Mortgage Score Help

[Anonymous]

Looking to raise our mortgage scores to qualify for a home loan. Wish I came across this forum first, so many helpful users and advice. We are close to having our middle score# reach the minimum required for approval which is 620, currently at 608. Unfortunately, we have accumlated multiple deragotory accounts on our credit reports. Will using the AZEO method work even though there are only 2 revolving credit cards on our account? One is a Kohl's/Cap1 (zero balance) and the other is a Synchrony Mastercard (60% balance). I know, not much to work with. Any advice to raise our score to achieve the minium would be greatly appreciated.

[Anonymous]

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@Anonymous wrote:

Looking to raise our mortgage scores to qualify for a home loan. Wish I came across this forum first, so many helpful users and advice. We are close to having our middle score# reach the minimum required for approval which is 620, currently at 608. Unfortunately, we have accumlated multiple deragotory accounts on our credit reports. Will using the AZEO method work even though there are only 2 revolving credit cards on our account? One is a Kohl's/Cap1 (zero balance) and the other is a Synchrony Mastercard (60% balance). I know, not much to work with. Any advice to raise our score to achieve the minium would be greatly appreciated.

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@Anonymous The best thing you can do from the information provided is have a balance under $100 on the MasterCard and have the retail card zeroed out. That will give you the best score from the information provided for the mortgage Scores.

[SouthJamaica]

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@Anonymous wrote:

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@Anonymous wrote:

Looking to raise our mortgage scores to qualify for a home loan. Wish I came across this forum first, so many helpful users and advice. We are close to having our middle score# reach the minimum required for approval which is 620, currently at 608. Unfortunately, we have accumlated multiple deragotory accounts on our credit reports. Will using the AZEO method work even though there are only 2 revolving credit cards on our account? One is a Kohl's/Cap1 (zero balance) and the other is a Synchrony Mastercard (60% balance). I know, not much to work with. Any advice to raise our score to achieve the minium would be greatly appreciated.

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@Anonymous The best thing you can do from the information provided is have a balance under $100 on the MasterCard and have the retail card zeroed out. That will give you the best score from the information provided for the mortgage Scores.

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Agreed

[Anonymous]

Thanks for your quick advice! Would removing all or some of the derogatory charge offs from our account raise the score? How about paying off a car or student loan? 

[Anonymous]

Usually removing just one of multiple negative items if you're talking equal severity/age across them will not result in much if any score gain.  Closing 1 loan if you have more than 1 open often doesn't impact scores at all.  You'd have to look at your before/after installment loan utilization to determine if the change in percentage would matter in terms of scoring.

[SouthJamaica]

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@Anonymous wrote:

Thanks for your quick advice! Would removing all or some of the derogatory charge offs from our account raise the score? How about paying off a car or student loan? 

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Yes removing derogatory chargeoffs would raise your score. Dramatically.

Paying off a loan might help your mortgage scores, modestly, by reducing the number of accounts with balance.

[Remedios]

Removal of all derogatories on your report would help, but if you're planning on doing this via disputing valid info, your scores will drop and it will take months to return where they are now.

Only one account has to come back as validated for this scenario to play out. 

[Anonymous]

Thanks for all the advice. If disputing the derogatories is not an option, are there any other options to legitimately remove them to help my scores? What do the lawyers do when they offer credit repair/restoration services?

[Anonymous]

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@SouthJamaica wrote:

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Yes removing derogatory chargeoffs would raise your score. Dramatically.

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You are missing the key word "all" in the sentence above for it to hold water.  OP has multiple COs, so it would involve the removing of all of them to see dramatically improved scores.  I think it's important to clarify this so that he doesn't get the false impression that if he removes some but not all of them that his scores will increase dramatically.

[Anonymous]

So is it best to just leave derogatories alone and not dispute them? For some reason, they keep reporting and killing my utilization ratio and past due balances among other things.