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What scores?

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Anonymous
Not applicable

Re: What scores?

I would also spend some time thinking together about the cost of the myFICO tool.  Suppose that you end up buying a house two years from now.  The cost of the myFICO tool might be $1000 for you and $1000 for him over that time. 

 

You may have a lot of money and 2k is nothing for you.  But that might not be the case.

 

Contributor BBS might be able to suggest an alternative approach for preparing for a mortgage that costs far less.  You'd still get true FICO mortgage scores -- just not every month.  In truth, you need to be doing some basic work on your reports, including possibly strategies like Goodwill Letters, and certainly focusing primarily on your reports.  The tasks you need to execute will not be helped by frequent looks at your mortgage scores, but would be helped by frequent looks at the reports themselves (which can be done for free).

 

That's just a thought.  Best wishes...

Message 21 of 22
HeavenOhio
Senior Contributor

Re: What scores?

Kelly, I find it interesting that both you and Jason have "mortgage" scores that are either better than your FICO 8s or running neck and neck with them. That's a good thing. Many have old classic scores that lag behind FICO 8, often significantly.

 

As CGID says, you don't have to hang onto the myFICO product for the entire year before applying. Of course, if it fits your budget and it makes you feel more comfortable, feel free to do so. Smiley Happy

 

Where myFICO is really valuable is when you do your prep right before the mortgage. And by taking your report and score information to the bank, they may have enough to offer general advice without pulling your reports before it's actually necessary.

 

If you decide to hang onto myFICO for the time being, it may be useful to see where AZEO takes you. You and Jason both have some points available for reducing the number of cards you have with balances.

 

To do AZEO, let one card report a small balance with the rest reporting zero. That card should be a major card where you're the primary user and the other is not an AU. I'd give more specific advice, but I'm not clear on which cards are yours and which are Jason's.

 

You wouldn't have to do AZEO every month between now and the mortgage. But it'd be a nice checkpoint, and it'd give you some practice at coordinating AZEO before approaching the real thing.

 

By the way, it's not necessary to have a myFICO product to post here, so don't worry about that. Smiley Happy

 

One other thing to keep in mind is that FICO generally serves up a nice scoring bonus when one's AoYA (age of youngest account) reaches a year in age. That's a great reason not to apply for anything for a year before applying for the mortgage. Also, during that year, your inquiries will gradually become unscorable.

 

Also, you should check out the rebuilding forum, particularly the Saturation Technique thread, for ideas on removal of baddies.

Message 22 of 22
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