Need help with mortgage score increase in quick time by 10-15 points, please suggest

[Anonymous]

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@SouthJamaica wrote:

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@Anonymous wrote:

I am planning to buy a home and need some help in improving my creditscores for mortgage which are low compared to fico score 8.

My cards:

BOFA - 3800/11500  -balance remaining

DISCOVER - 1100/3500 -balance

BESTBUY -0/2700

AMEX -0/7200

CITI -0/3000

CHASE -0/4700

BARCLAYS - 0/500

MACYS -0/300

I have two missed late payments around 20 months back  and one collection that is closed.

My credit score for mortgage   are:

FICO 4 - 653

FICO 5 -658

FICO 2 -692.

Vantage scores are 745/747.

I want to bring the other two fico scores close or above 665 ,in a quick time.Can you please help with what i should be doing for a quick 10 point increase.

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1. Send 3 verification letters to each of the 3 bureaus, trying to get rid of the 2 lates and 1 collection.

2. Pay Discover down to $980.

3. Pay BOFA down to $3220 or lower.

4. After Discover & BOFA are paid down ask them as a courtesy to report mid cycle with the lower balance. Discover will do it, I don't know about BOFA but can't hurt to ask.

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Thank you the advice. Can you also let me know if there are any pointers to Verification letters.Will this help to get rid of the 2 lates and 1 collection.? 

[Anonymous]

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@HeavenOhio wrote:

It's occured to me that you should leave the small balance on the Bank of America card and pay Discover to zero. It's probable that the card that's paid to zero will charge trailing (leftover) interest at statement cut time, meaning that your balance won't be zero. Discover will report upon request, meaning that you can pay off the trailing interest and ask them to update your credit report.

Now that I think of it, I'd suggest that your first order of business should be to pay Discover to zero and ask them to report. If trailing interest is charged on the next statement, pay it to zero and ask them to report again.

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Sure..thank you @HeavenOhio ..is there any way i can remove atleast the collection if not the late payments

[Anonymous]

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@HeavenOhio wrote:

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@SouthJamaica wrote:
2. Pay Discover down to $980.

3. Pay BOFA down to $3220 or lower.

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This is probably enough to bring at least one of the lower two scores to 665. If that's the best @Anonymous can pull off financially, she (he?) should do that. --This is he!!

The tiny balance on one card is the safest route, of course. It removes all mystery, and getting more than enough points will be a slam dunk.

An in-between option would be to bring Bank of America down to $3,220 and Discover to $0.

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Regarding the Pay Down to 980..did you mean my balance should be reduced to 980.?

[Remedios]

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@Anonymous wrote:

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@HeavenOhio wrote:

It's occured to me that you should leave the small balance on the Bank of America card and pay Discover to zero. It's probable that the card that's paid to zero will charge trailing (leftover) interest at statement cut time, meaning that your balance won't be zero. Discover will report upon request, meaning that you can pay off the trailing interest and ask them to update your credit report.

Now that I think of it, I'd suggest that your first order of business should be to pay Discover to zero and ask them to report. If trailing interest is charged on the next statement, pay it to zero and ask them to report again.

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Sure..thank you @HeavenOhio ..is there any way i can remove atleast the collection if not the late payments

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You could ask them to remove their previous reporting but that's hard to achieve once it's already paid.

Basically, less leverage than if you asked them to remove in exchange for payment prior to paying it off. 

Cant hurt to try, you never know. 

Do not dispute that collection before mortgage application. Some do get removed that way, especially older ones, but if it comes back verified, there will be a score drop due to update on negative account. 

Try GW approach instead 

Again, it works the best if done beforehand, but it's worth a try. 

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680

[HeavenOhio]

You havent' really mentioned your ability to pay, which is why we're presenting you with options.

Your best bet is to leave a small balance (at least $5 but not much more) on the Bank of America card with a balance of zero on Discover.

Your second best bet is to bring your Bank of America balance down to $920 while bringing your Discover balance to zero.

Your third best bet is to bring your Bank of America balance down to $3,220 while bringing your Discover balance to zero.

Your fourth best bet is to bring your Bank of America balance down to $3,220 and bring your Discover balance down to $980.

[SouthJamaica]

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@Anonymous wrote:

---

@SouthJamaica wrote:

---

@Anonymous wrote:

I am planning to buy a home and need some help in improving my creditscores for mortgage which are low compared to fico score 8.

My cards:

BOFA - 3800/11500  -balance remaining

DISCOVER - 1100/3500 -balance

BESTBUY -0/2700

AMEX -0/7200

CITI -0/3000

CHASE -0/4700

BARCLAYS - 0/500

MACYS -0/300

I have two missed late payments around 20 months back  and one collection that is closed.

My credit score for mortgage   are:

FICO 4 - 653

FICO 5 -658

FICO 2 -692.

Vantage scores are 745/747.

I want to bring the other two fico scores close or above 665 ,in a quick time.Can you please help with what i should be doing for a quick 10 point increase.

---

1. Send 3 verification letters to each of the 3 bureaus, trying to get rid of the 2 lates and 1 collection.

2. Pay Discover down to $980.

3. Pay BOFA down to $3220 or lower.

4. After Discover & BOFA are paid down ask them as a courtesy to report mid cycle with the lower balance. Discover will do it, I don't know about BOFA but can't hurt to ask.

---

Thank you the advice. Can you also let me know if there are any pointers to Verification letters.Will this help to get rid of the 2 lates and 1 collection.? 

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No, there's no real pointers. Very simple letter. You just have to identify yourself with birthdate and social security number, and ask them for verification of a particular item. You have a right to ask them to verify a negative item, so ask. Real simple. They will ask creditor for verification. If the creditor fails to verify in 30 days, it falls off the report. (It could come back later if the creditor verifies later). It might or it might not. Often things fall off because the creditor doesn't bother responding.

[SouthJamaica]

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@Anonymous wrote:

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@HeavenOhio wrote:

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@SouthJamaica wrote:
2. Pay Discover down to $980.

3. Pay BOFA down to $3220 or lower.

---

This is probably enough to bring at least one of the lower two scores to 665. If that's the best @Anonymous can pull off financially, she (he?) should do that. --This is he!!

The tiny balance on one card is the safest route, of course. It removes all mystery, and getting more than enough points will be a slam dunk.

An in-between option would be to bring Bank of America down to $3,220 and Discover to $0.

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Regarding the Pay Down to 980..did you mean my balance should be reduced to 980.?

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Yes.