Need 8 points for MMS - Advice Needed - myFICO® Forums

Anonymous · ‎06-25-2021

I posted this in my prior thread but it is not showing up, apologies in advance if it is a duplicate

Prior thread for more details:

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/INQ-impact-on-MTG-score-DP/td-p/6341361

Trying to boost my MMS for a refinance, here is where I stand now:

CB F8 Mtg Recent Inquiries

EX 741 696 4

EQ 745 672 2

TU 727 666 4

CC Bal Limit UT%

1(AU) 1406 10500 13.39%

2 5339 25000 21.36%

3 (closed) 1228 18200 6.75%

Agg UT 14.85%

Focusing on EQ as TU is always my lowest. I recently lost 15 points for going from 1->2 inq's on EQ. Other important notes: serious derogatory (120d late) which is 15 months old.

AZEO is not really possible at this point so here are options I am considering:

1-Have lender repull credit and run their simulator again. They were actually fairly accurate if I add back the 15 points lost from the INQ, seems they did not account for that. Do not really want another INQ

2- Pay off the CC 3 which was closed but not charged off due to late payments (120d). I have not paid this to zero because the relatively high limit seems to be included in my utilization and when I pay it off completely I am guessing the limit will go away too. This would change my aggregate UT from 15% to 20%. This card reports on around the 5th so relatively soon.

3 - The INQs on EQ are 7/7/2020, 7/18/2020, 8/10/2020 (all from mortgage shopping) and 2/22/2021. The three from last summer count as 1 (I think) making 2 total "recently". Would I have to wait for 8/10/2021 for the whole series to fall off? If I lost 15 points going from 1->2 I am thinking I should get 15 points going from 2->1, lol

4 - Stop trying for the 680 MMS to refinance and consolidate debt. I have found a CU recently that happens to use EX2 which is my best score and they only require a 660 anyway. I was actually shocked they were able to tell me what score they use, Banks generally have no idea.

Why am I trying to consolidate debt already after buying a house last year? Did some major renovations that cost way too much but did add a lot of value to the home + market in general. Took on a lot of CC debt and personal loans to get the renovation complete. Lesson learned the very hard way.

Thanks in advance

SouthJamaica · ‎06-25-2021

@Anonymous wrote:
I posted this in my prior thread but it is not showing up, apologies in advance if it is a duplicate
Prior thread for more details:
https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/INQ-impact-on-MTG-score-DP/td-p/6341361

Trying to boost my MMS for a refinance, here is where I stand now:

CB F8 Mtg Recent Inquiries
EX 741 696 4
EQ 745 672 2
TU 727 666 4

CC Bal Limit UT%
1(AU) 1406 10500 13.39%
2 5339 25000 21.36%
3 (closed) 1228 18200 6.75%
Agg UT 14.85%

Focusing on EQ as TU is always my lowest. I recently lost 15 points for going from 1->2 inq's on EQ. Other important notes: serious derogatory (120d late) which is 15 months old.

AZEO is not really possible at this point so here are options I am considering:

1-Have lender repull credit and run their simulator again. They were actually fairly accurate if I add back the 15 points lost from the INQ, seems they did not account for that. Do not really want another INQ
2- Pay off the CC 3 which was closed but not charged off due to late payments (120d). I have not paid this to zero because the relatively high limit seems to be included in my utilization and when I pay it off completely I am guessing the limit will go away too. This would change my aggregate UT from 15% to 20%. This card reports on around the 5th so relatively soon.
3 - The INQs on EQ are 7/7/2020, 7/18/2020, 8/10/2020 (all from mortgage shopping) and 2/22/2021. The three from last summer count as 1 (I think) making 2 total "recently". Would I have to wait for 8/10/2021 for the whole series to fall off? If I lost 15 points going from 1->2 I am thinking I should get 15 points going from 2->1, lol
4 - Stop trying for the 680 MMS to refinance and consolidate debt. I have found a CU recently that happens to use EX2 which is my best score and they only require a 660 anyway. I was actually shocked they were able to tell me what score they use, Banks generally have no idea.

Why am I trying to consolidate debt already after buying a house last year? Did some major renovations that cost way too much but did add a lot of value to the home + market in general. Took on a lot of CC debt and personal loans to get the renovation complete. Lesson learned the very hard way.

Thanks in advance