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Frequent Contributor
bruiseviolet
Posts: 416
Registered: ‎03-08-2011
0

Reality Check- now what?

I was confident we would be approved, it was just a matter of how much and at what rate.  Boy was I wrong, when we got a call today saying our scores were too low.  We had talked previously that it the amount wasn't as much as we had wanted, we would improve our scores and re-apply in six months.  Apparently the scores we got online weren't even close to what the LO came back with.  Mine came back at 551 and his came back at 495 (that's the one that was not where we thought it was at all it was a real shock.)  Anyways, got the crying over with, and now ready to head down the track of improving our credit and scores so that in 6 months we can be in a much better place to re-apply.  Where is a good forum section to start in?  Can anyone give some advice?  I was surprised my credit score was higher- because I have two judgments on mine- and his is just low from defaulting on student loans over the years.  

 

Thanks in advance-  I'll be coming back to the mortgage section in about 6 months, hopefully with some much better news =)

►START March 2011 (FICO) EQ: 537 • EX: 551 • TU: 574 | 3 Collections | 34 Medical Collections | 2 Judgements | 1 Paid Collection | 11 name/address variations
►January 2012 (FICO) EQ: 564 • EX: 643 • TU: 576 | 1 Collection | 18 Medical Collections | 1 Judgement | 0 Paid Collections | 0 name/address variations
►February 2012 EQ:??? • EX:??? • TU: 580 | 0 Collections | 17 Medical Collections | 1 judgement | 0 Paid Collections | 0 name/address variations
►March 2012 EQ: 550 =(
Regular Contributor
Heavanly1
Posts: 122
Registered: ‎09-14-2010
0

Re: Reality Check- now what?

Sorry to hear about not getting pre-approved. Six months gives you quite a bit of time for doing some repair work to your credit report.

 

I recommend that you visit the Rebuilding Your Credit message boards on ways to get started and techniques to use. You're also entitled to a free copy of your credit reports since you've been denied credit. Most time, lenders will be happy to supply you with a copy of the tri-merge credit report they pulled if you simply ask.

 

Once you have the credit report(s), review them for inaccuracies and room for improvement and then be prepared to put in some work.

 

Good luck!


Starting Score: TU 599 EQ 608
Current Score: TU 694 (lender) EQ 666 (lender) EX 696 (lender)
Goal Score: middle score: 750


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Frequent Contributor
bruiseviolet
Posts: 416
Registered: ‎03-08-2011
0

Re: Reality Check- now what?

Thanks- we actually pulled our credit reports last week from all three credit beurus.  =)  Excited to put in hard work and do it right!

►START March 2011 (FICO) EQ: 537 • EX: 551 • TU: 574 | 3 Collections | 34 Medical Collections | 2 Judgements | 1 Paid Collection | 11 name/address variations
►January 2012 (FICO) EQ: 564 • EX: 643 • TU: 576 | 1 Collection | 18 Medical Collections | 1 Judgement | 0 Paid Collections | 0 name/address variations
►February 2012 EQ:??? • EX:??? • TU: 580 | 0 Collections | 17 Medical Collections | 1 judgement | 0 Paid Collections | 0 name/address variations
►March 2012 EQ: 550 =(
Valued Member
coder2010
Posts: 36
Registered: ‎10-29-2010
0

Re: Reality Check- now what?

Where did you pull them from? Are you sure they were FICO scores and not FAKOs?

Frequent Contributor
bruiseviolet
Posts: 416
Registered: ‎03-08-2011
0

Re: Reality Check- now what?

Not sure where his came from.  Mine was pulled from Transunion with creditkarma.  I don't know where the LO pulled them from.  either way- we really are in a better position to bring them up before we apply for a mortgage- we should have just gone that route in the first place- but thought they were borderline- so we might as well try.  Better reality is to pay things off and get our credit fixed, and then we can take on a mortgage =)

►START March 2011 (FICO) EQ: 537 • EX: 551 • TU: 574 | 3 Collections | 34 Medical Collections | 2 Judgements | 1 Paid Collection | 11 name/address variations
►January 2012 (FICO) EQ: 564 • EX: 643 • TU: 576 | 1 Collection | 18 Medical Collections | 1 Judgement | 0 Paid Collections | 0 name/address variations
►February 2012 EQ:??? • EX:??? • TU: 580 | 0 Collections | 17 Medical Collections | 1 judgement | 0 Paid Collections | 0 name/address variations
►March 2012 EQ: 550 =(
Frequent Contributor
gamegrrl
Posts: 355
Registered: ‎02-09-2011
0

Re: Reality Check- now what?

Sorry for your bad news, but you do have a great attitude, and you're already here at myFICO!

 

I got similar bad news today: My credit was fine (which was my big worry). But the only house sales in my neighborhood for the past year have been foreclosures and tax lien sales (abandonments). My house appraised for less than 1/3 of the value we pay taxes on. So even though my credit was fine AND I have a paid off mortgage, I won't be able to borrow enough in a HELOC to do the renovations we'd planned on.

 

It's always something, isn't it?

 

About your credit scores: Make sure you do a search here on FAKO vs FICO scores. Speaking for myself personally, I am confident in the Equifax and Transunion scores you can get here on the myFICO site. Consumers can no longer get their Experian FICO score except through a credit union in PA. [Note: someone please correct me if I'm wrong on this.]

 

Read here on the myFICO site. Read everything here that you can find that fits your situation, especially in the Rebuilding Your Credit area of the forums. It's been a huge help to me.

Starting Score: EQ 607 TU 693
Current Score: EX myFICO 750 - EQ myFICO 792 - TU08 (via Discover) 745 - TU myFICO 745
Goal Score: 800+ across the board!
Established Contributor
guydiver
Posts: 578
Registered: ‎08-30-2007
0

Re: Reality Check- now what?

Bruiseviolet: The scores quoted by your lender were most likely your Fico" middle" scores, that being the middle score of Equifax,Experian,and Transunion. The only actual Fico score you can purchase as of now for mortgage purposes is the Equifax score. It should match exactly to what the lender pulled, and it can be obtained from this site. The Transunion Fico score used on this site is the Tu98 version, but your lender most likely used the Tu04 version(see the mortgage forum). You cannot get your Experian Fico score except for a couple of places now and they are not available to all for purchase. If it is not a "Fico" score, you are wasting your money. Concentrate on improving your credit situation based on your actual bureau credit reports. You can get a lot of help from the Rebuilding your Credit forum here. Don't give up. Time and hard work will improve your scores. Plenty of folks on these forums that will help you. Good luck and God bless. 

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