Score increase?

[Anonymous]

Hello Everyone in FICO land, I have a FICO score question for everyone and please give me some guidance. I am trying to qualify to purchase a house. My current credit scores are Experian 607, Equifax 631 and TransUnion 592. My goal is to accieve a score of 640, which is the required FHA score needed for prime rates. On Experian I have one collection for $87 that I paid and got a letter of deletion. I am waiting for the bureau to update and remove this item. On Experian and Equifax I have a loan from my Credit Union that I have never been late and I paid it off and I am waiting for the bureaus to update this item. On Experian I have a auto loan that had several lates, I obtained a good will and had ALL (total of about 6) late payments updated to paid and never late. The account was quickly updated with Experian but there was no score increase. On TransUnion I have a $4100 collection that I paid off and I obtained a deletion letter from th CA. I am waiting fore the bureau to update and remove this item. I got a loan from my credit union for the above $4100, same credit union I just paid off the above loan. This loan is not on my Experian yet. My credit unions only report to Experian. I do not have any other collections or late payments on accounts that are open. I do have other lates and things but they are all paid and closed. So my question is how much of a score increase should I expect?? Can I expect a big enough increase to get all 3 bureaus to at lease 640 or above???? I was told by my mortgage loan guy that the CB update and re calculate the scores between the 12th and the 16th of each month. Which would explain why there was no score increase for the removal of the 6 auto loan late payments. Any input would be helpful. Thank you very much.

[MarineVietVet]

Hi Rooddawg,

I've moved your post to Mortgage Loans since that seems to be the main theme.

MarineVietVet, myFICO moderator

Edited for a dumb typo.

[Anonymous]

Ok, Thank you sir.  I appreciate it.  

[Booner72]

If you don't the get points after all this has updated, get yourself two credit cards (limits don't matter) - preferably one from that credit union  (if they won't give you one try to get a secured credit card from them).  Once those start reporting, you will get some serious pointage.  Have one report a very small balance, like 5% of the limit, and let the other report zero.  Not having any revolving credit is really hurting your scores.

Good luck, hope you get what you need!!

[Anonymous]

Ok everyone, I received a automated approval for a loan !!!  My scores shot through the roof, my Experian was 503, 10 months ago and it is now 680.  Equifax is 651 and TU is 660.  All I can say is negotiate, negotiate.  Get those delete letters from the CA and get everything in writing before you pay a thing.  Also pay down your credit cards to 25% of the aval credit, it makes a huge difference in your scores.  Thank you everyone for your advise.  This bog was very helpful for me and I learned alot in a very short period of time. Good luck all.   

[webhopper]

Congrats! Nicely done! By the way; most people report maximum score boostage at 9% usage of available credit on one card with other card being 0 balance.