Raising FICO Score Process Recomendation

[800goal800]

I am going through the mortgage app process and all mortgage scores are in the mid- high 500's.   The lender ran everything through a model and while he says not a guaratnee, this is what he recomended.

Chase:   Credit Limit 8500.  Balance 7200.   Lower to 4,165

Citi:  5900 Charge Off.  Pay in full

US Bank:  2300 Charge Off.   Pay in full.

The one thing he said is that paying off a charge off is risky in that it depends on how it will be reported.

Again he is not guaranteeing but sees this as tebest course of action with only a certain amount of funds to work with.

Current TU Mortgage:  564 could go to 630

Current EF Moirtgage:  593 could go to 625

EXP:   Would be lower score.   

[Anonymous]

I think I would wait before trying to get a home if you can help it. Your rates with all do respect will not be that good. 

[SouthJamaica]

---

@800goal800 wrote:

I am going through the mortgage app process and all mortgage scores are in the mid- high 500's.   The lender ran everything through a model and while he says not a guaratnee, this is what he recomended.

Chase:   Credit Limit 8500.  Balance 7200.   Lower to 4,165

Citi:  5900 Charge Off.  Pay in full

US Bank:  2300 Charge Off.   Pay in full.

The one thing he said is that paying off a charge off is risky in that it depends on how it will be reported.

Again he is not guaranteeing but sees this as tebest course of action with only a certain amount of funds to work with.

Current TU Mortgage:  564 could go to 630

Current EF Moirtgage:  593 could go to 625

EXP:   Would be lower score.   

---

Sounds like good advice to me.

[Anonymous]

I think your Mortgage Broker has given you some great advice. Higher scores likely will increase your chances of getting the loan and possibly give you lower rates