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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
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
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
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
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!