@Tiersha wrote:
This was alot to take in and worth another read but I believe my key take aways here are
1. pay off all but 1 card. Keep that 1 card on a rotating balance.
2. I have 2 credit cards and no dept cards. My mix is already listed as excellent but per the scoring charts I may want to get a 3rd card, not necessarily a dept card? Does this hold true if I am about ready to head into a refi?
My big concern is that so much of this info is based on f8, but f2,4 and 5 needs to be my focus. The idea of where I might need that 3rd card is from an ft scor factor chart.
Thoughts?
@Tiersha welcome to the forum and congratulations on reading the Primer. Your first take away is correct, the mortgage scores you only want one bankcard with a credit limit of $31,000 or less reporting a small balance. $5- $20 is fine. It's version 8/9 where you would also want to leave a balance on an authorized user card, not the mortgage scores.
yes, another bankcard would likely raise scores in the long term probably not in the short term. You would want to do that upon completion of the refi, not before, if that's any time soon.
yes, the Primer was primarily focused on 8, however where there are significant differences with other versions, its typically noted. There is also a section just for the mortgage scores, although it is still in its infancy.
bottom line for the mortgage Scores AZEO is the best thing you can do for 5/4/2 that is within your power, unless you have loans you can close, but you haven't told us anything about your profile, so it's kind a hard to speculate.
if you would like, tell us your number of accounts, open & closed, whether your profile is clean or dirty (if dirty please be specific as to what constitutes the derogatories), if clean, please tell us the age of your oldest Account, youngest account, your youngest Revolver, your average age of accounts and average age of revolving accounts and how many revolvers/loans etc.
