12-07-2012 12:22 PM
Had lender pull credit report today and the scores were as follows
The only bad things on my credit report is a 90+ from student loan because I thought it was in forebearance and it was not and a collection that I paid 1 week ago. The collection was a paid in full settlement/deletion but it wont send me letter stating as such for 21 days. Will this help raise score to at least 640 middle score. Any help would be great!
12-08-2012 01:17 AM - edited 12-08-2012 01:18 AM
The 3 car loans will hurt your mortgage chances because they carry a fixed payment that is included in your DTI. Are all 3 loans still open; or are some closed? If you were successful in PFD on the collection then you should see a nice boost from the deletion... possibly putting you in the 640 range for a Fha or Usda mortgage.
What is your income and how much are the car payments?
12-08-2012 08:41 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