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Mortgage score 5,4, and 2 not rising

Senior Contributor

Re: Mortgage score 5,4, and 2 not rising

@Comeback2021 wrote:

Hi members!


My new home is scheduled for delivery in May 2023 so we are going through underwriting. Our rates are unable to be locked due to our delivery date is in flux because they are 2 months behind schedule. 

My question is, the myFico mortgage scores are barely moving and are currently: EQ:662, TU: 614 and EX: 694. I have no late payments in the past 3 years, total utilization is 9% no negative items at all. This has been the story for at least 2 years. These scores are basically frozen in time it seems. What am I not doing or what else should I be doing to get these scores to increase in the next 3-4 months? I'm hoping to net a better interest rate or qualify for a NFCU conventional mortgage. Any thoughts or ideas while I have some time left to choose a lender. 

Thanks in advance. 

As others have suggested, you should allow only one card to report a balance. You can use other cards but, stop using them 7 days before their respective statement close dates. Then pay those cards down to $0 a couple days before statement close dates to ensure statements show zero balance. [the card that you do allow to report a balance needs to be a revolving credit card - not an AMEX charge card. Having a store card as the one reporting a small balance (under 9% utilization) is ok if it is co-branded Visa or Mastercard. Please note - authorized user cards and charge cards always count toward # of accounts with balances even in cases where they don't factor into utilization. Therefore, make sure they report a zero balance on statements.]


Going from 100% of cards reporting small balances (say 4 of 4) to 1 of 4 reporting a small balance may gain you up to 40 points on EQ Fico 04, 20 points on TU Fico 04 and 10 points on EX Fico 98 "mortgage Ficos". [EQ Fico 04 is EQ score 5, TU Fico 04 is TU score 4, EX Fico 98 is EX score 2]


SIDE NOTE: The below data is for a clean profile. A profile with a derogatory on record will react differently. In such cases, reducing # cards with balances may have less impact. Regardless, scores should increase.

cards reporting update 2018.jpg

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 11 of 13
Valued Contributor

Re: Mortgage score 5,4, and 2 not rising

@Thomas_Thumb wrote:
[EQ Fico 04 is EQ score 5, TU Fico 04 is TU score 4, EX Fico 98 is EX score 2]

THANK YOU! I've seen those numbers and just thought they were something so ancient they were no longer used for anything. Smiley LOL

I didn't realize they were the same thing that are called the 5/4/2  scores.

Starting Score: EQ8 680, TU8 713, EX8 701
Current Score: EQ8 771, TU8 764, EX8 772 as of October 2
Goal Score: EQ8 780, TU8 780, EX8 780

Take the myFICO Fitness Challenge
AZE3 - 3% Utl - New Accts: 1/6, 3/12, 6/24
Message 12 of 13

Re: Mortgage score 5,4, and 2 not rising

@Thomas_Thumb @This is really a solid post thank you! This is my strategy for sure as we head out of our January. Great post!

Message 13 of 13
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