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Established Member
luckybob
Posts: 34
Registered: ‎01-18-2011
0

So Close - FHA Mortgage

So I started trying to fix up my credit back in January in order to improve my scroes for when I was going to buy a house.  I have increased my score 70 points and submitted my information yesterday to my LO for pre-approval, but was met with disapointment.  I missed the median score of 640 by 27 points.  After speaking with my LO he said there is nothing I can do on my credit report to get some points outside of getting an AU on my file.  I had debated this early on, ut did not want to use it if I did not have to.  My mom has agree to put me on as an AU on a CC that she has had 10+ years that she pays the balance on every month.  Will this be enough to get me the 27 points I need?

 

I am a bit confused why my Transunion score from my LO are so different from myFico scores.

 

Score History

1/17 - myFico: Transunion 562 | Equifax 526

2/8   - myFico: Transunion 618

3/5   - myFico: Transunion 631 | Equifax 573

3/5   - Chase Identity Protection (FAKO) Transunion 602 | Equifax 602 | Experian 635

3/9   - LO: Transunion 613 | Equifax 573 | Experian 635

Valued Contributor
mauve
Posts: 2,487
Registered: ‎02-18-2010
0

Re: So Close - FHA Mortgage

Your LO gave you a TU04 score.  The scores here are TU98.  Mine are 4 points apart, I don't know how much of a difference is the normal range.


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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Valued Contributor
mauve
Posts: 2,487
Registered: ‎02-18-2010
0

Re: So Close - FHA Mortgage

Oh, also, you'll probably want to make sure she's paying that account off before the statement cuts for a good score boost.  Do you have any revolving credit?  Have you checked out the rebuilding and score boards to see if they have any contributions to what's keeping your score down? 


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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Valued Member
betsy99
Posts: 46
Registered: ‎07-18-2008
0

Re: So Close - FHA Mortgage

What changed on TU to make it go down over the last few days?

 

I am in same boat, my scores are 621/659/???... so need TU to bump from 621 to 640+, just paid off a credit card from $60 over the CL to about $1100 under, so hopefully that gets me there..

 

 

Member
Txman14
Posts: 5
Registered: ‎08-20-2007
0

Re: So Close - FHA Mortgage

I would be careful with the advice of being added as an AU.  My wife and I just applied for an FHA loan.  We were married last March and I added her to my accounts as an AU.  Long story short, the lenders I spoke with would not use her on the loan application because she doesn't have enough tradelines excluding the AU accounts. 

Valued Contributor
mauve
Posts: 2,487
Registered: ‎02-18-2010
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Re: So Close - FHA Mortgage

 


betsy99 wrote:

What changed on TU to make it go down over the last few days?

 Nothing needed to change on TU.  They're slightly different scoring models, both FICO. 


I am in same boat, my scores are 621/659/???... so need TU to bump from 621 to 640+, just paid off a credit card from $60 over the CL to about $1100 under, so hopefully that gets me there..

 

Depending on how much that changed your utilization, that might give you the bump you need.  it's the % that matters, not the dollar amount.  If you're $1100 under on a $10k CL, that's less advantageous than being $1100 under on a $5k CL.  


 


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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Established Member
luckybob
Posts: 34
Registered: ‎01-18-2011
0

Re: So Close - FHA Mortgage

Nothing changed on my reports from 3/5 - 3/8.  Not sure why my Transunion scroe was so much lower, I know there is a different formula, but it is just odd.

 

I have a student loan, CC and car loan on my credit report.  All of them are in good standing except my student loan.  It got transfered to a different lender the same month I changed jobs and moved to a new city.  I missed the documentation for the loan change and therfore had 2 60 day lates on that account.  It is current and I have paid on time since Aug 2010, but there is nothing I can do to get them to GW it.  I have emailed every contact listed on this board and the internet, I have emailed the CEO so much I no longer get responses from them.  I have called the customer support who said I should fax in my case to the credit department.  None of this has done antything, and the 2 60 days are killing me now.

 

My mom's CC is 10+ year, no lates, and she pays everything before the end of the month, so it does not report a big balance.  She uses it as her main card for monthly bills, so the CL is very high and the utilization is very low.

 

I would do anything for 27 points right now!

Senior Contributor
mickie08
Posts: 3,299
Registered: ‎04-22-2008
0

Re: So Close - FHA Mortgage

Two points I would bring up that I would check on.

 

I know they were going to put changes into affect in the updated FICO scoring models that removed the benefit of adding an AU.  I do not think this has happened yet, but it may have.    More importantly, I don't think anyone is using the newer scoring model becuase i think they just relased one in the last year or two did they not.  That is the one that was suppossed to correct change that as well as stop the penalizing of people paying of collectins.  That said I think all lenders are either using 98 or 04 FICO scoring so it probably does not matter.

 

Also, even if your score gets up, more than likely the 2 60 day lates are going to be an issue until they are a year old.  Most places will not let 2 60 day lates within the last year slide. 

Valued Member
betsy99
Posts: 46
Registered: ‎07-18-2008
0

Re: So Close - FHA Mortgage

mauve- It won't change my overall utilization much, from about the currently reported 66% to around 61%...  but the card in question has a $4500 limit, currently reporting at $4564, in a few weeks will report at $3300.. just paid down a JCP card with a limit of $200 from $154 to $0 and score jumped from 648 to 659 that same week..

Valued Contributor
mauve
Posts: 2,487
Registered: ‎02-18-2010
0

Re: So Close - FHA Mortgage

Utilization scoring deals with both *overall* utilization and utilization on individual accounts. 


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


Take the myFICO Fitness Challenge

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