Jump to content

arikash42

Mortgage credit score reports?

Recommended Posts

My wife and I are trying to push our credit score above 760 to make sure we get the best mortgage rates possible. She is currently at 751 and I am at 738. Thankfully we are planning to close on the construction loan in January 2020.

 

Is myFICO monitoring ($30/month) my best option to keep an eye on our scores so we can achieve our goal?

 

We will be about $25,000 lighter on our debts at that point from the current estimated balance of about $32,000 (at an overall usage of 26% currently for our credit limits). We are hoping the payoffs, with only one loan to be closed that’s 3 years old, will improve ours scores, but we don’t want to go into closing without “knowing” what our credit scores are.

 

Thanks for any advice in advance. This is my first post and I couldn’t find relevant answers in the search function.

 

 

Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites

Welcome to Crediboards!

We hope that you find what you're looking for here.

Some helpful tips:

  • Your post may not get a reply right away. Don't be discouraged, this is a very busy board. If it falls off of the first page, feel free to reply to your post yourself, with the word *bump* in the text. This will *bump* your post back up to the top of the board.
  • If you haven't yet, take a peek at out Newbies Section. Everything that you need to know is in that forum, for the most part. It's a lot of reading, we know, but this credit stuff can have a steep learning curve. In no time, you'll be posting like the pros!
  • If you find that someone is discourteous to you, use the REPORT button at the top right of every post - that will ensure that a moderator or admin looks at the post and decides if it is against the TOS.
  • Off -topic posts should go in the General Forum.

 

Again, welcome to the CreditBoards family!

CB Admin: LKH, Pam, radi8, :angel:breeze:angel: & MarvBear

 

Share this post


Link to post
Share on other sites

Are you certain you need 760 for the best rates?

 

For a mortgage app with two applicants they'll use the lower of your or your wife's middle score.  MF only provides scores for one consumer, so you'd need 2 $30/month accounts to really know where you are.  

 

I'd hate to see you throw away $60 a month.

Share this post


Link to post
Share on other sites

We talked to our lender and they said 740 for best mortgage rates and 760 for best PMI rates. And yes it would be lower of the two. I was thinking doing the reporting for me since I have lowest score and then one month do both of us shortly before we go for the credit hit so we know where we stand.


Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites

It depends on what is already in your profile.

 

Paying all of your credit cards to zero except one left reporting a balance of 8% or less will help to maximize your score.

Your score will be best with an installment loan that is open and payed down to a small balance, I believe around 8% or less.

If that loan is large and hurts your DTI, maybe you could setup another small installment loan now/soon to get that score benefit without the DTI hit.

Share this post


Link to post
Share on other sites
On 4/12/2019 at 10:12 PM, arikash42 said:

We talked to our lender and they said 740 for best mortgage rates and 760 for best PMI rates. And yes it would be lower of the two. I was thinking doing the reporting for me since I have lowest score and then one month do both of us shortly before we go for the credit hit so we know where we stand.


Sent from my iPhone using Tapatalk

You would have to look at your specific numbers to know if this is even a viable choice, but why not preserve that $25k you're planning to put toward other debt and use it to avoid PMI?  PMI is an expensive curse.  

 

You could BT the debt to a 0% card to save on interest between now and when you close.  

 

With your good credit you should be able to move this debt at least a couple of times with minimal/no fees and minimal/no interest.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Today's Birthdays

    1. JessieLyn
      JessieLyn
      Age: 36
    2. LalaPed
      LalaPed
      Age: 35
  • Member Statistics

    • Total Members
      176,883
    • Most Online
      1,528

    Newest Member
    Cainin
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines