No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
The wife and I applied for a loan at our cu. We wanted to qualify for a jumbo loan, but insteatd were approved for 417k. There was a 30 day late on the short sale that knocked down the wifeys fico middle score to 697. The LO said that we were only three points away from qualifying from the jumbo. She has nothing else derogatory, but we usually have a balance of 4-6k on the amex that has no limit. Would paying this off increase the middle score or, are we S.O.L. for the next couple of months. I'm not in a rush.
What to do, what to do?
Anyone have any ideas?
@FTR_DR wrote:The wife and I applied for a loan at our cu. We wanted to qualify for a jumbo loan, but insteatd were approved for 417k. There was a 30 day late on the short sale that knocked down the wifeys fico middle score to 697. The LO said that we were only three points away from qualifying from the jumbo. She has nothing else derogatory, but we usually have a balance of 4-6k on the amex that has no limit. Would paying this off increase the middle score or, are we S.O.L. for the next couple of months. I'm not in a rush.
What to do, what to do?
Anyone have any ideas?
If you are referring to the Amex charge card it should not have any impact in your scores depending on which version they are pulling. If you have any other revolving debt that may help if paid off and or down.
If you have no revolving debt using a revolving debt credit card then it may be time to have some and leave a small balance monthly even if $5 or $10, may actually improve her score. Just make sure you pay the small balance off in full once it reports and repeat the process monthly if this helps her scores.
Thanks JM-AM,
For kicks, the wife and I pulled the transunion middle score again, and now shes at 704. I'm going to contact the L.O. and see if they need to repull her info. Your right it is a charge card. I originally didn't think it would affect her score either, but some here on this site made reference that a high balance on any account wil affect a credit score. I was back and forth about this for a long time. I wasn't sure if I should have posted anything, but I'm glad I did.
Again, thank you,
DR.