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cerika111

Need help please

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Hi, long time reader/lurker and I've used the great advice here to improve my score from the high 500's to EQ 719, TU 740, EX 744 (those are my FICO 8 scores). My mortgage scores are EQ 668, TU 692 and EX 679. I am in the process of making the purchase of a home in Los Angeles that requires a jumbo loan. I am putting down 20% but can't do more without selling something first and a contingent offer is a no go for sellers. My debt to income ratios and the rest of my financials are solid.  Ideally I need a middle score of 700, but I can get the loan with a middle score of 680. I did pay down a few credit card balances that had gotten over the 40% mark and now show credit limits of 113K on my report with 6.8K to 9K being used (depending on which agency), but in actuality I am using 2K in total but a few things haven't updated. Unfortunately I can't wait as next Friday I need to waive lending contingency or lose the house to another bidder. For aa number of reasons this house is truly a one of a kind as it offers things that are needed for a family member who requires handicap assistance, etc. I say that as if I were reading this I would be thinking, don't be stupid, just wait a month or two and find another house. It's not that simple, but I don't want to make this post a book... :)

 

I did get very giddy with having good credit and have opened waaaayyy too many cards to get points, miles, etc. I have realized the error of my ways as I now have 29 inquiries in the last 24 months and my credit length has gone from 20+ years to 10 years (short, according to "them"). Anyhow, feel free to shame me for not listening to the wise advise here better than I did - this has surely cost me a lot as the 10% of my score I've given up for being an salamander would have taken me well over the necessary score. Ugh - no one can save me from myself, right? Still, although I'm a slow learner I do learn.

 

Last late payment on EQ and EX was 47 months ago, on TU it was 56 months ago. No collections, no public records. I have two other active mortgages that have never been late (rentals) and 6 other mortgages that are closed with no lates (I've been transferred a lot for work).

 

On my fico mortgage score analysis it shows that the factors bringing my scores down are:

  • You've recently been looking for credit.
  • You have too many credit accounts with balances.

    You've made heavy use of your available revolving credit.

  • You have a short credit history. In your case, the age of your oldest account and/or the average age of your accounts is relatively low.

 

 

About two years ago someone here referred me to a great guy in Lake Forest, CA who helped me by getting a rescore and thus loan approval, but I've lost his information. If anyone has any advice on how to improve mortgage scoring fast I'll be incredibly grateful.

 

My mortgage score have typically run 93% to 95% of my Fico 8 scores (last 5 year average), but there have been spots within time where they've exceeded my Fico 8 scores.

 

Right now I am running: EQ - 92.9% mortgage score to Fico 8, TU 93.5% mortgage score to Fico 8, and 91.3% mortgage score to Fico 8.

 

I would so appreciate any advice that you have on how to improve the mortgage scores really fast. My broker has said he can rapid rescore two tradelines, but that's it.

 

Thoughts? Thank you all so much!

     
     
     
   

 

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You are just 1 point off the 680 you need to get to.  Is your loan officer able to do a rapid rescore on the credit cards that aren't showing the correct balances?  Sounds like your best option at this point.  I'm not aware of anything you can do to improve your scores as quick as you need them to without doing a rapid rescore.


In the industry we've been seeing more and more jumbo loans that are OK with lower FICO scores, too. 

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