Any hope of getting Equifax and Experian Mortgage scores up 9+ points in 5 weeks?

[Anonymous]

I'm in the process of buying a house using an FHA loan.  I meet the minimum loan requirements but have found out about a down payment assistance program that I would love to utilize that requires a 640 credit score.  My current credit scores are EQ 631, TU 621, EX 636.  My lender uses the middle credit score to determine eligibility, so right now the Equifax score is the one that I'm worried about.  Is there any possibility that I can pull my score up 9 points in 5 weeks?  Any advice would be appreciated.

Thanks!

Kelly

[reckedhim]

What are the issues that are bringing your scores down?

[Anonymous]

As ReckedHim just asked, we'd need to know more about your credit reports right now.

The simplest way to get scoring points fast is to pay down credit card debt.  We can help you best if you would list all your revolving accounts, along with the current balance and the credit limit.  The following template would be perfect:

Card 1.  Balance = ____  Credit Limit = ____

Card 2.  Balance = ____  Credit Limit = ____

Card 3.  Balance = ____  Credit Limit = ____

etc.

[Anonymous]

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@reckedhim wrote:

What are the issues that are bringing your scores down?

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I have a very old unpaid collection account (from December 2011) for $4,010 and a paid Sprint collection account for $150 from February 2016.  Other than that I have 3 negatives that are under "closed" - 1 from Capital One (June 2016, $300, paid charge off), 2 Department of Education (2014 and 2016, 120 or 180 days delinquent depending on which reporting agency you're looking at; all have been paid off or in deferral since I'm back in school).

[Anonymous]

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@Anonymous wrote:

As ReckedHim just asked, we'd need to know more about your credit reports right now.

The simplest way to get scoring points fast is to pay down credit card debt.  We can help you best if you would list all your revolving accounts, along with the current balance and the credit limit.  The following template would be perfect:

Card 1.  Balance = ____  Credit Limit = ____

Card 2.  Balance = ____  Credit Limit = ____

Card 3.  Balance = ____  Credit Limit = ____

etc.

---

I currently have 3 credit cards:

Discover Card - Current Balance: $873.29; Credit Limit: $1500 (I pay this off every month)

Credit One - Current Balance: $0; Credit Limit: $450 (I don't use this card so the balance stays at $0)

Bank of America - Current Balance: $0; Credit Limit $3500 (I'm a co-signer on this account but it shows up on my credit report, balance stays at $0)

[Anonymous]

Your Discover card has a very high utilization (over 50%).  You will almost certainly get the points you need by paying your Discover card down to $20 and then keeping it there.

When do you expect the next statement will print for your Discover?  Discover will report the new balance the day after it prints, and then the CRA's will update their databases 3-5 business days after that.

It's possible to get Discover to report sooner, but first it would help to know when the statement will print.

[me12345]

Yes this can be done, we do it all the time when a borrower needs a few points to qualify for a specific program, or if they need to reach a certain FICO score threshold.... You need to talk to your lender, they can use scoring "What If" projections through the credit reporting provider that will tell you exactly what steps to take to get "Your" scores up 9 points....and then they can use "Rapid Reporting" to get those higher scores on your report in just 3-5 days.

That being said, please look close at the Down Payment Assistance (DPA) program, these should only be used as a last resort. The rates are MUCH higher and the guidelines a much tighter...This is not free money! if your rate is over 1% higher (ALL OF THEM ARE) and its costing you $150.00 more a month for your payment, it's not free.

I do not recommend the majority of these to my clients, they have had some good ones in the past, but they have all been discontinued.

Thanks,

[Anonymous]

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@Anonymous wrote:

Your Discover card has a very high utilization (over 50%).  You will almost certainly get the points you need by paying your Discover card down to $20 and then keeping it there.

When do you expect the next statement will print for your Discover?  Discover will report the new balance the day after it prints, and then the CRA's will update their databases 3-5 business days after that.

It's possible to get Discover to report sooner, but first it would help to know when the statement will print.

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Unfortunately it looks like my statement date was on the 3rd. I went ahead and paid off all but $20 as suggested so it should credit in the next few days. How do I get Discover to report it between statements?

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Your Discover card has a very high utilization (over 50%).  You will almost certainly get the points you need by paying your Discover card down to $20 and then keeping it there.

When do you expect the next statement will print for your Discover?  Discover will report the new balance the day after it prints, and then the CRA's will update their databases 3-5 business days after that.

It's possible to get Discover to report sooner, but first it would help to know when the statement will print.

---

Unfortunately it looks like my statement date was on the 3rd. I went ahead and paid off all but $20 as suggested so it should credit in the next few days. How do I get Discover to report it between statements?

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Yep, all you have to do is call (or chat) with a Discover Card rep and request a 'mid cycle' update to the credit bureaus.