Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Mortgage
Profile Image

Question By
fabiano87

0 Contributions
0 People Helped
How can my score from 720 to 750 so I can apply for a mortgage?
So these are my factors currently:
Credit Card Utilization: 6%
Payment History: 100%
Derogatory Marks: 0
Age of Credit History: 1 Yr, 6 Mos
Total Accounts: 12
Credit Inquiries: 14

My main concerns, as you can see, are “age of credit history” and “credit inquiries”.
For credit inquiries, 8 of them happened in the same week and they still put them as individual inquiries. As I shopping for mortgage rates and I thought if you did it within 14 days only one inquiry would show up. Didn’t happen.
For age of credit history I’ve read somewhere that if I report my oldest card lost my institution will just recreate a new card with the same age and I’d then have two 5 year old cards (oldest one I have).

As far as my card utilization, even though it is already under 9%, does it help that much to bring it down to 0%? Would it put be over the 750 threshold?
I’m looking to buy a home by September and really want to have an excellent credit score. Do you think I’d get a better mortgage interest rate if my credit is 750 instead of 720?

Thank you!!

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7816 Contributions
1445 People Helped

Multiple inquiries will be "scored" as one, but all will still be listed on reports.

I would not advise saying your card was stolen, they could issue a new one with todays date and not predate it.

Mortgage lenders use FICO scores, not the scores here, they can be a lot different than what you see here. The good news is that FICO factors in closed accounts to the "average age of accounts" so your credit history will probably be much longer with FICO than with Vantage that you get here.

The most important thing right now would be to not get any more Hard Inquiries on your reports.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.