fthb-12 points away

[Anonymous]

Hi. I'm new to this website, but I'm lost and defeated so I hope you can help. I was pre-approved (FHA) last summer (Exp 640), my dad passed and I was engrossed in family life trying to pick up the pieces.  With that said, 2 bills were unpaid and hit my credit dropping me down to 545 in Nov. I have since paid these and my score was raised to 608. I also opened a small credit card (put on a family members account who pays on time) at a store in hopes to raise my credit to the 620 needed for a loan. I've been checking daily (really!) and see nothing going on. Any advise on how to raise this credit score up? I want nothing more then to finally be a homeowner.

Details

Location: Western MA

Status: Not married

Property: Single Family

HouseValue: $150,000 to $160,000

Occupancy: Primary residence

Transaction type: First Time Home Buyer - Purchase 

Credit

608 – Experian (not sure of the other two)

*Negative point is too many inquires (11 in 2 years, 4 of which are for a mortgage) and no recent credit activity. A car loan that defaulted due to a divorce from 2004 but just showed up on credit 2007. One additional closed account of $148 from 2007.

*Positive points are student loan was paid off in 2003, personal loan paid off in 2000, auto loan paid in 2000. No bankruptcy.

Income - $44K salaried full-time employment. Length of employment 5+years same company.

Monthly debt - Rent: $750 (plus regular utilities lights, gas, etc.)

Assets - Checking: $1000, Savings: $200, 401k: $4000, Gifts: $7500 (already pre-approved for a grant from the city that I live in) 

[Anonymous]

You really need to know, at a minimum 2 of your three scores. 

Where did you get your Experian score from?  You can't buy your Experian score, anywhere, even from their website.  So if you purchased that score, it's not a FICO score, which means you can't base that for anything.  If you got it from a lender, then you may be able to count that.  

Buy your EQ and TU scores here at myfico.com.  For the majority of lenders, they aren't giving loans lower than 620.  So if your EQ and TU scores are both above 620 then it doesn't matter what your EX score is, because you'll have the minimum.  

Inquiries only count for the first year.  So even though you said you have 11 inquiries on EX, only the ones that are less than 1 year are affecting your score.  As they age to one year they will no longer affect your score.  

I am so sorry about the loss of your father.  You may want to try goodwilling the negatives from those 2 bills off your credit reports.  Go to the rebuilding credit forum and see if there's any advice on writing the letters.  But it's possible, though I don't know how probable, that the creditors may be willing to go ahead with teh goodwill and remove them from your CR, which will raise your score.  

[Anonymous]

Your score is close enough that all you might have to do is write the letters to those trying to approve your mortgage.

I read something earlier today from someone going through the process witha 608.  Mitigating circumstances count. 

Good Luck!

Message Edited by 1111mel on 05-18-2009 10:59 PM

[Anonymous]

Woopah gives good advice. Get your real scores from this site... you may already be eligible. FAKO scores can be way different than your FICO scores

I am also sorry about the loss of your father.