Quick Mortgage Scores Bump Help

[Anonymous]

No the dispute can take up to 30 days. By then it will have updated anyway.

Depending on who the lenders are you may be able to get off cycle updates. Some lenders will, some lenders won’t. Chase automatically reports anytime you pay to zero.

[SouthJamaica]

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@Anonymous wrote:

Much thanks to both Thomas and Birdman for the amount of time providing valuable information on my situation.  I will be sure to report back my results once the big 3 report back.  

Curious, once I make the payments and they post, would things get updated quicker if I submit disputes regarding the reported balances?

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Nooooooo.  Don't even think about it. That could really mess up your reports for a long time.

Unless of course you really don't want the house.

Just make the payments as fast as you can before the statements cut.

[Thomas_Thumb]

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@Anonymous wrote:

Hello all,  

We are 64 days away from scheduled closing date on our new home.  Long story short, I'm not happy with the progress my mortgage scores have made the last 3.5 months.  While I have seen a small increase I have not seen a big enough jump to get into the category of getting the best rate that my CU has to offer.  

First off, here are my Mortgage scores:

EQ: 674 

TU: 696

EXP: 721

I pay for my scores and my LO indicates that my wife's scores are bit higher.  With that said,  we have made the decision to put down less money on the house.  We know we'll have to pay PMI but our LO indicates if we can get a decent jump in scores we would qualify for a ridicoulusly low PMI rate that basically would result in a monthly PMI payment around 50-70 dollars a month.  I really only have one more shot at getting scores locked in before we'll lock our rate likely sometime towards the end of next month or first part of March.

I have $13K that I can pay towards my bills.  Another $10-11K that I can pay between now and the closing date on our home.  Here is a breakdown of our debt:

Installment Loan - $23635 ($29K Original Balance)

Installment Loan - $14624 ($15K OB)

Installment Loan - $12996 ($15K OB)

Revolving - 3377 (20% Utilization)

Revolving - 3041 (43%)

Revolving - 1833 (18%)

Revolving - 1543 (15%)

Revolving - 1285 (24%)

Revolving - 800 (23%)

We know to pay all but one card off.  We'll keep less than a 9% balance on one card.  We will also pay off most of the 2nd installment loan.  Does anyone have a guess as to what my mortgage scores will increase by doing this?   I have no dings on my reports other than the average age is less than 3 years since our 8 year old mortgage account was closed when we sold and paid off our account. We also had decided to refi our auto loans about a year ago with our CU.  Your help is appreciated. 

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@Anonymous

Any update on your scores at reduced utilization levels and fewer accounts with balances?

[Anonymous]

Thanks for following up Thomas!  

I actually just got my new FICO report yesterday.  Scores have increased as expected!

EQ: 674 > 722

TU: 696 > 726

EXP: 721 > 750

I just got notice of another payoff hitting my reports today.  My TU version 8 score went up another 8 points.  Assume that would give me a small bump for my mortgage score?  Either way I am in a good spot to lock in on a 3.375 rate for our new home!  Unfortunetly my middle score needs to be 740 to get to the ultimate lowest rate of 3.25 but I am not going to complain!

[Anonymous]

Congratulations!

[Thomas_Thumb]

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@Anonymous wrote:

Thanks for following up Thomas!  

I actually just got my new FICO report yesterday.  Scores have increased as expected!

EQ: 674 > 722

TU: 696 > 726

EXP: 721 > 750

I just got notice of another payoff hitting my reports today.  My TU version 8 score went up another 8 points.  Assume that would give me a small bump for my mortgage score?  Either way I am in a good spot to lock in on a 3.375 rate for our new home!  Unfortunetly my middle score needs to be 740 to get to the ultimate lowest rate of 3.25 but I am not going to complain!

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Yes, your mortgage Fico scores should also increase with the additional account reporting a zero balance. Expect a 5 to 10 point bump in EQ and TU but, likely nothing on EX. Please report back again with scores and include a listing of accounts with balances + utilization by account and in aggregate.