FHA,..help me out!

[Jmc70]

so with a rescore i should be alright?

Also, is it safe to assume that the scores received from myFico are accurate? 

[Anonymous]

I don't know about rescores.   I know I just signed papers Friday night to lock my rate.  My lender repulled my report because I originally applied 3 months ago.  She said my report was still good but I was 1 point away from a different conventional rate and according to myfico I had gotten 2 points since then.  Myfico numbers and her numbers matched up.  My EQ (which has always been MY midscore) was exactly the same and I got my rate. 

Good luck.

[Anonymous]

To get your score to update quick this is what I did, Whenever I would pay an account off or lower the balance I would call the credit bureus and file a dispute telling them what was new or different on the account. By calling, the dispute is filed electronicly and the company ususually updates immediatly. The longest it took for me was maybe a week and a half. And by doing it this way I never had to pay for a rapid rescore fee. also if you tell the creditors before hand what you're doing and why they'll recieve the dispute they will usually help you out and reply as soon as they see the dispute. It's a lot of phone time but it's sooooo worth it.

[Anonymous]

using disputes to quickly change your score is risky when applying for the loan.  SOmetimes they forget to remove the dispute remarks and most lenders (FHA, Fannie, and Freddie) require all dispute remarks to be resolved AND removed.  So if time is really of the essence, doing this could actaully kill the deal.  Unless you are on the verge of closing right now, there is no need to rush, jsut wait until it updates.  You ca even ask the CC company if they can go ahead and update ti early.  Some can and some can not.  If you need it doen right away to close, then go ahead and pay for the rapid rescore.  Taking the ris of having a dispute remark to save a few $ when buying a house is just risky. 

[Anonymous]

To piggy back on the negative effects of disputes, some companies don't want to bother finding/posting the updated information and will just remove the credit line entirely.  That can raise your utilization and mess with the average age of your accounts.  It's not worth the risk in my opinion.