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

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

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.

 

 

 

 

 

 

16 REPLIES 16
Community Leader
Super Contributor

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


@narendra_itian 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.

 

 

 

 

 

 


Hi and welcome to the forums 

You could pay off one of the cards and have the second one report balance that less than 9% of the limit. 

 

Another thing you could try is start a GW approach to removing those lates. That can be quick process for some but it can also take a while. 

Here is one of the threads dealing with GW removal 

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

EX 753 EQ 773 TU 752
Message 2 of 17
New Member

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

Thank you the quick response.if i pay off both my cards, does it increase atleast by 10 points,just want to check if anyone faced similarly situation and saw some significant rise in month or so.

 

 

Message 3 of 17
Valued Contributor

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


@Remedios wrote:

@narendra_itian 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  Pay this off

DISCOVER - 1100/3500 -balance               Pay at least a hundred on this

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.

 

 

 

 

 

 


Hi and welcome to the forums 

You could pay off one of the cards and have the second one report balance that less than 9% of the limit. 

 

Another thing you could try is start a GW approach to removing those lates. That can be quick process for some but it can also take a while. 

Here is one of the threads dealing with GW removal 

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


+1 on this, but it is less than 29% on the idividual card, and less than 8.9% on the total combined revolving credit limits. I also do not see any installment loans in his profile, and he shouldn't create one if going for a mortgage real soon, he should however pay down the balance on any existing installment loans, if not already significantly payed down. Paying the amounts I stated in bold will get him to the AZEO status of less than 8.9% aggregate, and less than 29% on a single card, and maximize his utilization points. That should easily gain him or her at least a 15 point jump, but likely a good bit more.

TU fico08=823 08/12/19
EX fico08=813 08/10/19
EQ fico08=826 08/04/19
EX fico09=818 08/03/19
EQ fico bankcard08=849 07/23/19
Message 4 of 17
Community Leader
Senior Contributor

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

Welcome, @narendra_itian. Smiley Happy

 

Pay one card down to a tiny balance (at least $5, but not much more). Pay the other to zero. DON'T pay both cards to zero, as that will result in the fairly substantial "all cards at zero" penalty. You want to leave a balance of at least $5 because many banks will forgive small balances and report zero.

 

Some scores react to balances well below the 8.9% mentioned above, thus the advice to bring your balance down to not much more than $5 when you need every possible point. I have $69,000 in credit limits. At least one of my scores is dinged with a balance of $400 on a $7,000 limit. I currently have a balance of $896 on a $24,000 limit, and several of my scores have experienced dings.

 

When these dings happen is unpredictable. $5 or a bit more will safely keep you away from those.

Message 5 of 17
Community Leader
Senior Contributor

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

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.

Message 6 of 17
Super Contributor

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


@narendra_itian 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.


7/31 FICO 8: EQ 751 TU 781 EX 748 Total revolving limits 713500 (592500 reporting)
Message 7 of 17
Super Contributor

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


@narendra_itian wrote:

Thank you the quick response.if i pay off both my cards, does it increase atleast by 10 points,just want to check if anyone faced similarly situation and saw some significant rise in month or so.

 

 


It's great to pay them both off if you can, but make sure you don't pay them off 100% before the statement cuts. You want to make sure at least one reports a small balance before you pay it off.


7/31 FICO 8: EQ 751 TU 781 EX 748 Total revolving limits 713500 (592500 reporting)
Message 8 of 17
Super Contributor

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


@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.


Better yet, if there's going to be interest, better to just overpay enough to cover the interest.


7/31 FICO 8: EQ 751 TU 781 EX 748 Total revolving limits 713500 (592500 reporting)
Message 9 of 17
Community Leader
Senior Contributor

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


@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 @narendra_itian can pull off financially, she (he?) should do that.

 

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.

Message 10 of 17
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