Needing a 740 from 720 mid...Any Advice?

[Anonymous]

Hello! I am trying to get my mortgage scores up so that the mid is over 740. Here are my currents:

XPN - 733

EFX - 720

TUC - 715

I have a collections on my TUC that will come off in 2 weeks. My CC usage is 14.6%. XPN and EFX has a medical collections (small$ amt) that is not showing on TUC. It will be removed in August 2020. My student loan balances are a 90% payoff to original loan ratio, but I dont have enough cash to make a huge dent in that. With my TUC reflecting no collections in two week, I am assuming it will go up significantly, but not sure if it will pass 733. Any suggestions to get me to a 740 mid with these conditions?

TIA!

Nell

[Bankrupt2019]

AZEO the credit cards

[Anonymous]

As poster above said, pay all CC off except one and leave a small balance on that one, less that 8%.  That will help some.

[donkort]

Yep.  Go down to at least 8.8% utilization.  Preferably below 6%

When do you want to start mortgage shopping ?

[donkort]

AZEO would be ideal, of course.

[Anonymous]

I'm refinancing due to divorce, so can't wait much past mid March.

[AllZero]

@gdale6wrote:
You want to settle anything that is updating monthly first, these updates keep your fico score from moving up. For the CAs you try the PFD if they do not already have a stated deletion policy like PRA and Midland have.

There are some extra things that can be done with those medicals
Medical collections are some of the easiest to get removed from your CRs, here are the steps that you should follow to address them:

1. Call the OC and see if insurance can be billed, (or-rebilled), collections ultimately paid by insurance get removed per new rules that came from CRAs settlement with 22 state AGs. If not then
2. see if you qualify for Charity Care, if not then
3. ask that they recall the collection in exchange for full payment
4. Send the reporting CA a PFD offer
5. Google the HIPAA Process and contact its creator for help, this process cannot be discussed in any forum of myFico.

[Anonymous]

Mortgage scores respond very strongly to the number of cards you have with balances. How many of your cards have a balance? The more of them you pay off the better. AZEO is the method of paying off all cards but one as described above. That can maximize FICO 8 scores.

I don't know whether having no balance on any card might boost your mortgage scores even though it penalizes your classic scores. Maybe someone can comment on that. But definitely pay off all cards but one, and leave a small balance on that one of maybe $10. Be sure it's a major bank card, not a store or CU card. 

[Trudy]

With the short turnaround the most likely thing you can do to impact scores within 30 days is AZEO.  Everything noted would absolutely help and should be explored but mid March is limited time to impact scores for a MTG.  

As stated MTG scores are sensitive to the # of accounts reporting and UTL.  I see a significant swing in MTG scores depending on # of accounts reporting and UTL.  Little if anything with classic F8 scores.

Are the scores you provided your MTG scores?  Classic 8 scores and MTG scores could vary greatly.  As often stated, profiles may vary.  My MTG scores are much lower than my classic F8 and F9 scores.  

[Anonymous]

Yes, these are MTG scores. Its all going to depend on how much my score goes up after the collections come off Transunion in early March. Any ideas on how many points that normally gains? It gained 20 points on EXP and only 5 on EQF. So im not sure Ill be able to get a mid of 740 by March 15th. 

Ill pay off my larger card and leave myself with under 8% and see what happens! Ill report back