@Manifest2024 wrote:Hey y'all! Well, I've been on a journey to home ownership, and... well, let's say I'm at a standstill. I've met with an MLO and had a plan that included paying off 5 out of 6 credit cards, keeping $222 on the last card, and paying off a $700 charge. I completed ALL of these tasks on March 15th, but there has been little to no movement on my mortgage scores. Here's the facts:
CC #1- Credit Limit $300; Balance $228 (reported correctly on all 3B)
CC #2- Credit Limit $750; Balance $0 - Showing $262 (Not reported on any 3B)
CC #3- Credit Limit $1000; Balance $0 (reported correctly on all 3B)
CC #4- Credit Limit $1000; Balance $0 (reported correctly on all 3B)
CC #5- Credit Limit $800; Balance $0 (reported correctly on all 3B)
CC #6- Credit Limit $725; Balance $0 -Showing $647 (Not reported on any 3B)
Charge-off
CC- Credit Limit $500; Balance: Account legally paid in full for less than the full balance (Not reported by TU and EQ; showing $766)
Inquires
8- 6 are from the MLO; 2 from last year
I aim to have at least a 640 middle mortgage score by May. My family has to move out of our rental home on May 15th, and we do not want to rent another home. Is it possible we will get approved? All advice is welcomed. Below is my progress. (I tried to find the signature line on my profile to use the link, but it didn't work for me.)
FICO 8
My credit score started (Jan. 2024): Eq-579; TU-585; Ex-576.
Current credit Score (March 2024): Eq-671; TU-650; Ex-650.
Goal: Middle score 700
FICO 5, 4, 2
My credit score started (Jan. 2024): Eq-516; TU-545; Ex-530.
Current credit Score (March 2024): Eq-573; TU-593; Ex-578.
Goal: Middle score 640
The only things which stand out to me is that 76% utilization on CC#1 and the potentially high (but apparently unreported) utilization on cards 2 and 6.
@Manifest2024 wrote:Thank you for your response. This is why I'm so baffled. CC #1 is the card she told me to keep a balance on. I'm so discouraged right now.
Keep a balance of <10% on it, not 76%, that utilization % is hurting bad.
Leave only a small balance on it, and wait for everyting to report, you should see an improvement.
@Manifest2024 wrote:Thank you for your response. This is why I'm so baffled. CC #1 is the card she told me to keep a balance on. I'm so discouraged right now.
Your credit limits are low on all the cards, do not report more than $10 on ONLY ONE card. This method called AZEO, and it should give you 30+ point. However this method is not sustainable for months, but is best to use couple of months before getting a loan.
Good luck.
Also welcome to the forum, the more you hangout here the more you learn how to increase your score, increase your credit limits, lower your interest rates and increase your credit cards 
