myFICO Score

[TrueGeminiNC]

I am trying to understand the primary driver of my current FICO score.  

I purchased an updated score and the Understanding Your FICO Score and  Credit At-A-Glance tabs both appear to place a significant emphasis on an old account.  I lost my home to foreclosure and the second mortgage continues to report with a balance of $37,253.00 and a past due balance of $2,605.00.  Notably, the account should fall off my credit report towards the end of this year.  

However, when I attempt to utilize the FICO Score Simulator  (Pay Down Delinquent Balances First) to simulate what my score would be if this past due balance was not reporting, the section reads "According to your Credit File you have a total balance of $0.00 on accounts that are currently delinquent."

So, I am truly confused.  Certain pieces of the FICO Report suggests that the past due balance of $2,605 is hurting my score while the simulator does not recognze a past due balance.  

Is there any way to determine if the past due balance is truly hurting my score other than waiting until the end of the year for the account to fall off?  Lastly, I have attempted to include a picture via the link below.  However, I am not sure if it will be successful as I often have a hard time uploading/posting pictures.

Screenshot

[AndySoCal]

It is not the past due balance that is hurting your score it is the status of the account.  FICO simulators will not recommend apying off a past due account. It dos not raise  your FICO score.  If paying off credit card debt would help it would give you help with that . Hope this helps.

[TrueGeminiNC]

Thanks for the response.  On that note, I am interested in applying for a new mortgage in the coming months and I have been using myfico.com to help monitor my score.  Despite the less than desirable score received from myfico.com for both Equifax and TransUnion, I have been approved for a line of credit, AMEX, BOA and Dicover credit cards.  

So, it simply makes me second guess the validity of the score here.  Notably, I know there are various scoring models out there.  But, I guess the best way to figure out if my score is high enought to qualify for a mortgage is simply to contact a loan officer. 

[AndySoCal]

Yes, It may high new to get mortgage but what kind of rate will you get? It may not be the best rate. I would see if there are things you can do improve your socre possibly getting you a better rate. Something to think about.

[Shogun]

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@JAY305 wrote:

Thanks for the response.  On that note, I am interested in applying for a new mortgage in the coming months and I have been using myfico.com to help monitor my score.  Despite the less than desirable score received from myfico.com for both Equifax and TransUnion, I have been approved for a line of credit, AMEX, BOA and Dicover credit cards.  

So, it simply makes me second guess the validity of the score here.  Notably, I know there are various scoring models out there.  But, I guess the best way to figure out if my score is high enought to qualify for a mortgage is simply to contact a loan officer. 

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Your EQ score should be dead on to what your lender will pull, however your TU will likely be a different scoring model.  TU04 vs TU98.

As far as the score simulator goes, I wouldn't put much empasis on it, or from any of the other sites that have one.  They just do some weird things.

[TrueGeminiNC]

actually, my Experian score is the highest.  (Experian = 698 / Equifax = 629 / TransUnion = 625).  I have decided to wait until the account falls off my credit report in a few months before attempting to apply for a mortgage.  

In the interim, I hope to gain a few extra points from my new accounts with AMEX, Discover, BOA and Citibank.  

Additionally, I do have a sizeable downpayment.