cancel
Showing results for 
Search instead for 
Did you mean: 

FICO Score Improvements Designed to Qualify for Mortgage

tag
Ryan2151
Valued Member

Re: FICO Score Improvements Designed to Qualify for Mortgage

Well, the loan secured from CitiFinancial showed up on credit reports pulled by a mortgage lender. Both TU FICORiskScoreClassic04 and EFX FACTABeacon5.0 returned a code 6 - "Too many consumer finance company accounts". So, it would appear that the bureau's don't like these types of loans. I am not sure how negative the effect of the score was as the paying off of all of my revolving credit accounts resulted in a nice jump in score.

 

Since originally taking out this loan and posting, I have been approved for a mortgage loan and, as of today, the seller's have agreed to my purchase offer! Barring any catastrophes, my closing date is set for December 5th!!

 

Couldn't have done it without a lot of good information from MyFico.com. Thanks everyone!

Message 11 of 11
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.