@glendazamot wrote:My middle score is right at 646, need to get to 660 for the loan I need. Can someone provide me some feedback on what I can do?
I have about 5 paid charge offs, no collections.
one auto loan with two lates from August 2018. All other payments in time. Owe 4,800, original amout 16k.
3 credit cards, all on time. One reporting a small balance $13 and the others show 0. Total limit between them $2,400.
one line of credit of 1k, 0 balance.
thank you all!
Your revolving credit is optimized, and your installment utilization is not likely to have any effect on your mortgage scores.
So other than (a) the passage of time and (b) getting rid of the negatives, I can't think of anything.
@CH-7-Mission-Accomplished wrote:
@glendazamot wrote:My middle score is right at 646, need to get to 660 for the loan I need. Can someone provide me some feedback on what I can do?
I have about 5 paid charge offs, no collections.
one auto loan with two lates from August 2018. All other payments in time. Owe 4,800, original amout 16k.
3 credit cards, all on time. One reporting a small balance $13 and the others show 0. Total limit between them $2,400.
one line of credit of 1k, 0 balance.
thank you all!
If you have the cash to pay down that auto loan to 8% of the original amount (pay down to $1280) you will likely gain 20 points. But one warning. You need to make sure that your loan will not pay off before your mortgage loan funds. When the amount owing goes to zero you will lose those 20 points unless your auto lender pushes out the next payment due date when you prepay. Most lenders do not push out the next payment due date and keep your next payment due date the next month.
Although that will affect FICO 8's and 9's it is highly unlikely to have any effect on mortgage scores.