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Raising Mortgage Scores

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Established Contributor

Raising Mortgage Scores

I would like to raise my mortgage scores so that when I refi my home I get the best possible rate. Mortgage scores are all 712 720 range. I would love to get over 740. Any advice on this?

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Community Leader
Senior Contributor

Re: Raising Mortgage Scores

The only real data point I know offhand (besides clearing any derogs and not applying for credit for 12 months before a mortgage app) is that mortgage scores love zero-balance accounts. The more places you don’t owe money, the better.



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Entering the garden 5/27/2019, staying until 2020
(Lol so much for that grand plan...)
Message 2 of 9
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Senior Contributor

Re: Raising Mortgage Scores

AZEO All Zero Except One as mentioned above.

Allow your HP inquiry age to 1 year (365 days). You'll regain those points if penalized originally for the pull.

Allow your AoYA Age of Youngest Account age to 1 year. You should receive around 10-20 points.

Message 3 of 9
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Established Contributor

Re: Raising Mortgage Scores


@AllZero wrote:

AZEO All Zero Except One as mentioned above.

Allow your HP inquiry age to 1 year (365 days). You'll regain those points if penalized originally for the pull.

Allow your AoYA Age of Youngest Account age to 1 year. You should receive around 10-20 points.


Will try this method! Thanks so much Smiley Happy 

Message 4 of 9
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Senior Contributor

Re: Raising Mortgage Scores


@Harvey26 wrote:

@AllZero wrote:

AZEO All Zero Except One as mentioned above.

Allow your HP inquiry age to 1 year (365 days). You'll regain those points if penalized originally for the pull.

Allow your AoYA Age of Youngest Account age to 1 year. You should receive around 10-20 points.


Will try this method! Thanks so much Smiley Happy 


Good luck. Please report back on your success. Smiley Very Happy

Message 5 of 9
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New Visitor

Re: Raising Mortgage Scores

We raised our scores by doing just as mentioned here. I was 720 and hubby was 690 we paid the car off and all the credit cards. We had no money for a while but it worked now we own a home and my score is now almost 800. Took around a year. Good luck! 

Message 6 of 9
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Regular Contributor

Re: Raising Mortgage Scores

I would also ensure you using the correct fico score model (5,4, and 2....not FICO 8).

Message 7 of 9
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Super Contributor

Re: Raising Mortgage Scores


@BrendaM24 wrote:

We raised our scores by doing just as mentioned here. I was 720 and hubby was 690 we paid the car off and all the credit cards. We had no money for a while but it worked now we own a home and my score is now almost 800. Took around a year. Good luck! 


@BrendaM24, Welcome to the forums & Congratulations on you're home purchaseSmiley Happy

 

Message 8 of 9
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Valued Contributor

Re: Raising Mortgage Scores

Seems I should wait another year then. My CC balances will not be paid off for at least 4-6 more months. Plus I tripped and fell out of the garden for a BoA app earlier this month. 

 

Originally wanted to have everything ready to go to start construction early spring, but I couldn't get everything to line up right. 

At first only wanted to do a remodel/addition, but couldn't find any Bank to loan less that $60K. So decided on teardown and new build.

 






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