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Should I go for it?

Regular Contributor

Should I go for it?

I have been diligently working on my credit the last couple of months. The scores I pulled from this site are Equifax 646 and Transunion 650. I know this version of Transunion is probably not the one the lender will be using. I am going to be doing a VA Loan and I think most lenders want a 640 mid score now a days. I have been pretty patient but have found a couple of houses I am interested in. Should I go ahead and have lender pulls scores hoping for a 640 mid or wait a little longer until my scores here go up a little more? Any thoughts?


Starting Score: 582
Current Score:
Equifax 684 MyFico 10/10/11
Transunion 659 lender pull 7/6/11
Experian 690 lender pull 7/6/11

Goal Score: 700


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Message 1 of 6
5 REPLIES
Valued Contributor

Re: Should I go for it?

 


gagum129 wrote:

I have been diligently working on my credit the last couple of months. The scores I pulled from this site are Equifax 646 and Transunion 650. I know this version of Transunion is probably not the one the lender will be using. I am going to be doing a VA Loan and I think most lenders want a 640 mid score now a days. I have been pretty patient but have found a couple of houses I am interested in. Should I go ahead and have lender pulls scores hoping for a 640 mid or wait a little longer until my scores here go up a little more? Any thoughts?


 

IMO your present scores are very close to borderline for a mid score of 640. The Equifax score of 646 should be the same as lenders, but the Transunion score of 650 could be higher and or lower since most lenders pull TU04 model. From most of what I have read from others reporting your TU04 score is usually lower and rarely higher.  

 

IMO as far as applying now or waiting, I would wait a little longer and see if you can bring your scores up just a little more to give you some breathing room so you do not just fall under the 640 mid score. Ultimately the choice is yours to make to wait or not as your scores may be just enough and approved at this present time. Good luck with your decision and new home purchase!

 

Good Luck
May all your dreams and wishes become a reality!
Message 2 of 6
Frequent Contributor

Re: Should I go for it?

Check your PM....

Starting Score: Sep 23, 2014 EQ 577 TU 583 EX 567
Current Score as of 6/28/17 EQ 628 TU 643 EX 625
Goal Score: 700
Message 3 of 6
Valued Contributor

Re: Should I go for it?

BTW, I can't remember who said it (Shane, maybe), but apparently, the lower scores usually have TU04 lower than TU98, and reverse that for higher scores.  My TU98 is 708 and my TU04 is 712, for reference. 


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


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Message 4 of 6
Regular Contributor

Re: Should I go for it?

Well I spoke to my lender today. He said since I don't know my Experian he could pull just this instead of a Tri-Merge. He suggested waiting on the Tri-Merge until I have a property or two in mind. SInce the reports are good for a limited time and just pulling the Experian it won't report the same as a full application. A little bit above me but I agreed. He pulled a 675 on Experian. Wooo Hooo!! and since I know my Equifax score of 646 will match his score I am confident I have the 640+ mid-score I need to get a buy a home!! My lender said go out and go shopping and find a home!!! I am extremely excited.


Starting Score: 582
Current Score:
Equifax 684 MyFico 10/10/11
Transunion 659 lender pull 7/6/11
Experian 690 lender pull 7/6/11

Goal Score: 700


Take the FICO Fitness Challenge
Message 5 of 6
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Valued Member

Re: Should I go for it?

That's great news! Congratulations Smiley Happy


Starting Score: 528
Current Score:822 DISC, 788 EFX, 849 TRU, 819 XPN
Goal Score: 850+ for all three


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