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Need to gain 40 points FAST before I close!

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Anonymous
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Need to gain 40 points FAST before I close!

I need to know how can I gain 20-40 points quickly on my score so that I can get a better loan. I was givin a credit simulation by the loan officer that said if I got some lates on my student loan removed that would give me 57 but the student loan people are not going for it. I have a few accounts and one sadi they would delete if i paid $1200 on a $1700 balance but at that price i can pay off atleast 4 smaller accounts. would doing this increase my score instantly.or what other options do I have? I do have a CC with a $500 max that I keep a balance of no more that $100 on already what else can I do?
Message 1 of 10
9 REPLIES 9
Anonymous
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Re: Need to gain 40 points FAST before I close!

Hello, my hubbie went through same situation and yes paying donw things brought our score up by over 60 points. also if you have anything thats on your credit that you actually paid but havent been updated, contacting the original persons getting that taken off also helps. We were tolding that paying down shows that your not maxed out and can be trusted spending wisley.

 

 

My lender worked with a company that did quick scores its legal and within 24 hour #'s can be turned around if handled correctly.

 

Hope this helped;

mariette

Message 2 of 10
Anonymous
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Re: Need to gain 40 points FAST before I close!

Thanks mariette it helps alot! so when you say you pay down do you mean collection accounts or credit cards?
Message 3 of 10
Anonymous
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Re: Need to gain 40 points FAST before I close!

Hello;

We did both. I had a cc oweing 5600. our lender asked if we could pay 2k of it. We ended up paying it out. We had another oweing 2k we paid, 800 of it. We 2 collections that we settled on last year that was still showing up, we called creditors and they sent letter on our behalf that they were paid and that was immidiatly taken off within 24 hours using their system. We had 1 90 day and 1 30 day late on our rental house. We had to write explanations as to why we were late. Also keep in mind that 2-3 weeks ago we were told by lender couldnt do fha even with 20% down put was put in as conventional still wamting 20%. Went with different lender within 2 weeks got fha 3.5% down and closed within 2 weeks. So dont settle for the first thing also if you have a good lender they will be able to use senerios letting you know where you need to be to get approved. Im not using spell check and im typing fast so please excuss any errors.

 

mariette

Message 4 of 10
Anonymous
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Re: Need to gain 40 points FAST before I close!

WOW our situations sound Identical. My CC is owing $30 but im paying it down to $50 this weekend.I have alot of collections that are just coming from out of the wood works. yeah I got hit with the FHA revamp off scores also luckily my lender has someone that will still work with 580's but i could get a better loan with a better score so im trying to get up.
Message 5 of 10
Anonymous
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Re: Need to gain 40 points FAST before I close!

Yes your right at first our goal was 580. Thats when lender 1 was still asking could we put 20% down and not knowing any better we said yes b/c we had just sold home. Well The scores started coming up quick once we started paying off things. He ended up with 650 and this was within 3-4 weeks of just paying down and getting l Letters. Well when we found lender 2 we were at middle score 623, she worked so fast from start to finish we were closing within 2 weeks with 3.5% down. 5.5%rating.

 

Mariette

Message 6 of 10
Anonymous
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Re: Need to gain 40 points FAST before I close!

The fastest way is paying down credit cards, but if your reported balance is only $30, that's not going to help.  Paying collection accounts won't help either unless you get them deleted.  Get them to agree in writing to delete before you pay.  To speed the process up, maybe they can fax or email something..   Also look into opting out.  I believe there is a process that stops slimies from crawling out of the woodwork.  They have a service that alerts them when people are looking for credit so they can hit you at just the right time.
Message 7 of 10
Anonymous
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Re: Need to gain 40 points FAST before I close!

Shes right. Well paying our stuff down did help. Anything not maxxed out helped, It showed available credit. Its ok to close accounts thats not helping you also. You want a few revolving accounts but not maxxed out Shes also right about something else, we had letters faxed to us that account had been paid and in good standings.

 

Mariette

Message 8 of 10
Anonymous
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Re: Need to gain 40 points FAST before I close!

Oops Im sorry that was a typo the balance is actually$300 not $30. I am trying to negotiate a pay for delete with one company but they say they do not do settlements so im not sure how this is going to pan out.
Message 9 of 10
Anonymous
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Re: Need to gain 40 points FAST before I close!

You definitely should go to www.optoutprescreen.com and add your info.

 

Paying below 9% can boost you 20-30 points in a month, rarely is it more than that.

 

I'd also be very careful about closing anything at all right now. Have you spoken to your lender? They can usually tell you what you should pay and what you shouldn't touch. And obviously you want to work with the creditors that will agree to delete. Make sure you get that in writing. Sadly, all of these things can take time but i'll cross my fingers for you! Smiley Happy

Message 10 of 10
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