@joeyv1985 wrote:All,
I have a mortgage that's about 2 years old. Currently, I have about 4.5% of the principal paid off. What level does the principal of my mortgage have to be in, percentage-wise, in order to see a bump on my FICO Mortgage scores? Also, once that "Threshold" is crossed, how much of an improvement can I expect to my FICO Mortgage scores? Currently, they range from 752 to 781. Any information helps. Thanks.
No one can answer those questions for you.
BTW, the mortgage scores are not really mortgage-specific scores. They are merely an old set of classic FICO scores (comparable to FICO 8's and 9's) which happen to be the scores the mortgage lenders use. Oddly enough, what you do with your mortgages and other installment loans usually has much less effect on them than what you do with your revolving accounts.
The best things you can do for your mortgage scores are:
1. Not apply for any new credit, or for anything that could generate a hard pull.
2. Manage your revolving accounts so that all but one of them reports a zero balance.
@joeyv1985 wrote:
@SouthJamaica wrote:
@joeyv1985 wrote:All,
I have a mortgage that's about 2 years old. Currently, I have about 4.5% of the principal paid off. What level does the principal of my mortgage have to be in, percentage-wise, in order to see a bump on my FICO Mortgage scores? Also, once that "Threshold" is crossed, how much of an improvement can I expect to my FICO Mortgage scores? Currently, they range from 752 to 781. Any information helps. Thanks.
No one can answer those questions for you.
BTW, the mortgage scores are not really mortgage-specific scores. They are merely an old set of classic FICO scores (comparable to FICO 8's and 9's) which happen to be the scores the mortgage lenders use. Oddly enough, what you do with your mortgages and other installment loans usually has much less effect on them than what you do with your revolving accounts.
The best things you can do for your mortgage scores are:
1. Not apply for any new credit, or for anything that could generate a hard pull.
2. Manage your revolving accounts so that all but one of them reports a zero balance.
Thank you. Right now my Amex Plat and Chase Sapphire Preferred show month to month balances. The latter just reported less than $300 or so. My other personal, credit cards(3 of them)show $0 for a balance. Last hard pull was back in November 28, 202O when I applied for the Amex Plat. I also, acquired an Amex Business Cash CC(I'm self employed) a couple of months ago on a promotion/pre-qualification, however there was no hard pull, just my EIN #. This card won't report unless I default.
A Chase card isn't good to use as your balance-reporting card, unless you can avoid paying it down to zero mid-cycle, because Chase will report mid-cycle whenever the balance gets to zero.
I do not have experience with an Amex personal platinum card, so I don't know if it works as an 'account with balance' or not.
Having 2 of your 5 cards reporting a small balance while the others report zero should be good enough, but if the time comes that you really want to be sure to be getting every last point, you might want to drop it to 1 card reporting a balance.