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Member
Posts: 8
Registered: ‎03-17-2012
0

Will cleaning up my credit report be enough?

Currently i had been told i was a 621 median score , and was applying for a usda loan . They told me that the score was acceptable but , there was a few accounts that were past due on the report , paid all those off and transunion deleated my requested items to be deleated , and raised my transunion score to 670 ( according to transunions website) . Still waiting on equafax and experian to delete what i requested , when those results come back will my score raise enough? ( to a 640 middle) so we can get automatic underwritting, because most all the banks we talk to dont wanna mess with a 620 because theres more paperwork and redtape to go through. I was really hoping these actions will help me out , also was told 2 do some kind of opt out deal to raise my score a bit, did that a month ago and have not seen any difference ? Any help or advice would be great ! Thanks !
Frequent Contributor
Posts: 470
Registered: ‎02-07-2011
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Re: Will cleaning up my credit report be enough?

Lawrence, looking at this and some of you other posts, it looks like you might be in a hurry to get into a new home? If that's the case, then there are some other things to consider, like down payment, other long-term debts you pay on, etc.

 

As for your question, what info did Transunion delete for you? Was it deleted, or is it disputed? What open credit cards do you have (if any), and what are the balances? If we had a bit more detail as to your situation, we may be able to give better advice :smileyhappy:

 

Note, the score you're seeing on Transunion is not FICO score (search "FAKO" for more detail), so take the 670 you saw back out of the equation...

"Credit is purely a cash flow tool. Thinking of credit as extra money you didn't have before makes it an EXPENSIVE cash flow tool."
Member
Posts: 8
Registered: ‎03-17-2012
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Re: Will cleaning up my credit report be enough?

 ok , well we only have a car payment that we pay on , its always on time and never late , we also have another small loan of like 700 bucks that has not been open very long but is reporting in the good .no credit cards at all , the disputed info that transunion removed ( and yes it was completely deleated from transunions report) is one tax lein that was paid and outdated , one bill from cable for like 66 bucks that was , and one phone bill that was paid in full in an accepted settlement , all of these are deleated off the report and were reporting that we were charged off or whatever , I did not know about a "fako" score ? Thanks for your help ! Yes I am very very much in a situation right now with needing to change school districts for my autistic son , our regon only allows us to attend certain schools when we live in that district. we have been renting this house for about a year and a half or more , no late payments ever. Thank you so much for any help you can offer my family and I

Frequent Contributor
Posts: 470
Registered: ‎02-07-2011
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Re: Will cleaning up my credit report be enough?

Depending on how much of a hurry you are in, you might seriously consider moving into another rental situation until you can build a few credit lines and learn a bit more about the lending environment and process.

 

Regardless, you should check out this page: http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Frequently-Requested-Threads/td-p/19320

SPECIFICALLY, I'd start with credit scoring 101, the very first link... It should answer a lot of the questions we all had at one point or another.

 

Above all else, keep looking around, there is a _ton_ of info in these threads... And, as always, let us know if we can help :smileyhappy:

"Credit is purely a cash flow tool. Thinking of credit as extra money you didn't have before makes it an EXPENSIVE cash flow tool."
Member
Posts: 8
Registered: ‎03-17-2012
0

Re: Will cleaning up my credit report be enough?

thanks .... I guess I just figured since I only really wanted to raise my score about 20 points , maybe I could do something that would help this along quicker , Its not that i was not approved , just know its easier to do this all with a 640 or above , I really hate the thought of moving into another temp home ...if I did it again , i would prolly just keep on renting .Thanks for your help and the useful links , I am most def gonna read up on all the info on the scoreing process ! I am sure this will help me get an idea of what its all about ! thanks again :smileyhappy:

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