What do I do???????

[maygirl]

Ok, so I need some MAJOR advice!! I have been attempting to get my score up and get qualified for a FHA mortgage before July 1st. I have applied and been denied due my mid score only being a 559, but have been working really hard with the help of these boards to get that up. I have paid down all my cards, was added as a joint account holder, and got a few items removed from my CR.

Now I am waiting waiting waiting for everything to post. However one of the mortgage people that I applied with and who works with people that are difficult to finance has said she wants to use the credit report she has and then do a rapid rescore with letters/account statements showing the new information. She says it will be $300 to do this she says for credit repair. Well one problem I have with this is the fact that I did the research and did all the "credit repair" on my own. Another is why don't I just pull another report that will have all the updated info on it and then I don't have to pay $300!!

Next I called to get a dispute comment removed today for an account that is out of the SOL, but they said they will do a PFD if I PIF today. Obviously that would help my score out, but I REALLY dont want to pay it if I am not going to be able to get a mortgage anyway!

So what should I do? Pay it off and pray pray pray that it gets my score high enough to qualify? I still would have 3 collection accounts on my CR, but the mortage lady seems to think that I can still get qualified with those unpaid!

Any advice???

[Klesko]

What kind of loan are you trying for? FHA? or something else?

Do you have a score that you need to get to?

What are your 3 actual scores right now?

[maygirl]

FHA

Scores were 598, 559, 520

 My scorewatch just went up to 600, but that doesn't have any of the accounts paid down yet or the new account.

The 559 is my experian and is actually the one that the account will be deleted from if I pay in full.

I actually just got an email from the OC that states they will change the account information say paid in full ontime and no charge off or late fees!!!!!!!!! That has to make the score go up!!! Right???

[Anonymous]

That sounds encouraging. I would wait for all the information to update and pull my own reports to see what happens - unless you are in some major hurry, I wouldn't waste the $300 on rescore yet. Also, where are you getting your Experian score? They don't sell the actual FICO score to the public, so unless you got it from the lender, don't even worry about what it says. Anything you buy from them is called a FAKO - and my FAKO and FICO were 100 pts. different when my lender pulled them!

[maygirl]

Those were the lenders scores that were pulled at the end of April! Thanks!

[webhopper]

I'm pretty sure its illegal for them to charge a fee for rapid rescore.

[kjm79]

Rapid rescores can cost $25 - $30 per tradline if I'm not mistaken.  So depending on the amount of rescores, it could be $300.  And rapid rescores are done all the time when you need the new info reported ASAP.  But this sounds more like the type of thing that BadCreditBen was talking about yesterday and his lender making him use their in-house credit repair services.  And if you don't need the score until July, the new info should update all by itself by then.

In regards to the charge off being updated to a positive account, this is a good thing.  You should see a boost, but maybe not as big as you are hoping since you still have some serious derogs.  But if it's the OC reporting then it's possible it was not only a serious derog but was also probably affecting your util.  So paying this could help in that respect as well.  Also, paying it, no matter the score impact, will mean it can't come back and hunt you ever again.  And that to me, makes it worth paying.  It can be sold over and over to new CA"s and each one can add a new collection to your reports. 

[Catacam]

It is illegal for the LO to charge you for a rapid rescore... That however, doesn't mean they won't try.

[How2increase]

I would just wait it out until everything reports unless your in a hurry to get approved. Can I ask you exactly how many things were deleted and how many derogs remain?

[maygirl]

Well from when I was at a 598,559,518 lender pull in April

2 "settled" accounts have been deleted

2 credit cards have been paid off

1 cc paid down to $20

1 cc paid down to $100

1 collection account deleted

1 OC reporting account as PIF on time from a charge off

I still have a charge off for $498(cc), $2500(cc), $2000(pl), and $1400(medical)

I will only have my car payment when I apply which is $360 and my income is 50k.

I hope this works!!!!