Score bump for FHA

[Anonymous]

Thanks for the advice. We found out that we would have to significantly knock down those balances for it to have more than a 1 or 2 point improvement.

My fiance and I talked with a Loan Officer yesterday and she also suggested a USDA loan. Being in Western New York, practically everying is in qualifying areas. Any cons to these? They almost seem too good.

[Anonymous]

NOT to good to be true but your income has to qualify for your area. We are using this type of loan and it is a GREAT program, but we barely squeeked by because of high income , we have 3 children and HIGH (10k a year) in child care that is used as an income deduction, thats the only way we made it.

Do you have other baddies on your report? if not paying your balances down should give you a boost we got 75 points for paying down to 1%. If you are over 660 with USDA you are pretty much golden however they do not have a minimum score. If you are under 620-660 you just have to have explanations of anything negative. You can finance 102% of appraised value, roll in your closing (if there is wiggle room on appraisal) If you have a 660 + they allow a little more for DTI. I know now you do not have a 620-660 but use the fico simulator see what you can pay off to get that boost.

GOOD LUCK

[Donna1966]

http://www.walletpop.com/credit/experian/are-you-clueless-about-credit-scores?photo=7

Hey guys,

Just wanted to update.  I read this today, and WalletPop says that the bureaus started "overlooking" added users in figuring credit scores last year.

Who knows...

[Anonymous]

The new score model was originally going to exclude AU accounts from scoring. This is no longer the case.

[Donna1966]

So even what's posted on myfico.com is not correct?

http://myfico.custhelp.com/cgi-bin/myfico.cfg/php/enduser/std_adp.php?p_faqid=219

Maybe they haven't updated this?

Sorry, not trying to argue with anyone, I just like to get information straight, because giving wrong information can do damage to someone.

I've seen the same answer twice today...once on walletpop (which posted today) and one on myfico.com (posted last year but not updated) which state that you can be an authorized user but that it won't affect your score.

[Anonymous]

It was last updated in May 2008. I will bring this to the attention of someone so maybe they can get it updated.

This one states they are included, but was last updated in 2007.

http://myfico.custhelp.com/cgi-bin/myfico.cfg/php/enduser/popup_adp.php?p_sid=undefined&p_lva=undefi...

Check out this thread in Credit in the News regarding FICO 08 and AU.

http://ficoforums.myfico.com/fico/board/message?board.id=creditnews&thread.id=2183&view=by_date_asce...

Message Edited by sidewinder on 03-16-2009 01:36 PM

[Donna1966]

Thanks!

[Anonymous]

We are in the same boat trying to reach 620 for fha. here is something i found and would like to hear from the experts on it: "rapid rescore" what is it and how does it work?

[Anonymous]

ShaneTheMortgageMan explained rapid rescoring in this post.  Also I think there is a cost to each line on each report that has to be updated so the lenders use it sparingly.

Message Edited by rmily on 03-23-2009 07:32 AM