Help Needed. I have been told sooo many things and given so much advice. I am trying to trim all the fat and see what if anything I can do to better my position for mortgage closing in April 2021. My Mortgage Scores are now @ EFX-696 and TU-699. I need to get to 720-740. Here is what I have…
June-August 2020-15 inq, mostly Mortgage shopping and Credit Card shopping-I was told that its too much effort to try and remove given the low influence(10%) on the credit score
Public Record-Chapter 7 BK(2013) Equifax ONLY
NelNet-90 Day Late April 2014-I was told to leave this alone because its not harming my score. MyFico lists it in the “Items to Review”
Security Finance- (4) 30 day lates- Aug, Sept, Oct, December 2018-I was told this is having little impact being 2 years old. Myfico lists it in the “items to Review”
Security Finance-(1) 30 day late-January 2020-Trying to GW this one
Bank of America Credit Card-(1) 30 day late-November 2017--I was told this is having little impact being 3 years old. Myfico lists it in the “items to Review”
All of the above can be worked on for Inaccurracies and/or Goodwill Letters. I was told its not worth my effort as the lates have aged over 2 years, BK is 7 years and Inquiries have less sting after 6 months.
Then there are New Accounts that I opened..
My AAoA is 5 Years. I have 3 New Cards I have recently opened. Mercury-3mths, Apple Card-2mths, Navy Fed-2mths.
Nothing I can do to fix these except let them age. Myfico simulator states that I will get 10-20 pts over the next 2 months as they age..but I don’t know if I can trust that.
All thoughts, Comments, Advice, wisdom…APPRECIATED!!!!!
Starting Score: 614
Simulators are just guesses, at best. I wouldn't put too much stock in what they say.
The nelnet 90 day late from 2014 most certainly is hurting your score. Unlike 30 day lates which fade after 2 years, 90 day lates sting all 7 years. That said, is this for a student loan? If so, unless it's been paid off in full, GW removal isn't an option.
The scores you listed, are they mortgage scores? Or FICO 8s? Also what about your EX score? Mortgage lenders will always use your middle score of the 3.
As for your 3 credit cards, best way to optimize score is to use all of them as much as you want, but pay all down to zero except for one before statement cut. The one you leave a small balance on of about 8.9% or less. This is known as AZEO and should help get you a few more points.
Okay. Yes the 90 day late is for Student loans.. BUT... I was in active BK during that time and the account shouldn't have been reported. I think I can get that fixed. Yes they are closed. They were morphed into another NELNET loan which I pay as agreed to this day.
Yes they are mortgage scores. Experian is 729. So my mid score is the TU at 699. For a prime Conventional.. I need a 720 at least.
The 3 new cards are 3 of 10. Interestingly they all reported zero except $17 on the Discover. I paid $17 off to have them all at Zero and I lost 14 pts.. I now am gonna let $34 post into the Cap 1 on the 18 and see if I get the points back. I wanted to test the AZEO and rotate the cards in which I leave a balance on.
@UpAndComing74 wrote:Help Needed. I have been told sooo many things and given so much advice. I am trying to trim all the fat and see what if anything I can do to better my position for mortgage closing in April 2021. My Mortgage Scores are now @ EFX-696 and TU-699. I need to get to 720-740. Here is what I have…
June-August 2020-15 inq, mostly Mortgage shopping and Credit Card shopping-I was told that its too much effort to try and remove given the low influence(10%) on the credit score
You can't remove them, so don't waste any more brain cells thinking about it. What you can do is stop applying for any new credit or anything that could trigger a hard pull. By April 1st of next year all inquiries older than April 1, 2020 will not be counted in your scores.
Public Record-Chapter 7 BK(2013) Equifax ONLY
You can send verification letters, which may precipitate its falling off earlier. But don't get your hopes up.
NelNet-90 Day Late April 2014-I was told to leave this alone because its not harming my score. MyFico lists it in the “Items to Review”
Security Finance- (4) 30 day lates- Aug, Sept, Oct, December 2018-I was told this is having little impact being 2 years old. Myfico lists it in the “items to Review”
Security Finance-(1) 30 day late-January 2020-Trying to GW this one
Bank of America Credit Card-(1) 30 day late-November 2017--I was told this is having little impact being 3 years old. Myfico lists it in the “items to Review”
All of the above can be worked on for Inaccurracies and/or Goodwill Letters. I was told its not worth my effort as the lates have aged over 2 years, BK is 7 years and Inquiries have less sting after 6 months.
I think it's worth sending verification letters; it sometimes precipitates their falling off.
Then there are New Accounts that I opened..
My AAoA is 5 Years. I have 3 New Cards I have recently opened. Mercury-3mths, Apple Card-2mths, Navy Fed-2mths.
Nothing I can do to fix these except let them age. Myfico simulator states that I will get 10-20 pts over the next 2 months as they age..but I don’t know if I can trust that.
You can't trust that at all. But yes, your scores will improve as time passes and there are no new accounts or applications.
All thoughts, Comments, Advice, wisdom…APPRECIATED!!!!!
I don't know how many revolving accounts you have, but it's best to have most of them reporting zero balances. When you get within 2 months of the mortgage, try to let only one card report a small balance.
@FlaDude @SouthJamaica @Anonymous
Here is the data. See anything that could help? Synch/Paypal is showing $52 from June.. Its been $0 since July..How can I get them to report?
@UpAndComing74 wrote:@FlaDude @SouthJamaica @Anonymous
Here is the data. See anything that could help? Synch/Paypal is showing $52 from June.. Its been $0 since July..How can I get them to report?
Nope, you're good in the utilization department.
You DON"T want Synchrony to report zero, because you'll get an all-zero penalty. You need to let one Bank card report a small balance each month.