My credit scores on myficoscore are 670, 630 and 630. I happily started the process of trying to refinance my mortgage but the citibank rep officially ran my credit and it is only 617, 603, 603. Two of my credt cards are close to
the limits. I can pay those off immediately. I also have 1 or 2 30 day lates from last may. Any idea how much my credit score will go up if I pay off those 2 debts? I really only need to get to 620.
It's hard to tell. Leave one card with between 1% and 9% utilization, pay off the other completely. Your 617 will probably go over 620, but I don't know about the other two.
What else do you have? I don't think that two 30 day lates should tank your score that much. Do you have lots of inquiries? Other derogs?
I had a bad situation with Capital One last year and have 3 consecutive 60 day lates (October, November, December). I figured there's nothing that can be done about those, so I thought paying off my debt might help.
You need to have a minimum of 12 on time payments anyway before you can refinance and your last 30 day late was very recent (December 2014, right?). Yes a 30 day late can really hurt your score. So you have some time to work on your balances while you are waiting to clear the 12 month hurdle with no lates.
I need to have 12 month on time for my entire credit score? Or just my mortgage? I just want to make sure I understand...I can't refinance my mortgage if I have 1 30 day late from any account in the past year?
Your lates are too recent. I highly doubt you will qualify for a refi this year.
Starting Score:TransUnion: 698 (12 FEB 2010), Equifax: 674 (12 FEB 2010) Current Score (Lender Pulled):TransUnion: 684 (12 SEP 2016), Equifax: 696 (12 SEP 2016), Experian: 679 (12 SEP 2016) Goal Score:All scores All scores at least 700+ by December 2017!!
I need to have 12 month on time for my entire credit score? Or just my mortgage? I just want to make sure I understand...I can't refinance my mortgage if I have 1 30 day late from any account in the past year?
You can't have any lates within the past year to refi your mortgage. Having said that, if you had one 30 day late 11 months ago you "might" (rarely) be able to get around this requirement (depending upon the lender), but you had multiple recent 60 day lates and they are going to want to see 12 months of on time payments for everything. Most lenders have no exceptions to this rule (no lates).
Starting Score:TransUnion: 698 (12 FEB 2010), Equifax: 674 (12 FEB 2010)