Just saw your specific question to everyone. The score bump you're looking for will require you to get your overall utilization below 28%.
@Brian_Earl_Spilner wrote:Just saw your specific question to everyone. The score bump you're looking for will require you to get your overall utilization below 28%.
But that still doesn't answer my question. Obviously I cannot get all accounts down to 28% with my next check. Should I pay down the 3 smaller accounts first or pay down the higher util accounts first ?
Start with the highest balances. You'll get points back as they cross the threaholds.
@stinastina wrote:Hello, I need some help figuring out how to get my mortgage scores up to 680 (I believe I need at least 2 at 680 or higher). I don't know what they are but I do know my Fico 8s. Will the Fico Ultimate 3b plan give me the mortgage scores from all 3 bureaus ? I see it will only update all 3 bureaus quarterly. How would I get a monthly update ?
Here is my profile:
Ch 7 discharged 1/16
No collections since then
No lates since then
Fingerhut reporting as included in BK (No other accounts report at all that were included in BK)
Credit cards:
Overstock - limit is $300 and balance is 0
Target - limit is $300 and balance is $277 (I just paid this off but missed the statement cut off date)
Navy Flagship - limit is $6k and balance is $5241
Navy Amex - limit is $15k and balance is $10486
Samsung - limit is $1200 and balance is 0
Barclays - limit is $1500 and balance is $453
Care Credit - limit is $6000 and balance is 0
Walmart - limit is $300 and balance is 0
Discover - limit is $3500 and balance is $2532 (It's possible I could get a cli in October)
Navy Secure Share Loan - limit is $250 and balance is $21
Navy Checking LOC - limit is $5k and balance is $3407
Penfed Promise - limit is $1500 and balance is $703
Penfed Checking LOC - limit is $500 and balance is $123
Firestone - limit is $1200 and balance is 0
Jewelry Acct - limit is $5000 and balance is 0
Student Loans:
US Dept of Ed - total is $83815 and balance is $83815 (Income based repayment at 0 per month)
My income is about $2000 a month - for October I expect about $2500 and November $2000.
Current Fico 8s:
EX - 664
EQ - 652
TU - 645
You have 57% of your revolvers reporting a balance. 50% with the one you said you paid off. Your overall utilization is 49% and that needs to come down. The Navy Flagship utilization is also holding you back as its as 87% util which is pretty much maxed. The Navy Amex is also a factor.
You did not really say how much you had to us for paying stuff down, but you need to reduce the number of cards with a balance and if you can get your overall balances down about a grand, that will put you under the 47.9% threshold. Might make a difference until you can get the Flagship down a good bit too. Of course getting overall under 47, may not help until the Flagship is below that too.
I would put the majority of whatever I had extra towards the Flagship and then pay off as many of the small balances as possible. If you can't do both, then getting the flagship down will likely help the most, but even then its probably going to take you a little time unless there are some funds you have to pay down stuff that have not been mentioned. You could also pay off the SSL as you have the SL's for an installment and take that money to pay down some of the other cards.
Keep in mind, you are going to need closing costs too, which can get up there, even if you use the no downpayment option with USDA. Your DTI is likely pretty high now so that may be a lot of your issue with the denial, more so than your score. Getting those balances down will help you in both areas although it may mean waiting a while on the mortgage. If you post over in the mortgage forum, some of the loan officers can probably give you better advice or options.
Thank you, Brian, dynamicvb and HeavenOhio. I'm going to work on your suggestions by paying down the highest util first. I appreciate your help.
@Thomas_Thumb wrote:
@stinastina wrote:Hello, I need some help figuring out how to get my mortgage scores up to 680 (I believe I need at least 2 at 680 or higher). I don't know what they are but I do know my Fico 8s. Will the Fico Ultimate 3b plan give me the mortgage scores from all 3 bureaus ? I see it will only update all 3 bureaus quarterly. How would I get a monthly update ?
Here is my profile:
Ch 7 discharged 1/16
No collections since then
No lates since then
Fingerhut reporting as included in BK (No other accounts report at all that were included in BK)
Credit cards:
Overstock - limit is $300 and balance is 0
Target - limit is $300 and balance is $277 (I just paid this off but missed the statement cut off date)
Navy Flagship - limit is $6k and balance is $5241
Navy Amex - limit is $15k and balance is $10486
Samsung - limit is $1200 and balance is 0
Barclays - limit is $1500 and balance is $453
Care Credit - limit is $6000 and balance is 0
Walmart - limit is $300 and balance is 0
Discover - limit is $3500 and balance is $2532 (It's possible I could get a cli in October)
Navy Secure Share Loan - limit is $250 and balance is $21
Navy Checking LOC - limit is $5k and balance is $3407
Penfed Promise - limit is $1500 and balance is $703
Penfed Checking LOC - limit is $500 and balance is $123
Firestone - limit is $1200 and balance is 0
Jewelry Acct - limit is $5000 and balance is 0
Student Loans:
US Dept of Ed - total is $83815 and balance is $83815 (Income based repayment at 0 per month)
My income is about $2000 a month - for October I expect about $2500 and November $2000.
Current Fico 8s:
EX - 664
EQ - 652
TU - 645
As an initial step get all individual accounts belown 68%. Then get all individual revolving accounts below 49% utilization and aggregate utilization for all combined below 29% I understand that will take some time but develop a plan based around that objective.
Account Name Limit Balance UT 1st pay 1st Bal 1st UT Add pays Final bal Final UT Overstock $300 $0 0.0% $0 $0 0.0% $0 $0 0.0% Target $300 $277 92.3% $277 $0 0.0% $0 $0 0.0% Navy Flag $6,000 $5,241 87.4% $1,200 $4,041 67.4% $1,250 $2,791 46.5% Navy Amex $15,000 $10,486 69.9% $300 $10,186 67.9% $3,200 $6,986 46.6% Samsung $1,200 $0 0.0% $0 $0 0.0% $0 $0 0.0% Barclays $1,500 $453 30.2% $453 $0 0.0% $0 $0 0.0% Care Credit $6,000 $0 0.0% $0 $0 0.0% $0 $0 0.0% Walmart $300 $0 0.0% $0 $0 0.0% $0 $0 0.0% Discover $3,500 $2,532 72.3% $200 $2,332 66.6% $800 $1,532 43.8% Navy Checking $5,000 $3,407 68.1% $200 $3,207 64.1% $1,000 $2,207 44.1% PenFed Promise $1,500 $703 46.9% $100 $603 40.2% $603 $0 0.0% PenFed checking $500 $123 24.6% $123 $0 0.0% $0 $0 0.0% Firestone $1,200 $0 0.0% $0 $0 0.0% $0 $0 0.0% Jewelry Acct $5,000 $0 0.0% $0 $0 0.0% $0 $0 0.0% Total $47,300 $23,222 49.1% $2,853 $20,369 43.1% $6,853 $13,516 28.6%
Wow, thank you ! That's an awesome chart ! I'm printing it now. Thanks !