've been trying to raise my score from the low 400s...got so excited t see Fico scores in low 600s only to find out those weren't my MORTGAGE scores. Depressing. Fico 8s move fast, but those darn mortgage scores are stubborn!!


How much of a mortgage rate change are you expecting for all this Mortgage FICO Optimization? Because if it's only 0.5% per year, is that worth missing out on a good real estate buy? True, the monthly payments will be higher. But over time, as your Mortgage FICO scores recover, you can look later at refinancing. And you will have the house you want for the long term, correct?

 

And responding to earlier AA comments, OP has Capital One and Discover cards, no other banks, with relatively low limits. Maxing those out will not lead to AA unless there's some other really wierd activity in the account.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812

Delta Reserve and CSP Jan 2018, no more 5/24 worries... unless new Chase Marriott/SPG replacement is enticing...meh, turns out not. [unless a 100k points SPG Luxury Upgrade appears... well lookie here...]
Message 21 of 24
Valued Member

Re: Mortgage/Fico Score/Previous Collections

NRB525, No rate change I believe as this will be an FHA 203K. I'm working with a lender with no overlays so a 580 would be fine for straight FHA. However, for the FHA 203K, I need a 620 (I'd like a 640 for cushion). Since I had a gut feeling that someone was going to end up getting the house from under me, I bit the bullet & pulled my 3b yesterday, before all my cards but the one reported to zero. Pleasant surprise- my middle mortgage score finally left the mid 500s and is now a 605 Smiley Happy My lender told me to go ahead & submit my app & docs today & he'd see about getting me a pre-approval anyways so I could submit the offer since it's a foreclosure/short sale owned by fannie that will take 2-3 months for acceptance.
Message 22 of 24
Valued Member

Re: Mortgage/Fico Score/Previous Collections

Congrats.  Thats great.  Good luck with teh house.

 

Message 23 of 24
Highlighted
Established Contributor

Re: Mortgage/Fico Score/Previous Collections

OP, I was going to respond to your post, but you have recieved some great info/advice already. Good luck with the mortgage.

My Fico 8s- 7/20/2017: TU 815 | EX 791|EQ 800
My Wallet - Chase Ink Plus $17K | Discover IT - $26K | Freedom -$9K | Amex BCP- $20K | Amex Oasis - $15K | CU Visa -5K |JCP- $10K
My Utilization- 3% | My INQs - 1 TU, 2 EQ, 5 EX | AAOA 5 yrs | Oldest Account 20. 4 years
Message 24 of 24