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Need 8 Points to get approved. please read !

New Contributor

Need 8 Points to get approved. please read !

I applied for a home equity loan and i my middle score is 552.  I need a 560 to quaify for this non-occupied home loan.  I need about 8 points.  I have 4 cars paid off with no late payments.  2 carpayments now with no late payments.  i have a CC with 120 days past due and is current with a 500 credit limit and have 480 used. i have 2 checks from 2001 and is coming off in 1/08.  i need 8 points for experian.  anyone have any suggestions for a quick 8 points?  I need this loan ASAP.
 
Thanks 
Stang 
Message 1 of 9
8 REPLIES
Valued Member

Re: Need 8 Points to get approved. please read !

Pay down your current card to less than $5.00. When your credit card reports to the bureaus next month, your utilization will be in the target 0-9% area. That should gain you enough points.
Message 2 of 9
Senior Contributor

Re: Need 8 Points to get approved. please read !

This one is very easy. Op wrote, "500 credit limit and have 480 used". Paying down card debt will gain you well more than 8 points. Smiley Happy Lots more!!!
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Message 3 of 9
Moderator Emeritus

Re: Need 8 Points to get approved. please read !



Someday wrote:
I applied for a home equity loan and i my middle score is 552.  I need a 560 to quaify for this non-occupied home loan.  I need about 8 points.  I have 4 cars paid off with no late payments.  2 carpayments now with no late payments.  i have a CC with 120 days past due and is current with a 500 credit limit and have 480 used. i have 2 checks from 2001 and is coming off in 1/08.  i need 8 points for experian.  anyone have any suggestions for a quick 8 points?  I need this loan ASAP.
 
Thanks 
Stang 


I agree with the others pay down the CC to less than 10% util. How old is the 120 day late?
Message 4 of 9
Regular Contributor

Re: Need 8 Points to get approved. please read !

I agree with everyone else pay down the CC balance.
EX. 780 TU 794.
Message 5 of 9
New Contributor

Re: Need 8 Points to get approved. please read !

Do you mind tell me who is giving out non-occupied loans at a 560?
Message 6 of 9
New Contributor

Re: Need 8 Points to get approved. please read !

Chase is doing it for 560.  Nationstar is doing 560 as well.  Countrywide is 620.  Washington Mutual is 600.  Hopefully that helps you out.
 
SD
Message 7 of 9
Contributor

Re: Need 8 Points to get approved. please read !

can someone tell me what is a non-occupied loan? thanks!
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Starting Score: 07/30/2007--EQ 575/ TU 560
Current Score: 01/18/2011--EQ 777/TU 765/EXP 763-(pull by CU)
Goal Score for 06/31/2011--EQ 800/TU 800/EXP 800


Message 8 of 9
Moderator Emeritus

Re: Need 8 Points to get approved. please read !

You pay the mortgage- but do not live there.

Usually a rental or investment property.



crivas21 wrote:
can someone tell me what is a non-occupied loan? thanks!



Message 9 of 9