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
The 40 dollar myfico subscription gives you all the scores once a month. Your biggest issue right now is your utilization on the individual cards. If you can start paying this down then you should see some improvement.
looking at your scores and knowing what mine are you may be at your goal now for the mortgage score. The middle score is the one they will use to determine your mortgage.
@dynamicvb wrote:The 40 dollar myfico subscription gives you all the scores once a month. Your biggest issue right now is your utilization on the individual cards. If you can start paying this down then you should see some improvement.
looking at your scores and knowing what mine are you may be at your goal now for the mortgage score. The middle score is the one they will use to determine your mortgage.
My payment is shock is over 250% which disqualifies me for the loan I want. The only way around that is a middle score of 680.
I've paid a lot of my cards down already. I need help with a strategy to pay down the rest.
I don't see a $40 subscription. I see a $60 one and a $30 one.
@stinastina wrote:I don't see a $40 subscription. I see a $60 one and a $30 one.
MyFICO frequently shows different product pages to different people as part of A/B marketing tests...
Monthly reports are currently included in the $39.95 one here: https://www1.myfico.com/products/fico-credit-monitoring
I wouldn't bother with your score until you get all your cards under 28% utilization. That should give you, at minimum, a 40 point bump. Until then, take that extra $40 and put it towards your balances. If you want to maximize, pay down everything to AZEO and then pull your reports.
@iv wrote:
@stinastina wrote:I don't see a $40 subscription. I see a $60 one and a $30 one.
MyFICO frequently shows different product pages to different people as part of A/B marketing tests...
Monthly reports are currently included in the $39.95 one here: https://www1.myfico.com/products/fico-credit-monitoring
Thanks ! and Thanks for the link !
@Anonymous wrote:Mortgage scores are more sensitive to number of accounts with balances, so paying off some of your smaller balance cards in order to allow more $0 balance accounts to report would be helpful. You're currently at 60% or so of your accounts with a balance, which is very high.
Also, as mentioned already above, your utilization is what's killing you... both your highest individual card utilization and your aggregate utilization. While I didn't add up all of your accounts/balances, it looks like you might be around 50%-55% aggregate utilization, meaning you've taken 3 scoring penalties for the thresholds crossed (8.9%, 28.9%, 48.9%) to get to that point. It seems your highest individual balance card has you at about 87% utilization, so that's another scoring penalty there. Paying your balances down will give you significant score improvement.
A couple of months ago I had more balances on all cards so I paid off the smaller cards to zero - Overstock, Walmart, Firestone, Penfed CLOC. Then I did a balance transfer with Care Credit to my Navy card because the monthly payment was crazy. But my score did not change much. When I made my payment to my highest card this month, my goal was to get it to 86% but I failed because the interest charges were higher than what I anticipated.
So what do you suggest I chip at first ? I can't get everything down to 26% immediately; I just don't make that kind of money. I think by the end of October I could get the highest cards down to 66% but I wouldn't be able to get any others to 0. If I had every card that has a balance right now that is over 69% down to 66%, do you think I could get some points ?
