Stuck at a crossroads

[Anonymous]

So we want to purchase a home sometime soon. We just had our credit files pulled. Fiance is good but I am 6 pts shy as far as the mortgage credit score goes. My current CK scores are 677 and 668. My utilization is 6% overall. One CC is at 28%, and another two at 6% and the other two at like 3%. Payment history currently at 100%. Age of credit at 1 yr 4 months with my two credit cards hitting the one year mark next month. The only negatives I have Is a closed collection that is paid from this Feb that had a 52 dollar balance and this is only on equifax. The other one I's that I finished paying off my vehicle a few months ago which dropped my score just a tad. That loan had a few lates, one in Feb 2020 and three in 2019. That loan is obviously now closed. 

So what are my next steps to raise this credit score. I feel like 6 pts from a score good enough to be a co signer on a mortgage isn't much but God does it seem far away. It's been a long journey these last two years for me and just looking to that light at the end of the tunnel. Any help. Should I try the AZEO????

[Sandman771]

Try to get that highest UTI CC down to below 10% and you will likely get the points you need. It does make a difference and I think the threshholds are 9%, 19% 29% etc. 

[dragontears]

Mortgage scores tend to react favorably to AZEO and could very easily net you the points you need.

[Mr_Mojo_Risin]

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@Anonymous wrote:

So we want to purchase a home sometime soon. We just had our credit files pulled. Fiance is good but I am 6 pts shy as far as the mortgage credit score goes. My current CK scores are 677 and 668. My utilization is 6% overall. One CC is at 28%, and another two at 6% and the other two at like 3%. Payment history currently at 100%. Age of credit at 1 yr 4 months with my two credit cards hitting the one year mark next month. The only negatives I have Is a closed collection that is paid from this Feb that had a 52 dollar balance and this is only on equifax. The other one I's that I finished paying off my vehicle a few months ago which dropped my score just a tad. That loan had a few lates, one in Feb 2020 and three in 2019. That loan is obviously now closed. 

So what are my next steps to raise this credit score. I feel like 6 pts from a score good enough to be a co signer on a mortgage isn't much but God does it seem far away. It's been a long journey these last two years for me and just looking to that light at the end of the tunnel. Any help. Should I try the AZEO????

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I would definitely try AZEO. Then you would have 3 less accounts with balances, the mortgage scores are tough on this.

Hope you get those 6, good luck!

[SouthJamaica]

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@Anonymous wrote:

So we want to purchase a home sometime soon. We just had our credit files pulled. Fiance is good but I am 6 pts shy as far as the mortgage credit score goes. My current CK scores are 677 and 668. My utilization is 6% overall. One CC is at 28%, and another two at 6% and the other two at like 3%. Payment history currently at 100%. Age of credit at 1 yr 4 months with my two credit cards hitting the one year mark next month. The only negatives I have Is a closed collection that is paid from this Feb that had a 52 dollar balance and this is only on equifax. The other one I's that I finished paying off my vehicle a few months ago which dropped my score just a tad. That loan had a few lates, one in Feb 2020 and three in 2019. That loan is obviously now closed. 

So what are my next steps to raise this credit score. I feel like 6 pts from a score good enough to be a co signer on a mortgage isn't much but God does it seem far away. It's been a long journey these last two years for me and just looking to that light at the end of the tunnel. Any help. Should I try the AZEO????

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1.  Start looking at the right scores.  The scores you're looking at are meaningless.  The only scores that count are EX FICO 2, TU FICO 4, and EQ FICO 5.  You don't know where you stand until you get those scores.

2. Don't apply for any new credit, or for anything that could generate a hard pull, until after you've closed on the mortgage.

3. Try to have all but one of your revolvers report a zero balance, while the one card that reports a balance reports a small balance before you pay it off.

[Anonymous]

How do I look up those particular scores?

[HeavenOhio]

@Anonymous, you can get 28 FICO scores, including the three classic scores used for mortgages, from myFICO. But it appears that your lender has pulled those scores and that you already have the critical information you need. That information is that you need to gain six points on your middle score.

The good news is that paying down balances is very likely to give you those points. Aim for AZEO (all zero except one), which means that all balances are zero except for one card. On the one card with a positive balance, report at least $5 but not much more. DON'T bring all cards to zero; that results in the "all cards at zero" penalty and will likely cause you to lose points.

You'll probably get those six points if you fall a little short of AZEO. If you're crunched for funds or for time, aim to bring as many cards as possible to zero and to reduce balances on the others.

[SouthJamaica]

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@Anonymous wrote:

How do I look up those particular scores?

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There's only one way I know of. The expensive way. Through MyFICO.