Mortgage question

[Anonymous]

Anyone that can help with this question. We applied for our mortgage and was tentatively pre approved. We had to get some dispute remarks removed which the lender warned our scores will drop. Me and my husband called all of the bureaus to remove remarks, I asked specifically if and how this would effect my score to the bureaus....EACH TOLD ME IT WOULD NOT EFFECT IT AT ALL. LIES. Well Experian....lied. It dropped my score 88 points....so now we are worried about being repulled. Our new scores for the mortgage Fico 5,4,&2 are Me: TU 652 EQ 632 EX 560 Husband: TU 605 EQ 605 EX 600....Our lender said as long as we have a 580 (for fha) we can do the pre approval and work on getting it up while our house is building....my question is which score is used....I'm so worried about that 560. We also paid off all of our debt (only the ones that would be deleted)  and credit cards does anyone know of a quicker way to have that updated....

[Anonymous]

From what I understand, typically lenders take the 'mid' score of the lowest scoring buyer. So, it'd be your husband's score of 605. If you have paid off things recently they could do a rapid rescore.

[JVille]

I so sorry this happened. I don’t believe anyone intentionally lied to you. It’s a matter of the Customer Service Agent not understand exactly how the Dispute “masked or hide” a derogatory credit line. When you file a dispute that Trade Line is removed from the effect it has on your FICO scoring. The investigation either is resolved in your favor or the derogatory item is then entered into Your Fico scoring.
As to what your lender will use for your loan, the borrower with the lowest scores are used and then the Middle Score. In your case your Husbands middle score of 605 is what the Lender will use.
Congratulations on taking steps to purchase a home!

[JVille]

Yiks!!! Are you saying you Paid All Debt to Zero???? Don’t do that and don’t close any credit cards. You need to leave a small balance $5 to $10 on at least one Card. I know this sounds crazy but paying off all debt WILL cause your Fico scores to go down.
Please clarify what bills you have and even what you have just paid off.

[Anonymous]

Thank you for replying. I had 3 collections on my account. My husband has 2. We paid my 3 because the collection agencies promised a deletion if paid in full (we have the letters). We did not pay his because they would not delete and we were afraid that would hurt because they are older (2014). We paid our credit cards down (not completely off). So I have $1800 left on $7500 credit (24%) ....He has $200 on $10000 credit (2%) ......but we just recently paid down and I am still showing at 35%. None of this has changed on our report as of yet

[Anonymous]

Thank you for replying. I had 3 collections on my account. My husband has 2. We paid my 3 because the collection agencies promised a deletion if paid in full (we have the letters). We did not pay his because they would not delete and we were afraid that would hurt because they are older (2014). We paid our credit cards down (not completely off). So I have $1800 left on $7500 credit (24%) ....He has $200 on $10000 credit (2%) ......but we just recently paid down and I am still showing at 35%. None of this has changed on our report as of yet
Sorry if I replied twice

[Anonymous]

Thank you for replying That would be great for now. I hope the 560 doesn’t get us thrown out for pre approval.

[JVille]

So what collections do you have remaining? And what are thecollectiins for (medical, utilities, ?) and the $ amount. Depending on what they are and how much, you may or may not be required by the lender to pay off. Please be specific.
As far are the Credit Bureaus updated that could be as soon as 30 days or take 60 days generally. If the collections do not update you may need to contact each Bureau and provide your proof of pmt and letters indicating they will delete.

[JVille]

At this point your Middle Score is 605 and with the collections being removed that should help more.

[Anonymous]

The collections remaining are from a bank for $1600 and t mobile for $1000. We’re thinking we may have to pay the bank. Thoughts? And do you think we should pay more of my credit card down? We have about 6 months to boost our credit