11-13-2012 11:35 AM
Sold our home (in which we took a substantial loss & have to bring cash to the table to close). We took the loss because we are ready to move on to our hopefully "forever" home. 2nd child on the way & were out of space in our first home!
Bottom line, is that on 10/30/12 we went to get pre-approved to make an offer on a new home....I had been monitoring my credit through a monitoring service, in which I believed to have 630 - 640 score (not ideal, but acceptable for FHA at least i thought). However when actual credit was pulled my score was:
Husband's midscore was around 700 - so his were fine. Problem is that I am the breadwinner & he stays at home....so I have to be on the loan to get approved. With current lender, I need to get my mid-score to 620. Here is a summary of my report:
I am working with a credit repair company that has started the dispute process on my collection accounts that are now paid. I also sent a GW letter to Macy's - have yet to hear back from then, but just sent on Friday. All of my credit cards will be paid down to $0 except one - on which I will leave under a 9% balance. From what I can tell all of the credit cards should be updated on reports by early December.
Based on the simulators, paying off my cc's - seems to have a significant boost (myfico simulator is telling me my 534 score will go to between 620 - 640.
My questions are:
In the meantime, we'll be living with my Mother in Law until we can get approved for a mortgage!!! At least we're not homeless!!
11-13-2012 11:40 AM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO