TransUnion Score 4 Help PLEASE!

[Score4]

I really need help and a dumb downed answer for understanding. I have tried to raise my score to meet FHA loan requirements. My current 3B scores are 

Fico 8 EQ 640 - TU - 608 - EX 589

Fico 5,4,2 - EQ 614- TU - 552 - EX 501

My Debt% is weird EQ 8%- TU 48% - EQ 32%
I have no idea how to raise TU to a 580 on mortgage side to qualify for loan if anyone could point me in the right direction please advise thank you 

[VAMortgageGuy]

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@Score4 wrote:

I really need help and a dumb downed answer for understanding. I have tried to raise my score to meet FHA loan requirements. My current 3B scores are 

Fico 8 EQ 640 - TU - 608 - EX 589

Fico 5,4,2 - EQ 614- TU - 552 - EX 501

My Debt% is weird EQ 8%- TU 48% - EQ 32%
I have no idea how to raise TU to a 580 on mortgage side to qualify for loan if anyone could point me in the right direction please advise thank you 

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Without seeing your actual credit report, my guess is you have derogatory credit reporting every month.

For example: You have collections or charge offs that report each month which will suppress your scores. 

If this is the case, the only way to raise your scores is to deal with the derogatory accounts.

For collections you want to negotiate a pay for delete and for charge offs you you need to settle so they report paid, zero balance.

[Horseshoez]

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@Score4 wrote:

I really need help and a dumb downed answer for understanding. I have tried to raise my score to meet FHA loan requirements. My current 3B scores are 

Fico 8 EQ 640 - TU - 608 - EX 589

Fico 5,4,2 - EQ 614- TU - 552 - EX 501

My Debt% is weird EQ 8%- TU 48% - EQ 32%
I have no idea how to raise TU to a 580 on mortgage side to qualify for loan if anyone could point me in the right direction please advise thank you 

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To add to what @VAMortgageGuy wrote, pull your credit reports from annualcreditreport.com and look for all of the differences between your two low bureaus (TU and EX) and your high bureau EQ.  When you find the derogatory marks on those two reports, see what you can do to get them remedied.

[pizzadude]

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@Score4 wrote:

I really need help and a dumb downed answer for understanding. I have tried to raise my score to meet FHA loan requirements. My current 3B scores are 

Fico 8 EQ 640 - TU - 608 - EX 589

Fico 5,4,2 - EQ 614- TU - 552 - EX 501

My Debt% is weird EQ 8%- TU 48% - EQ 32%
I have no idea how to raise TU to a 580 on mortgage side to qualify for loan if anyone could point me in the right direction please advise thank you 

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As mentioned above, any derogatory items will be dragging your score down.  Short of having them removed your best course of action for TU and EQ would be to improve your revolving utilization.   Do you have maxed out cards, or closed / CO accounts still reporting balances ?

[Score4]

No cards maxed out and yes closed collection it's $5k but I'm waiting on letter that they will remove if I pay 3k. I do have some closed accounts but they have a zero balance and I have a loan from Suncoast that I will be taking care of next week. I'm on a CC AS A AU and her limit is 11k and has balance of 2k I pay mine off every month carrying a 0 balance 

[Slabenstein]

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@Score4 wrote:

No cards maxed out and yes closed collection it's $5k but I'm waiting on letter that they will remove if I pay 3k. I do have some closed accounts but they have a zero balance and I have a loan from Suncoast that I will be taking care of next week. I'm on a CC AS A AU and her limit is 11k and has balance of 2k I pay mine off every month carrying a 0 balance 

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Do you have any late payments reporting on any of your accounts, open or closed, personal or AU?  If so, what is their severity and recency?

[Horseshoez]

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@Score4 wrote:

No cards maxed out and yes closed collection it's $5k but I'm waiting on letter that they will remove if I pay 3k. I do have some closed accounts but they have a zero balance and I have a loan from Suncoast that I will be taking care of next week. I'm on a CC AS A AU and her limit is 11k and has balance of 2k I pay mine off every month carrying a 0 balance 

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A few more questions/comments:

• How many open cards do you have?
• Do all of your personal cards report a $0.00 balance every month?
• For the purposes of mortgage scoring, if you have at least two or three cards in your name, I would suggest being removed as an AU from her card and then let one of your cards report a trivial balance of say, $10 each month.  This should improve your mortgage scores once you get the other derogatories taken care of.

[Score4]

Yes I do have one and I have agreed to settle I'm waiting for them to send me the letter and then pray that that will bring me up enough to qualify for my FHA loan. I greatly appreciate your help!