Mortgage score help

[SouthJamaica]

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@Thenutisout81 wrote:

@SouthJamaica wrote:

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@Thenutisout81 wrote:

Hello I am in the process on buying a house and I am trying to get my mortgage scores up a bit more and trying to get this most out of my scores. 

current scores

Ex. 645 Fico 2

Eq. 631 Fico 5

Tu. 629 Fico 4

Credit Limits 13,100 

Balances.       4913

Utilization.     38%

Credit Cards/Balances/limits/ Age

-Cap one $783/$750 / 1 year now paid off not reported yet

-CreditOne $893/$900 1 year 11 months. Paid to $393 balance not reported yet.

-Miles $281/$300 1 year 6 months paid off not reported yet.

-Ashley's $2097/$4000 5 months paid monthly payment not reported yet $1997 zero interest card.

-Target. $464/$1300 9 months new balance $334 not reported yet.

-Firestone $382/$3200 4 years 1 month paid off not reporting yet.

-First Premier $12/$700 1 yr 10 months paid not reported

-Fingerhut $0/$500 1 yr 7 months Reported as $0

-Kohl's $0/$700 9 months reported as $0

-Comdeity $0/$750 1 yr 3 months reported as $0

Chapter 7 that will be discharged 2 years at the end of this month April 23rd

-Ally Financial $20,500/$28,000 4 yr 1 month

-Personal Loan $4793/$12400 9 months ago I just paid $7,000 to make the new balance of $4793 not reported yet.

-Affirm $329/$600 7 months paid off not reported ( only reports to experian)

i need to be above a 640 at the minimum but wondering what it might take to achieve a 660.

Any advice is greatly appreciated.

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1. I think you will get the most mileage in your mortgage scores out of getting First Premier, Firestone, Miles, and Target to also report at zero.

2. After that, if you can, get the remaining cards to report at 28% or less of their respective limits.

If you can accomplish 1 and 2, I think you'll see a nice boost.

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Thanks for the help.

I have all but 2 cards paid off now just wait for the updates to hit the credit bureaus.

Fantastic. That will give you boost.

I had that miles card update my Experian report this morning no change to my EX8 but I did get a nice bump on my EX2 I went from 645 to 658 and I still have more cards that need to update still. Very promising results already im hoping I can get one of the other 2 EQ/ TU to up that high also.

i don have another question. I paid off the creditone card and it's not reported yet. It doesn't report to EX for some reason would it be beneficial to get that fix or could drop my score?

No it will report when it reports.

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[donkort]

3 of your cards would be considered "maxed out" since they are over 90% utilized.  One of your cards is literally maxed out.

Like other posters stated, bringing the utilization of all three cards below 28%......and your overall utilization down below 28% would probably raise your score to over 640.  Even more if below 8.9%.  Even more if all zeroes except one at below 8.9%.

[Thenutisout81]

All but 2 are now paid off just waiting for them to all report the new balances.

card 1 $430/1300    33%uti

card 2 $1997/4000  49%uti

my new aggregated UTI is about 19% and my current is 38%.

im going to work on those 2 cards with balances next week and pay off the one and reduce the other as much as I can.

one of those maxed cards reported to experian with the zero balance today and my mortgage score did jump 13 points so I'm

hoping when everything gets reported to all 3b I should be good and I'll expect some more when I get everything below the 8.9%.

[Anonymous]

Unfortunately, since you are in a dirty scorecard you will not see the typical gains seen at 12 months (AOYRA/AOYA isn’t a thing in dirty profiles); plus, the 12 month line is the threshold for version 8, where you’re worried about the mortgage scores (threshold appears to be higher than 12 months for mortgage scores). While you could get some points at 12 months, it would not be significant, if any, IMHO.

As to your question about credit one not reporting to EX: Number one, it could help you if it reported there because it would lower your percentage of accounts with a balance; it would give you another zero at EX.

However you need to calculate your AAOA as well because IF adding the account would lower your AAOA across a threshold, that could cost you a couple points.

However if you’re gonna practice AZEO, I think you’ve got a sufficient number of cards that adding it would not lower the percentage across a threshold, so I don’t think it’s necessary if you’re gonna be at AZEO.

Remember the small balance you leave needs to be on one of your major cards not a retail card.

[Thenutisout81]

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@Anonymous wrote:
Unfortunately, since you are in a dirty scorecard you will not see the typical gains seen at 12 months (AOYRA/AOYA isn’t a thing in dirty profiles); plus, the 12 month line is the threshold for version 8, where you’re worried about the mortgage scores (threshold appears to be higher than 12 months for mortgage scores). While you could get some points at 12 months, it would not be significant, if any, IMHO.

As to your question about credit one not reporting to EX: Number one, it could help you if it reported there because it would lower your percentage of accounts with a balance; it would give you another zero at EX.

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--The creditone Card does have 1y11m of history and a $900 limit so it would definitely bring my aggregated UTI down alittle.

However you need to calculate your AAOA as well because IF adding the account would lower your AAOA across a threshold, that could cost you a couple points.
-- To calculate the AAOA do I add up the ages of all the account even closed ones or just open accounts?

However if you’re gonna practice AZEO, I think you’ve got a sufficient number of cards that adding it would not lower the percentage across a threshold, so I don’t think it’s necessary if you’re gonna be at AZEO.
-- I am at this point trying to do what is best and will yield the most results. I have know that the creditone card never showed up on my experian report I just never really worried about it until now I am in the position where I need to get my score up some.

Remember the small balance you leave needs to be on one of your major cards not a retail card.

-- I did forget about that I will make some adjustments to make sure the balance is in the correct place. 

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[Anonymous]

You are correct it can lower aggregate utilization as well.

To calculate AAOA, take the date of opening of each account and pretend like it was on the first of the month of the month it was opened. Calculate how many months old it is in months thru the 1st of this month for each account, open and closed, (as long as it’s on your credit report it counts). Then add up the age for each account and divide the total by the number of accounts and then you will have your average age in months. Then divide that by 12 and you will have your average age in years.

Do that for everything on your EX report and you’ll have your average age. If the age of this account’s age is lower, you know it would lower your average age but you can add it to the calculation and find out what your resulting age would be to determine if you would cross a threshold.

Hope this helps!

[Thenutisout81]

Already making some progress a lot better then I originally expected. 

started with on 3/18

TU4 - 629

EQ5 - 631

EX2 - 634

now today 4/10

TU4 - nothing updated yet on TU 

EQ5 - 647 + 16 

EX2 - 658 + 24 

still have 2 cards on EQ reporting as maxed total uti 33% reported so far.

still have 1 card on EX reporting as maxed total uti 29% reported so far.

im feeling like a middle score of 660 is definitely obtainable now.